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Resources

Oh, so you thought you were done with the coronavirus test now that it’s 2021? Unfortunately, the coronavirus (and the government’s response to it) has created a ripple effect that will be felt when you sit down to file your taxes for last year. Here are some things to keep in mind: Stimulus Checks As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s $2...

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If you’re like us, you probably never want to think about 2020 again. But there is one lingering ghost from last year that you need to get rid of before you can truly move on for good—and that’s your 2020 taxes. Thanks to the coronavirus (among other things),  a lot has changed for the 2021 tax season. That’s why you need to start thinking about your...

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There is no tax filing status that confuses taxpayers more than the one called head of household. In order to file as head of household, you must meet several requirements: Be unmarried Pay more than half of the costs of supporting your household Live with other qualifying family members for whom you provide support for more than half of the year. Some examples of qualifying family...

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Student loans can open the door to educational opportunities you otherwise might not be able to afford on your own. But once you have that hard-earned diploma in your hand (or  displayed proudly on your wall), those same student loans often become a source of stress. At tax time, there are a few ways to include your student loans while filing your taxes. And if you’re...

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C-Corps pay taxes at the corporate level first. After that, individual shareholders pay taxes on dividends paid by the corporation. This opens up certain shareholders to double-taxation. The prospect of double taxation daunting, but it is an avoidable problem. Let’s examine how it works: First, a C-Corp doesn’t pay taxes on every dollar it earns. Rather, C-Corps deduct their operating expenses from their revenues, reducing the...

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S-corporation owners can choose to receive both a salary and dividend payments from the corporation (i.e., distributions from earnings and profits that pass through the corporation to you as an owner, not as an employee in compensation for your services). Dividends are taxed at a lower rate than self-employment income, which lowers taxable income. S-corp owners also save on Social Security and Medicare taxes because...

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If you are receiving unemployment compensation, it’s important to understand how it can affect your taxes. You may still be required to file a tax return even if you are not earning income, and you may qualify for certain tax breaks as well. With a record number of taxpayers receiving unemployment compensation due to COVID-19, we want to address these frequently asked unemployment tax questions. Do...

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The deadline to file your federal taxes was extended to July 15. It's past time to think about gathering up all your tax documents and calculating your numbers. If you've ever filed a tax return, you know it can be a challenge to understand the IRS language on its forms and schedules. Turning to the written instructions sometimes doesn't help much. They're quite comprehensive—so comprehensive, in...

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Over 36.5 million Americans have filed for unemployment over the past eight weeks as the coronavirus pandemic hit the U.S. and prompted many businesses to hit pause. But thanks to federal lawmakers, more out-of-work Americans can apply for unemployment benefits and also get more in their pocket under new, temporary rules put in place. If you received unemployment benefits this year, you can expect to receive a Form 1099-G...

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The normal April 15 tax deadline has come and gone. Instead of a flurry of activity, taxpayers and tax preparers have more time to file, pay, and extend their returns this year, thanks to the Treasury Department’s decision to extend the federal tax deadline. The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response...

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