Federal Benefit Recipients With Children Have More Time to Get the $500 Economic Impact Payment
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran’s benefits, but didn’t receive $500 per child earlier this year when they received their own Economic...
People Should Have Tax Withheld From Unemployment Now to Avoid a Tax-Time Surprise
Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment insurance payments, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable. People can have...
Tax Treatment of Unemployment Benefits
The tax treatment of unemployment benefits you receive depends on the type of program paying the benefits. Unemployment compensation includes amounts received under the laws of the United States or of a state, such as: State unemployment insurance benefits Benefits...
New Law Provides Relief for Eligible Taxpayers Who Need Funds From IRAS and Other Retirement Plans
The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain...
What Taxpayers Need to Know About the Home Office Deduction
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax...
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