Taxes and Tax Relief
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 […]
Double Your Stimulus: Boxelder Teams Up with KOA NewsRadio to provide $1400 Checks to Callers
What could make your stimulus even better? How about doubling it! Boxelder Consulting has teamed up with KOA NewsRadio and iHeartRadio to give taxpayers a chance to win an extra $1400. How to Win Your Extra $1400 Check Listen to KOA NewsRadio on weekdays at 5am, 8am, 10am, 1pm, 3pm, 6pm. Text the nationwide keyword you hear […]
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 […]
IRS Making Progress on its Backlog, But Still Has 6 Million Tax Returns Left to Process
Last week, I spoke with a source from the IRS, who gave me some valuable information on the state of the agency’s enormous backlog of tax returns. He said that at the height of the October filing season for the 2020 extension deadline, the IRS had 17 million paper-filed tax returns left to process. Since […]
Lifting the “Black Cloud”: How to Navigate IRS Debt in the Time of COVID-19.
One of my new clients gave me a call last week to talk about his tax debt. As he described his struggles, he expressed something that really resonated with me. “I have years of unfiled tax returns,” he said. “But I’m not receiving anything from the IRS. There’s just a black cloud hanging over me, […]
Paycheck Protection Program (PPP) Amended to Include Businesses with Less than 20 Employees
A new policy directive from the Biden administration qualifies a whole new set of businesses for Paycheck Protection Program (PPP) Loans. In the past, if you operated your business as a sole proprietorship, or employed less than 20 workers, then the old PPP standards left you out. Not anymore. For limited time only, the Small […]
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 […]
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 […]
Bitcoin & The IRS: Here’s What Your Cryptocurrency Holdings Mean for Tax Season
“Trust me,” your weird nephew said. “Bitcoin’s gonna be huge.” It was 2010. You probably laughed off the suggestion. Back then, after all, it took 5,000 Bitcoins to buy a large pizza. But maybe, just maybe, you listened and bought into crypto early. If so, good for you. Bitcoin has exploded in value since its […]