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COVID-19
Get Your Money: Ensure You Receive a Stimulus Payment
Status and non-filer tools launched by IRS
The IRS recently announced the launch of web sites for non-tax filers to register to receive their economic impact payment and a new Get My Payment tool. Here is what you need to know.
Background
As a response to the coronavirus pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17.
The Problem
The payments are being made based on 2019 or 2018 tax returns. If you do not need to file a tax return, you run the risk of not receiving this payment. Additionally, getting payments out to everyone is technically complex. The IRS must look at both 2019 tax returns and 2018 tax returns, PLUS they are directed by Congress to match these files against two years of Social Security filings for seniors. Not an easy task!
Read more ...COVID-19 Stimulus Payments.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law provides a one-time payment, among other items, to individuals to help ease the economic strain caused by the coronavirus epidemic.
Here are the details of the stimulus payment initiative.
Who qualifies to receive a payment? A one-time payment of $1,200 will be sent to most adults. For every qualifying child under age 17, families will receive an additional $500. Retirees and people on disability are also eligible to receive a payment.
Read more ...Current Due Dates for Various Tax Returns [Update 4/10/20]
We are compiling the current due dates for various types of tax returns in this space. As information is received from or released by the various states and taxing agencies we will update this space. Some of these states have noted that guidance will be forthcoming, but until it is issued we can not rely upon it. As this is a very uncertain time and information continues to fly around, continue to check back for updates.
Read more ...Welcome to Don Brooks & Associates Online Office
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Visit often as additional news and helpful information will be continually added in an effort to serve you better.
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News
Tax Deadlines Move to July 15
The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know:
Read more ...New Law Requires Small Business to Provide Paid Leave
Families First Coronavirus Response Act provides worker benefits
The Families First Coronavirus Response Act is a new law passed last week that offers COVID-19 assistance for both employees and employers.
This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.
Here are the details of the new law’s benefits:
Read more ...Tax Quiz: Who's the Highest?
Take this trivia quiz and test your state tax knowledge!
Here’s a quiz to test your state tax IQ and give you some fun facts about the taxes paid by friends in other states.
Read more ...Spare Change Goes Digital
A clever new way to save...
With close to 85% of purchases made with credit or debit cards, many people have forgotten the satisfying clinking sound of tossing a penny, nickel, dime or quarter into a glass jar of spare change. But all that is starting to change!
Clever new savings ideas
In today's world of smartphones, several apps have digitized yesterday's jar of coins by sweeping electronic spare change into a digital jar to increase savings balances or pay down debt. For example, if you make a purchase for $1.89, the app rounds up your purchase to $2.00 and transfers the extra 11 cents into the app's account. Here are three of the more popular apps and how they work.
Read more ...The IRS Data Theft Problem
Here's how to minimize your risk
What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information?
The IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store large amounts of personal information and tax data, are also a potential gateway for online criminals and identity thieves.
Read more ...Live Streaming Entertainment is Changing!
If it’s between 9:30 am and 6 pm CST, a 28-year-old named Tyler Blevins—better known as Ninja—is most likely broadcasting himself playing video games. He’s also making an estimated $500,000 a month doing it.
Blevins represents the new wave of visual entertainment and video game streaming. His popularity started to soar in late 2017 when he and other video game streamers began playing a game called Fortnite. Fast forward to 2019, and Blevins is now the most recognized name in the video game streaming industry with nearly 15 million followers.
Read more ...Should You Buy or Rent a Home?
The pros and cons of renting versus buying
For many folks, the lyrics of a 1960s rock song summarize the American dream: "Our house is a very, very, very fine house." According to U.S. Census figures, about two-thirds of American families are homeowners.
But buying a house or condo may not be the best choice for every family in every situation. Renting offers the following advantages:
Read more ...Main Menu
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Weekly Tax Tip
25 May 2020
Weekly tips to help you better understand tax and financial situations.-
Using Losers to Make Winners
Effectively using your investment losses can make a big impact in your taxable income. Why? These losses could offset income that is barely taxed, or it could offset income taxed at 39.6% or higher! Here are some ideas to make those losers into winners on your tax return.
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Understanding the Home Gain Exclusion- When is a tax planning session essential?
The popular capital gain exclusion on home sales is a wonderful tax benefit for most of us. However, there are many times when a review can save you thousands in potential tax. Here is what you need to know.