COVID-19

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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11 Feb

Stay Motivated When Working Remotely

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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28 Jan

New PPP Loans for Businesses

Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on for the details. But first, you should...

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04 Nov

Taxpayer Relief Initiatives

The Internal Revenue Service recently announced changes to its collection activities to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts. Provided in the IRS's "A Closer Look": Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief...

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29 Oct

Early Withdrawals From Retirement Accounts

Taking money from your retirement funds before age 59 1/2 is not recommended, but due to COVID lockdowns, it may be unavoidable if you need fast cash. So you don't make it worse on yourself, read the following: Withdrawal Exceptions Early withdrawals from traditional and Roth IRAs are subject to an additional 10 percent tax, unless an...

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