income tax
IRS Extends April 15 and Other Tax Deadlines for Texas Residents
IRS Extends April 15 and Other Tax Deadlines for Texas Residents
Following FEMA's recent disaster declaration for winter storms in the Lone Star State, taxpayers in all 254 Texas counties get more time to file and p…
February 22, 2021
What's the Recovery Rebate Credit?
What's the Recovery Rebate Credit?
If you didn't get a stimulus check, or you didn't get the full amount, you may be able to claim the recovery rebate credit on your 2020 tax return to …
February 17, 2021
The Biden Stimulus Plan: Push for a Higher Child Tax Credit Continues
The Biden Stimulus Plan: Push for a Higher Child Tax Credit Continues
The proposal currently on the table would increase the child tax credit to $3,000 or $3,600 per child and have the IRS pay 50% of it in advance.
February 16, 2021
Can You Claim the Home Office Deduction on Your 2020 Tax Return?
Can You Claim the Home Office Deduction on Your 2020 Tax Return?
People working from home because of the pandemic are wondering if they can get a tax deduction out of it. It depends on your employment status.
February 11, 2021
When Can You File Your Taxes This Year? (Hint: It's Very Soon)
When Can You File Your Taxes This Year? (Hint: It's Very Soon)
If you're an early bird when it comes to filing your tax return, you won't have to wait much longer before the IRS will accept your return.
February 11, 2021
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What Are the Income Tax Brackets for 2021 vs. 2020?
What Are the Income Tax Brackets for 2021 vs. 2020?
For both 2020 and 2021, you can end up in one of seven different federal income tax brackets – each with its own marginal tax rate – depending on your…
February 9, 2021
How 10 Types of Retirement Income Get Taxed
How 10 Types of Retirement Income Get Taxed
When you're planning for retirement, it's fun to contemplate all the travel and rounds of golf ahead of you, but don’t forget about taxes.
February 9, 2021
House Democrats Propose Monthly Payments of Up to $300 Per Child
House Democrats Propose Monthly Payments of Up to $300 Per Child
A bill in Congress would increase the child tax credit and have 50% of it paid in advance by the IRS from July through December.
February 9, 2021
Tax Changes and Key Amounts for the 2020 Tax Year
Tax Changes and Key Amounts for the 2020 Tax Year
There were a lot of tax changes for the 2020 tax year. Get familiar with them now – before you file your 2020 tax return.
February 8, 2021
What's the Standard Deduction for 2020 vs. 2021?
What's the Standard Deduction for 2020 vs. 2021?
If you're like most Americans, taking the standard deduction on your tax return is better than claiming itemized deductions.
February 8, 2021
Teachers Can Deduct COVID-Prevention Supplies on Their Tax Return
Teachers Can Deduct COVID-Prevention Supplies on Their Tax Return
Eligible educators can write off expenses for COVID-19 protective items that help stop the spread of the virus in the classroom.
February 4, 2021
Mitt Romney's Higher Child Tax Credit Comes With a Twist
Mitt Romney's Higher Child Tax Credit Comes With a Twist
The Senator is calling for monthly payments of $250 or $350 per child, but he also wants to eliminate other family friendly tax breaks.
February 4, 2021
President Biden's Tax Plans for the Next Few Years
President Biden's Tax Plans for the Next Few Years
With control of both the House and Senate in Democratic hands, President Biden will be able to get more of his tax policy proposals through Congress. …
February 3, 2021
Republican Senators' Plan Drops the $3,000 or $3,600 Child Credit
Republican Senators' Plan Drops the $3,000 or $3,600 Child Credit
A plan by 10 moderate GOP Senators omits Biden's proposal for a higher temporary child tax credit.
February 2, 2021
The Recovery Rebate Credit: Get Your Full Stimulus Check Payment With This Tax Credit
The Recovery Rebate Credit: Get Your Full Stimulus Check Payment With This Tax Credit
If you didn't get a stimulus check, or you didn't get the full amount, you may be able to claim the recovery rebate credit on your 2020 tax return to …
January 30, 2021
18 Believe It or Not Tax Breaks
18 Believe It or Not Tax Breaks
Your fellow taxpayers have successfully claimed write-offs for many things that most of us wouldn't even imagine. But be careful if you plan on follow…
January 27, 2021
Biden's Stimulus Plan Includes $3,000 Child Tax Credits
Biden's Stimulus Plan Includes $3,000 Child Tax Credits
The president is calling for a temporary tax credit of $3,000 per child (more for younger children).
January 27, 2021
17 Nice-Try Tax Breaks Rejected by the IRS
17 Nice-Try Tax Breaks Rejected by the IRS
Everyone wants to lower their tax bill—but sometimes people try a little too hard.
January 26, 2021
Mega Millions Lottery Winner Will Get a Mega Tax Bill
Mega Millions Lottery Winner Will Get a Mega Tax Bill
The winning ticket for the $1.05 billion Mega Millions jackpot was bought in Michigan. After federal and state taxes are taken out, that amount will b…
January 25, 2021
9 States with No Income Tax
9 States with No Income Tax
If you choose to live in these states, every penny you earn is safe from state income tax (although two of the states do tax some dividends and intere…
January 25, 2021
13 States That Tax Social Security Benefits
13 States That Tax Social Security Benefits
You may have dreamed of a tax-free retirement, but if you live in these 13 states, your Social Security benefits are subject to a state tax. That's on…
January 24, 2021
How Much Tax You Will Pay on Your Lottery Winnings?
How Much Tax You Will Pay on Your Lottery Winnings?
The federal government will take a big tax bite out of your $1 billion Mega Millions payout. Your state might, too.
January 22, 2021
20 Most-Overlooked Tax Breaks and Deductions
20 Most-Overlooked Tax Breaks and Deductions
Don't miss these frequently overlooked tax deductions, credits and exemptions. Otherwise, you're just pouring money down the drain.
January 14, 2021
Charitable Tax Deductions: An Additional Reward for the Gift of Giving
Charitable Tax Deductions: An Additional Reward for the Gift of Giving
Because of the worldwide pandemic and related restrictions, your donations to charity are needed more than ever this year. And, with charitable tax de…
January 9, 2021
Joe Biden's Tax Plans for the Next Few Years
Joe Biden's Tax Plans for the Next Few Years
With control of both the House and Senate in Democratic hands, Joe Biden will be able to get more of his tax agenda through Congress. Here's what coul…
January 7, 2021