While the Treasury and the IRS just announced the tax filing deadline is extended this year to May 17th 2021, that is only applicable to filing returns and making tax payments. You will still need to make IRA contributions to be able to claim a deduction by 4/15/21. Contributions to a traditional IRA are usually tax...
Did someone say free!? Based on certain eligibility requirement, some taxpayers may qualify to receive tax assistance or filing services for free! IRS Free File The IRS Free File option is great for people who are only filing a tax return to claim the Recovery Rebate Credit, or have an AGI less than $72,000. Taxpayers who have no...
If you have student loans and regularly pay, you are familiar with the Student Loan Interest Deduction. You usually get to subtract up to $2,500 a year in interest payments on federal student loans, reducing your tax liability. Being an "above the line" deduction, meaning you don't need to itemize to qualify, is a welcome...
For those of you whose income comes primarily from a farming or fishing business, you can avoid making estimated tax payments by filing and paying your entire tax due on or before March 1. This generally applies if farming or fishing income was at least two-thirds of your total gross income in either the current...
In the time of COVID, many 'white collar' workers have transitioned to work from home. Staring at the same four walls day in and day out replaces the COVID health concerns with mental and other physical health concerns. Besides adding a few inches to your waistline this past year, have you also felt foggy, anxious...
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