Posts Tagged ‘tax planning’
How the CARES Act changes deducting charitable contributions
Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income. The IRS provides the following information on how the CARES Act changes deducting charitable contributions made in 2020: Previously, charitable…
Read MoreSecurity Summit partners warn taxpayers of new COVID-related text scam
The Internal Revenue Service, state tax agencies and the tax industry continue to warn taxpayers of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states and industry, working together as the Security Summit, remind taxpayers that…
Read MoreCheck tax withholdings now as the last quarter of 2020 begins
With the last quarter of 2020 just beginning, the IRS reminds taxpayers that now is the perfect time to review their withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020 to avoid…
Read MoreHave tax withheld from unemployment now to avoid a tax-time surprise later
2020 has been a unique year that has brought many taxpayers unprecedented challenges. Due to the Coronavirus pandemic, millions of American’s have received or are currently receiving unemployment compensation, many for the first time. The IRS reminds taxpayers that unemployment compensation is taxable. People can have taxes withheld from this compensation now to help avoid…
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