January 13, 2021 Did you mail a paper return to the IRS? Here is an update from the IRS website. The IRS is now opening mail within normal timeframes. The IRS has also made significant progress in processing returns. As of December 25, 2020, they had 6.9 million individual tax returns in the processing pipeline. […]
What you need to know about the second Economic Impact Payments
Economic Impact Payments on their way! 1/14/2021 – The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card to speed delivery of the payments to as many people as possible. If the Get My Payment tool on IRS.gov shows a date that a payment was mailed, you […]
Standard mileage rates for 2021
IRS issues standard mileage rates for 2021 WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, […]
How to avoid “easy money” scams
Fraudsters have been using “easy money” scams for years. However, methods have been adapted to exploit advances in technology, which has helped with tricking victims into new cons. For instance, the Federal Trade Commission (FTC) filed a complaint against Digital Altitude LLC and other defendants in February. The agency alleged that the company’s operations misrepresented […]
Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions
Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act includes several temporary tax law changes to help charities. This includes the special $300 deduction designed […]