Posted by Manisha Hansraj on January 15, 2021
Last modified: January 18, 2021
Here’s the breakdown of all the changes.
For the 2020 tax year, the standard deduction amounts have increased. Here are the amounts below.
Single or Married filing separately – $12,400 Married filing jointly and Qualifying widow(er) – $24,800 Head of Household – $18,650
For taxpayers who are blind or at least 65 years old, they can claim an additional standard deduction. The standard deduction is $1,300 and $1,650 for the single or head of household filing status.
Taxpayers who are both blind and of eligible age receive a doubled additional standard deduction.
Recovery Rebate Credit (Stimulus Payment)
1095-A, 2020 tax return, 2020 tax year, 2020 taxes, 2021 tax season, ACTC, bitcoin, COVID-19, CTC, educator expenses, family leave, health insurance, IRA, premium tax credit, recovery rebate credit, sick leave, standard deduction, stimulus payment, teaching expenses, whats new Category: Tax and Life Changes, Tax Deadlines, Tax Deductions and Credits, Tax News, Tax Tips and Tricks No Comments »
Posted by Manisha Hansraj on September 11, 2020
Last modified: September 11, 2020
The IRS already announced the inflation adjustments for next year.
Although the e-file and extension deadline is in a month, the year is almost gone. 2020 has been more than a roller coaster ride, and the next tax season is only a few months away.
Many taxpayers may wonder how their stimulus payments affect your 2020 taxes, if they’re in the same tax bracket, and changes for the 2021 tax season. Keep on reading to find out.
How stimulus payments will affect your tax return
2020 tax bracket, 2020 tax brackets, 2020 tax return, 2021 tax changes, 2021 tax season, COVID-19, itemized deductions, married filing jointly, standard deduction, stimulus payment, W2 job expenses Category: Tax Tips and Tricks No Comments »
Posted by Manisha Hansraj on August 25, 2020
Last modified: August 25, 2020
Jobless Americans are worrying about their unemployment benefits.
Since the extra $600 weekly benefit disappeared, their income is significantly less. Those who are out of work depend on their unemployment income to pay their bills.
Recently, President Donald Trump
issued a measure for $400 per week to aid Americans.
However, instead, it’s an additional
$300 unemployment benefit. States should provide the extra $100, but it’s up to them to distribute this. Eligibility
$300 unemployment benefit, additional unemployment benefit, COVID-19, COVID19, e-file, efile, FEMA, file, lost wages, tax deadline, tax refund, unemployment benefits Category: Tax Tips and Tricks 1 Comment »
Posted by Manisha Hansraj on June 4, 2020
Last modified: June 12, 2020
There has been a lot of confusion regarding economic stimulus payments.
Many are wondering which tool to choose when they go to the IRS website to track their stimulus payment. There are two tools, the
Get My Payment Tool and the Non-Filers Tool. Both tools have different requirements. Which tool do I use?
2018 tax return, 2019 tax season, 2020 tax season, coronavirus stimulus, COVID-19, economic stimulus payment, get my payment tool, IRS payment tool, nonfilers, stimulus check, stimulus check 2020 Category: Tax Tips and Tricks 2 Comments »