IRS COVID-19 FAQs

IRS stimulus return for deceased people

Q10. Does someone who has died qualify for the Payment? (added May 6, 2020) A10. No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions in the Q&A about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had …

IRS is Now on Instagram

IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams IR-2018-237, November 30, 2018 WASHINGTON — As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the Internal Revenue Service announced today …

2018 Tax Changes: What’s New and How does it Impact ME?

Tax Rates and brackets changed Standard Deduction amount increased Single or Married Filing Separately—$12,000. Married Filing Jointly or Qualifying Widow(er)—$24,000. Head of Household—$18,000. Personal Exemption Deduction was suspended. Itemized Deductions are no longer limited if your AGI is over a certain amount. Sales Tax and Property Tax is limited to a combined total of $10,000 …

Creating a Budget AND Sticking to It

Budgeting is simply spending less than your income. To create your budget, you must determine your take-home income. It is easy to overestimate what you can afford if you think of your total salary as what you have to spend. Keep in mind that you must subtract deductions, such as social security, taxes, 401 (k) …

How to be a SUCCESSFUL Business Owner

Small Business Responsibilities Choosing a Business Structure Meet with an attorney and CPA to set up the structure that best suits your legal and financial needs Sole Proprietor State formed LLC (single member or multi-member) C Corporation Partnership (two or more partners) Taxation choices LLC = default taxed as a Sole Proprietor or Partnership unless …

Tax Time Guide: Contribute to an IRA by April 17, claim it for 2017

Issue Number:    IR-2018-65 WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by …