Tax filing season when IRS will begin accepting and processing 2020 tax year returns is set on February 12, 2021, as per the announcement made today by the IRS. The tax season announced from 12th Feb is for Individual taxpayers only. This means that your tax refund will be late a bit as the turnaround …
The IRS is mandated to dispatch the second stimulus check of $600 to all eligible Americans by 15th January 2021. Therefore, your economic impact payment or EIP 2 check could arrive a few days after the Jan as a paper check or EIP debit card in the mailbox. So, you may want to start watching your mailbox …
Read moreHow to Know if Stimulus Check is Arriving in Your Mailbox?
If you received any stimulus check or got a direct deposit of economic impact payments (EIP ) or through a stimulus EIP Debit card, a question may hover if the payment will actually increase your tax or reduce your expected tax refunds during the year 2021. The plain and simple answer to that question is …
Read moreWill Stimulus Payment Reduce Your Tax Refund in 2021?
IRS will start mailing Economic Impact Payment or EIP as stimulus payment debit cards to approximate 8 million Americans. So keep an eye on the mailbox without a doubt as some sort of scam or junk mail. The EIP debit card is being sent to only people who don’t have bank information on file with …
Read more2nd Stimulus Payment as Debit Card to 80 Million Americans
The good news for all those, who were eligible for an economic impact payment but did not receive any stimulus check payment or received less than what was owed to them under economic impacts payment will be able to claim it as a recovery rebate credit by filing their income tax return for 2020. In effect, …
2021 mileage reimbursement calculator is based on just announced optional standard mileage rates for calculating the deductible costs of operating a motor vehicle for business, charity or for medical purposes. The most important point to note is that the IRS has reduced the mileage reimbursement rates for business and medical purposes for the year beginning …
The Internal Revenue Service just issued a press release on 29th December 2020 that it will begin delivering a second stimulus check under Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to people who received the first round of payments earlier this year. The second stimulus check payments are automatic, and those who received …
Read more2nd Stimulus Check Amount -Find Everything About It
This is the detailed computation of the Net Investment Income Tax which is regulated by section 1411 of the Internal Revenue Code. We earlier published easy NIIT calculator. As you know, the net investment income of individuals, estates and trusts is taxed at the rate of 3.8% provided they have income above the statutory threshold …
