Understanding tax deadlines, penalties, and payment options can help you to get ahead on your tax liability. This year, the deadline to file and pay to avoid a penalty is May 17th. If you are… Read More
The American Rescue Plan includes an enhanced Child Tax Credit (CTC) with increased credit amounts, advance payments to taxpayers beginning in 2021, and broader scope. Increased Amount The child tax credit has increased from $2,000… Read More
Eligibility and the amount for tax credits such as the recovery rebate credit (aka stimulus payments to individuals), Child Tax Credits (expanded for 2021), education credits, and other popular credits depend on Adjusted Gross Income… Read More
The recent COVID-response stimulus bill signed on December 21, 2020 includes a second round of stimulus checks, extension of deferred payroll taxes and individual income tax breaks. Below is a summary of some of the… Read More
A special temporary tax law change allows taxpayers to donate cash up to $300 to charity and receive an above-the-line tax deduction. Donations made in 2020 may be deducted for up to $300 per return…. Read More
Becoming a home buyer offers many advantages. It provides greater control of living arrangements, can help increase net worth, and provide a sense of community. Mortgage interest rates According to Zillow, the median home value in… Read More
Credit Builder Loans (CBLs) are small loans offered by financial institutions and promoted as a method for a consumer to improve their credit score and build a savings account. They can be offered with or… Read More
The federal income tax system is a pay–as–you–go system. Taxes must be paid throughout the year, either by withholding from your paycheck or making estimated tax payments. If you don’t pay enough in taxes throughout… Read More
People who work as a driver for Uber, Lyft, or other ridesharing services, are considered self-employed. A self-employed person is responsible for handling and paying income taxes and self-employment taxes. Self-employment taxes consist of Social… Read More
Completion of the Free Application for Federal Student Aid (FAFSA) is required to determine if a student qualifies for student aid and exactly which type of aid. The types of aid available are grants, scholarships,… Read More
