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…

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.”…

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…

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…

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…

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…

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…

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…

Identity theft has become a very serious problem. The Internal Revenue Services offers additional protection if you believe your identity has been stolen or compromised in any way. An Identity Protection PIN is a six-digit number that prevents someone else from filing a tax return using a taxpayer’s Social Security number. The IP PIN is…

Social Security recipients got a 1.3% raise for 2021, compared with the 1.6% hike beneficiaries received in 2020. Maximum earnings subject to the Social Security tax also increased—from $137,700 a year to $142,800. Other changes for 2021 included an increase in how much money working Social Security recipients can earn before their benefits are reduced…