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Tax Deductions You May Not Know About

What is a tax deduction exactly? Simply, tax deductions lower your taxable income; this plays to your favor as the lower your taxable income is, the more cash you get to keep in your pocket when you go to pay taxes. There are deductions for all sorts of things; here are 8 tax deductions you […]

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The S-Corp Secret: Why S-Corps are Perfect for Small Businesses

We’re gonna let you in on a little secret. Let’s say that, during the pandemic, you started up an online consulting service to make some income on the side. You probably weren’t expecting to start raking in six figures right off the bat, so it would have made sense to set up your business as […]

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Federal Taxes Waived on up to $10,200 of Unemployment Benefits – But Wait on Filing Your Amended Return

Two weeks ago, Joe Biden signed the American Rescue Plan Act of 2021, waiving federal taxes on up to $10,200 of unemployment benefits for single adults making less than 150,000 per year. For couples filing jointly, that number is doubled to $20,400. Since unemployment earnings are typically taxed just like normal wages, the unemployment tax […]

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IRS Extends the 2020 Tax Return Filing Deadline to May 17

The IRS announced Wednesday that it will delay the April 15 tax-filing deadline to May 17. This gives individual taxpayers an extra month to file their 2020 returns and pay any outstanding levies. The announcement comes several weeks after Congress called for an extended tax season to help taxpayers struggling during the COVID-19 pandemic. And […]

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Everything You Need for the 2020-2021 Tax Season

Tax season is here. But with major paper delays and a giant backlog of unopened returns at the IRS, as well as several COVID-19 stimulus payments to account for, 2021 is set to be another unusual year for taxpayers. Even during “normal” years, taxes are inherently stressful. This tax season could be even harder thanks […]

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Congress Asks the IRS to Extend the 2020 Tax Season. Will the April 15 Filing Deadline Change?

Update 3/2/2021: The IRS has extended the Tax Filing Deadline to June 15th for Oklahoma and Texas. The April 15 tax filing deadline is fast approaching — maybe a little too fast. Because we’re still dealing with the awful ramifications of COVID-19, Congress has asked the IRS to extend the tax return filing season beyond […]

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What are the Federal Income Tax Brackets for 2020 and 2021?

It’s the start of a new year, and with that, the start of the 2020 tax filing season. These next few months can be complicated for taxpayers. On the one hand, we’re looking back at 2020 to prepare our returns and file by the April 15 deadline. But at the same time, we’re already looking […]

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Business Meals are 100% Deductible in 2021 and 2022

Go ahead, schedule that lunch meeting. Business meals are 100% deductible in 2021 and 2022. The new policy comes as part of the Consolidated Appropriations Act, 2021 (CAA, 2021), a bill that combines the $900 billion COVID-19 stimulus package signed in December with a larger omnibus spending plan for the 2021 fiscal year. In an […]

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