Estimated Tax Payments Due This Thursday By: Stacey Nickens While the IRS has moved the income tax deadline to May, estimated tax payments are still due this Thursday, April 15. Estimated taxes are paid by certain individuals who earn income through interest, dividends, alimony, self-employment, capital gains, prizes, or awards. These estimated tax payments [...]
Investing in the Stay-At-Home Economy By: Stacey Nickens If you've ever been a parent or babysitter, you have likely dreaded the moment your little one complained, "I'm bored!" Yet lockdowns and quarantines may have had you muttering this same phrase to yourself during the past year. With restaurants closed at different periods of time, [...]
Investments That Could Benefit From Biden's Infrastructure Plan By: Stacey Nickens Last week, President Joe Biden revealed his American Jobs Plan. This plan would invest over $2 trillion into American infrastructure projects, including improving highways and modernizing state and federal facilities, amongst other goals. While the plan still needs to pass Congress, many analysts [...]
Scam Alert: Watch Out for New Tax Refund Scam By: Stacey Nickens Scammers are currently targeting people associated with colleges, universities, and other educational institutions, Students and staff who have ".edu" email addresses may receive an email with the IRS logo. These emails are often accompanied by the subject lines "Tax Refund Payment" or [...]
Stimulus Checks Delayed for Some Social Security Recipients By: Stacey Nickens Almost 30 million Social Security and Supplemental Security Income (SSI) recipients will be experiencing a delay in receiving their third stimulus checks. The Social Security Administration (SSA) initially failed to send necessary information to the IRS. However, after a letter from four Congressmen [...]
Tax Changes Made by the American Rescue Plan Act By: Stacey Nickens The American Rescue Plan Act was signed into law on March 11, providing for a third round of stimulus to some American families. Taxpayers and their dependents may each be eligible for up to $1,400 in stimulus payments. In addition to these [...]
IRS Extends the 2020 Tax Deadline By: Stacey Nickens The IRS has extended the federal income tax return deadline from April 15 to May 17. This will give taxpayers more time to file their returns and the IRS more time to adjust to changes made by the American Rescue Plan Act. Most notably, the [...]
A Guide to Your Third Stimulus Check By: Stacey Nickens On March 11, President Joe Biden signed the American Rescue Plan Act of 2021. This act provides for a third round of stimulus to some American families; however, as the legislation took a while to make it's way through both chambers of congress, you [...]
Steps for the 2020 Tax Season By: Stacey Nickens Business returns were due on March 15, and most individual returns are now due on May 17. With the individual deadline approaching, I want to remind Elm3 clients of a few important tips to ensure that your returns are processed correctly and that your potential [...]
4 Above-the-Line Deductions for Taxpayers Who Don't Itemize By: Stacey Nickens The 2017 tax reform legislation increased the standard deduction, such that few taxpayers itemize their deductions. In 2020, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Few taxpayers will accumulate enough individual deductions to exceed the standard deduction [...]
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