The third Economic Impact Payments are sent out to eligible individuals by the Internal Revenue Service. The first to receive their TAXEIP3 were the ones that received their stimulus on March 17. The biggest stimulus taxpayers received yet, the third Economic Impact Payment is up to $1,400. If you make more than $75,000 though, the … Read more
There are certain requirements for taxpayers to claim someone as their dependent. So if a “dependent” of yours asks to themselves can I be claimed as a dependent? The answer to the question lies in their reliance on you. A dependent for tax purposes is someone that relies on a taxpayer to basically survive. If … Read more
How to add unemployment to Form 1040, federal income tax return? Taxpayers who received unemployment compensation can report the taxes on unemployment compensation on line 7 of Schedule 1, Additional Income and Adjustments to Income. As for how to figure out the total amount of unemployment compensation you received, you will get a 1099-G in … Read more
The tax filing deadline for California state income tax returns has been extended to May 17 along with the federal tax filing deadline. The extension from April 15 to May 17 will give more time to taxpayers to prepare their tax returns and so to pay the taxes owed. However, this extension only applies to … Read more
The third stimulus check (Economic Impact Payment or EIP) is now being sent to people who are eligible for it. Taxpayers who have their payment information with the IRS can get their stimulus payments direct deposited to their bank accounts or get a paper check or an EIP debit card. If you don’t know whether … Read more
The progressive proportional and regressive tax systems is what we have here in the United States in our tax code. The progressive proportional tax refers to taxpayers being taxed more as they earn more. So the higher your income is the higher your tax liability. On the other hand, there is regressive taxes which are … Read more
Estimated Tax for Individuals or Form 1040-ES is the tax form used for assessing the quarterly federal estimated tax payments. As the title of the form suggests, it’s for individuals that are trying to figure out their tax liability for the quarter. This is not your federal income tax return. See Form 1040 for that. … Read more
The Internal Revenue Service and the federal law requires taxpayers to pay taxes in separate payments throughout the tax year. If you’re someone that earns income that isn’t subject to federal income tax withholding, you must make quarterly federal estimated tax payments to pay taxes. Use Form 1040-ES to figure out your tax liability for … Read more
The CARES Act brought more than just the stimulus checks and financial aid for small businesses. The Coronavris Aid, Relief, and Economic Security Act helps homeowners to get forbearance for their mortgage. If you’re someone that struggles to keep up with monthly mortgage payments, know that you can get forbearance from your bank and waive … Read more
Vanguard offers a wide range of investment options and accounts. It’s one of the most popular investment firms where you can trust and watch your money grow. It’s definitely a popular investment firm with not just plenty of options but low fees as well. Vanguard is the friendliest investment firm if you want to have … Read more