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09 Apr Foreign Bank and Financial Account Reporting Requirements

What is an FBAR you ask? A bad, four-letter word? No, but failing to file one of these can make you say a few other bad, four-letter words! U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) by April 15th each...

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01 Apr IRS Recalculating Taxes on Unemployment Benefits

As part of the American Action Plan, legislation signed on March 11, 2021, taxpayers who earned less than $150,000 in modified adjusted gross income (AGI) can exclude unemployment compensation up to $10,200 ($20,400 if married filing jointly for each spouse who received unemployment compensation). So What? Well, since many people had already filed taxes for this season,...

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18 Mar IRA Contributions by April 15th for 2020 Returns

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...

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04 Mar Free Tax Services for Eligible Taxpayers

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...

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25 Feb Student Loan Interest Deduction in 2020

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...

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