Standard deduction: When to claim more & when you can’t claim a penny?

The standard deduction is the hassle-free deduction under the Internal Revenue Code that is available to almost every taxpayer who does not choose itemized deduction. So, the standard deduction is a flat amount of deduction based on your filing status. You have the option of claiming the standard deduction or itemizing your deductions. However, you …

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W9 Form: 10 Most Important Things You Must Know!

w9 form

W9 purpose ? W9 Form aptly named as Request for Taxpayer Identification Number and Certification is for collecting basic information about every freelancer or contractor or self-employed person’s earning an income from another person or entity. So, if you hire a nanny for your child, you must collect information about child-caregiver on W9 form if …

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IP Pin from IRS: What, When, How & Why?

ip pin from irs

2021 Tax filing season is starting 12th February, but the online allotment of IP PIN (Identity Protection Pin) through IRS website started from 15th January 2021.IRS sends  CP01A notices from mid-December through early January all taxpayers eligible to receive an IP PIN. This shows how much importance IRS attaches to this process that helps taxpayers to …

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How to Know if Stimulus Check is Arriving in Your Mailbox?

online tool stimulus check

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 …

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Will Stimulus Payment Reduce Your Tax Refund in 2021?

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 …

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2nd Stimulus Payment as Debit Card to 80 Million Americans

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 …

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Missed Stimulus Check Deadline? Don’t Worry, You Can Still Claim it as a Credit. Here is How?

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, …

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