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A Summary of Biden’s Tax Policies: How Would They Affect You?
The economy is always an important issue in a presidential election year. And though there are many highly-charged issues of concern this year, research shows that the American economy is still the most important issue among voters. The economy topped a recent Pew...
IRS Announces New 2021 Tax Brackets, Tax Credit Limits, and More
This week, the Internal Revenue Service (IRS) announced the annual inflation adjustments for the 2021 tax year. These adjustments include the official 2021 tax rate schedules, standard deduction amounts, capital gains tax rates, and more, providing taxpayers and...
Coronavirus Relief Stalls: Updates on New Stimulus Package
The economic impact of the coronavirus pandemic has led to the highest unemployment rate in the United States since the Great Depression. This year, the federal government has passed several bills that offer relief to Americans who have been impacted by COVID-19,...
IRS Wants Non-Filers to Register for Stimulus Checks by October 15
The Internal Revenue Service has processed over 159 million Economic Impact Payments, also known as EIPs or stimulus checks. While the IRS has now sent payments to a high percentage of qualifying Americans, a recent statement from the government agency indicates that...
New IRS Rules Benefit Business Owners During COVID-19
In March, the United States federal government passed two COVID-19 relief bills: The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid Relief and Economic Security (CARES) Act. These bills are responsible for a variety of relief options designed...
CARES Act Unemployment Benefits and Your Taxes
To help the many Americans experiencing unemployment during the novel coronavirus pandemic, this March the federal government passed the CARES Act. One of the provisions in the CARES Act, Pandemic Unemployment Assistance (PUA), expands unemployment benefits, allowing...
Americans Take Advantage of the Tax Deadline Extension
The novel coronavirus pandemic has had an enormous impact on this year’s tax season. As a result of the pandemic, the Internal Revenue Service has pushed back Tax Day for all Americans for the first time in over five decades, moving it to July 15, 2020. And, according...
Self-Employed: Unemployment Insurance Or Paycheck Protection Program
The coronavirus pandemic has hit many Americans workers hard, as millions of citizens have lost jobs or had their hours cut drastically. To help Americans struggling with a loss of work due to the COVID-19 pandemic, the United States federal government passed the...
New IRS Tool To Update Stimulus Check – Direct Deposit
Thanks to the CARES Act, millions of Americans qualify to receive an Economic Impact Payment, also known as a coronavirus stimulus check. Since the passing of this economic relief package on March 27th, many qualifying citizens have wondered when and how they’ll get...
What You Need to Know About the New Tax Deadline
Tax Day always falls on or shortly after April 15-- but not this year. Last month, Treasury Secretary Steven Mnuchin announced that the federal tax deadline for individuals and businesses would be moved to July 15 due to the coronavirus pandemic. This three month tax...
IRS Offices Slowly Shutting Down Due to the Coronavirus
The spread of the novel coronavirus, COVID-19, has shut down so much of America. President Donald Trump has issued an emergency declaration due to the coronavirus outbreak, and governors in many states have issued stay-at-home orders and ordered non-essential business...
Top 7 Filing Mistakes to Avoid This Year
Now that Tax Day 2020 has been postponed until July 15th, you have a little more time to do your taxes if you need it. This also means you have a little more time before the tax filing deadline to double-check your return and make sure you don’t make a tax filing...
2020 Tax-Filing Season Will Be Tougher Than Usual– Here’s Why
Tax-filing season is something few people look forward to. But this year’s tax season seems set up to be even tougher than usual-- and, below, we’ll share why. Read on to learn what problems are on the horizon for the 2020 tax-filing season so you can try your best to...
The Senate reached agreement on the Coronavirus Aid, Relief
Major tax relief included in COVID-19 stimulus act agreement The Senate reached an agreement on the Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus bill last night, with a vote expected in the Senate today and a House vote today or tomorrow. It's...
Top Tips to Find the Best Tax Preparer Near You
When you hire a tax preparer, you want to find the best preparer, one who will maximize your tax return and file everything correctly. And then, of course, you also want to make sure that the tax professional you hire is trustworthy, since your tax preparer will be...
How To: Get an IRS Transcript or a Copy of Your Tax Return
An IRS transcript offers an easy way to see an overview of your tax return information. Having an IRS transcript can be useful in many situations, such as when you’re applying for a loan, a mortgage, or financial aid. If you need a copy of your past tax return...
A New Payment Method for Delinquent Taxpayers
The Internal Revenue Service has announced a new payment method for delinquent taxpayers whose accounts are a part of the private debt collection program. Now, these taxpayers can pay IRS-contracted private debt collectors through direct debit. Before this new payment...
Understand How to Report Foreign Accounts and Fraud
Many people who live in or do business in the U.S. have foreign financial accounts. According to U.S. law, such foreign financial accounts must be reported to the U.S. government, even if they don’t generate any taxable income. The government requires that U.S....
How to Settle Your Tax Debt
Having tax debt is incredibly stressful— it’s something no one wants to deal with. But if you’re struggling to pay your back taxes, know that there are a number of ways you can settle your tax debt with the IRS. To help you understand your options, in this post we’re...
Health Care Taxes: Congress Set to Repeal 3 Major Health Taxes?
Congress appears to be ready to pass a large spending bill that is set to repeal 3 major health taxes that were put in place by the Affordable Care Act. This bill would fully repeal the Cadillac tax, a 2.3 percent tax on medical devices, and a health insurance fee,...
How to Form a Single Member LLC
If you’re the sole owner of a business, you may have considered forming a single-member LLC. A single-member Limited Liability Corporation (SMLLC) is a business classification that can help protect you from potential liability and help you maximize your tax benefits....
Business Taxes: LLC vs. Corp Taxes
They way you structure your business can greatly affect your tax liability. In the eyes of the IRS, there are two main types of business entities: limited liability companies (LLCs) and corporations. If you’re thinking of setting up a business or are thinking of...
Elizabeth Warren’s Wealth Tax: Will It Work?
Several Democratic candidates have proposed a wealth tax. For example, Elizabeth Warren has proposed a wealth tax that would raise an estimated $3.5 trillion over 10 years. Senator Warren has said that this wealth tax would pay for her proposed programs, such as free...
How Much Will You Be Paying in Taxes This Year? 2019-2020 Tax Rates
The Tax Cuts and Jobs Act made some of the largest changes to the tax code we’ve seen in recent history. While the majority of these changes went into effect for the 2018 tax year (so you would have noticed them when you did your taxes in 2019), the tax code does...
Climate Change & Your Taxes: The Carbon Tax
Climate change and emission taxes already affect the taxes of many corporations across the world. But a new proposed carbon tax may affect your bottom line as well. The idea of a carbon tax, a tax on burning fossil fuels, is gaining buzz after a recent International...
Own Stock in Foreign Corps? There Might Be Tax Relief For You
Do you own stock in foreign corps? There’s a new IRS revenue procedure you should know about. It's called the IRS Revenue Procedure 2019-40. This procedure provides tax relief to certain US citizens who own stock in certain foreign corporations. In essence, IRS...
A Look at 2020 Tax Rates
The Tax Cuts and Jobs Act dramatically changed the American tax code. One of the features of the new tax code included tax rates that shift from year to year in the first years of the new code. Additionally, tax brackets have long been tied to inflation, which means...
State Tax Changes of Summer 2019
The Tax Cuts and Jobs Act made huge changes to the federal tax code when it passed in late 2017. And this summer, we’ve also seen some significant tax changes at the state level as 23 states (and the District of Columbia) made changes to their statewide tax laws....
Protect Client Data with These Simple Steps
Every year, cybercriminals use things like phishing emails and malware to steal sensitive taxpayer data. And while it’s important for individual taxpayers to protect themselves from identity thieves, it’s equally important for tax preparers to protect their clients’...
These Two Tax Credits Can Help Your College Costs
Higher education is pricy. But there are two valuable tax credits that can help parents and students offset the cost of college or vocational education: the American opportunity tax credit and the lifetime learning credit. Our experts here at Tax Defense Partners...