All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Call me to schedule a time to discuss or go to my website and schedule an hour that works in your schedule. Employees, retirees and self-employed individuals can use the IRS Tax Withholding…
Read More...You be the Judge
A woman with breast cancer who was fired from her job sued her employer for wrongful termination. The parties settled, with the woman receiving cash plus 650,000 shares of stock in the corporation. The agreement valued the stock at $2.38 per share, which she reported on her federal income tax return. However, she later filed…
Read More...Women face more challenges preparing for retirement
For the first time, our nation’s vice president is a woman and more than 25% of the members of Congress are women. But women still earn only 81 cents for every dollar a man earns when performing the same job. And women spend less time in the workforce due to caregiving responsibilities (for children and…
Read More...Time to Schedule
The end of tax season in within sight. May 17 will be here before you know it. If you have not already been to see me, it is time to schedule your tax appointment. Go to www.pedersonaccountingservices.com. My telephone number is in the upper right corner. To the left of the number, it says “Schedule.”…
Read More...Those experiencing homelessness can get Economic Impact Payments and other tax benefits; permanent address not required
WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don’t have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits. While Economic Impact Payments continue to be made automatically to…
Read More...IRS to recalculate taxes on unemployment benefits; refunds to start in May
WASHINGTON – To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers who earned less…
Read More...The American Rescue Plan Act of 2021 is now law
Stimulus checks Taxpayers will receive $1,400 based on the following limits to Adjusted Gross Income, based on your most recently filed and processed tax return: Single filers earning less than $75,000. The benefit phases out as incomes approach $80,000; those earning more than $80,000 do not qualify for this payment. Heads of household earning less…
Read More...People who adopt may benefit from this special tax credit
The adoption process can be expensive. Fortunately, the adoption tax credit can help offset some those expenses Taxpayers who adopted or started the adoption process in 2020 should review the rules for this credit. Here are some facts to help people understand the credit and if they can claim it when filing their taxes: The…
Read More...IRS Extends Filing Deadline
WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough…
Read More...IRS begins delivering third round of Economic Impact Payments to Americans
WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and…
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