The Families First Coronavirus Response Act or FFCRA that related to pandemic Cornavirus or Covid-19 , provides tax and other reliefs for individuals, self-employed and businesses.Earlier the Govt. provided Coronavirus relief for payment of 2019 tax due .The FFCRA provides temporary relief through… Read More »What does Families First Coronavirus Response Act Mean to You ?
The Internal Revenue Service today advised that an individual with an HDHP or high-deductible health plans, may continue to contribute to a health savings account (HSA) can pay for 2019 Coronavirus (COVID-19)-related testing and treatment, without jeopardising their status. In Notice… Read More »High-deductible health plans for 2019 Coronavirus (COVID-19)
The 2020 tax rates that affect your tax filing for 2021, came out on Wednesday 6th Nov 2019 !Find the copy of IRS release on the 2020 tax rates and income brackets. While the seven slabs of tax rates remain unchanged, the income limits have been changed. You can consult 2019 tax brackets for filing in 2020.Read More »2020 IRS Tax Rates & Brackets
The Internal Revenue Service has extended the due date for furnishing the 2018 Form 1095-B and Form 1095-C to individuals from January 31, 2019 to March 4, 2019.This extension is automatic which means that you do not need to submit a request or documentation to take advantage of this extension. Read the Notice 2018-94.Read More »2018 Form 1095-B and Form 1095-C to Individuals Extended !
Despite newly-enacted restrictions on home mortgages under the Tax Cuts & Jobs Act , you can still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage. This is so , because the restriction under the The Tax Cuts and Jobs Act of 2017, enacted on Dec. 22, is not for the deduction for interest paid on home equity loans and lines of credit that are used to buy, build or substantially improve the taxpayer’s home that secures the loan.Read More »Interest Paid on Home Equity Loans Still Deductible- IRS Clarifies !