IRS Begins Issuing Unemployment Income Exclusion Refunds By: Stacey Nickens The IRS announced that they will begin issuing refunds to taxpayers who paid taxes on their 2020 unemployment benefits. The American Rescue Plan Act legislated that up to $10,200 in unemployment compensation per individual could be excluded from taxable income. However, by the time [...]
Why is it taking so long for the IRS to process my tax refund? By: Stacey Nickens I have noticed many of my clients experiencing delays in receiving their tax refund, which can be both frustrating and confusing. If your refund is delayed, you may worry that your return has not been accepted or [...]
Changes to the 2021 Child Tax Credit By: Stacey Nickens Summer is just around the corner. Many of us may be preparing for pool days or vacations to the beach. Whether you plan to be drinking sweet tea or wine coolers, you may be interested to know that this summer won't just bring more [...]
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 [...]
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 [...]
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 [...]
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 [...]
How Filing Your Tax Return Early (Or Late) Could Impact Your Stimulus Check By: Stacey Nickens Tax season kicked off on February 12, and as of late February, the IRS had already received 21% more individual returns than on the same day in 2020. While some are waiting to see if the tax deadline [...]
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