by skynet104 | Mar 11, 2021 | News
The first $10,200 of unemployment collected in 2020 do not count as taxable income for households making less than $150,000, under a provision of the American Rescue Plan pandemic relief bill. The measure is designed to spare taxpayers from unexpectedly owing money to...
by skynet104 | Feb 12, 2021 | News
IR-2021-35, February 11, 2021 WASHINGTON – With filing season opening on February 12, the Internal Revenue Service urged taxpayers to take some simple steps to help ensure they file accurate tax returns and speed their tax refunds to avoid a variety of...
by skynet104 | Feb 2, 2021 | News
What is Income Tax: An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by...
by skynet104 | Jan 27, 2021 | News
2020 Earned Income Credit and Additional Child Tax Credit A new rule to help taxpayers impacted by a job loss or change in income in 2020 has been added to the 1040 instructions. Taxpayers can use their 2019 earned income to calculate the earned income credit and/or...
