Within the year 2020, Tax Twitter came together with their smarts, due diligence, humor and sarcasm. The CARES Act gave them plenty of words to read. The divergences of 2020 amplified the interactions between members to include encouraging words such as you can do it...
It is reported that the U.S. Congress may vote on a COVID-19 relief package today. The below benefits interest a lot of Americans: 1. Enhanced unemployment benefits. 2. Direct stimulus payments. 3. Renewed funding for the Payroll Protection Program. 4. Extension of the eviction moratorium and rental assistance. 5. Increase...
Governor Kay Ivey's supplemental emergency proclamation will allow citizens and businesses to avoid paying state taxes on certain benefits received under the federal CARES Act. Per Governor Kay Ivey, "the state will not be collecting taxes from individuals or businesses who received benefits from the CARES...
The United States Department of the Treasury expects taxpayers to “pay no more than the correct amount of tax.” It is plausible that the Internal Revenue Service (IRS) receive declarations such as easier said than done, I did not know I could not deduct that expense, my...
So, what’s next? This is a typical question after a series of challenges. The year of 2020 (like other years such as 1914) has been eye opening to the world. Another popular adage is “live and let live.” Various interpretations of this phrase exist. In...
The 2020 tax season ended on July 15. However, the tax year is in full effect. Most taxpayers account for their self-assessment tax obligation within a calendar year (e.g., January - December). Below are a few suggestions (limited scope) on how to prepare for the...
The Internal Revenue Service (IRS) advocates for taxpayers to pay only the tax owed. In fact, one of the ten Taxpayer Bill of Rights involves the right to pay no more than the correct amount of tax. There are several reasons why taxpayers may overpay...
Most people do not look forward to the tax-filing season. Well and except, the thousands of professionals such as certified public accountants (CPAs) who enjoy providing you with tax solutions such as planning and preparation. Note the below reasons why filing your income tax return...
Tax Twitter is a group of generally like-minded people who discuss tax and other related topics online. Within #TaxTwitter you may also find jokes, opinion polls and a few say whats? One takeaway is that Tax Twitter is a community of folks who may know...
For many, summer happenings include heat/humidity, camp, vacation and pool parties. Add to this list the paying of taxes such as federal income, state income, sales, sales & use, ad valorem, property, self-employment and heavy highway vehicle use. Even though summer is associated with leisure...