April 23rd, 2021

The Paycheck Protection Program (PPP) offered a lot of assistance to businesses struggling during the COVID pandemic. Originally, businesses that received PPP loans were only able to cover payroll costs, interest on covered mortgage obligations, covered rent obligation payments, and covered utility payments, but could not deduct other corresponding expenses. What’s New? Business Owners, if […]

Read More

April 14th, 2021

If you have student loans and regularly pay, you are familiar with the Student Loan Interest Deduction. You usually get to subtract up to $2,500 a year in interest payments on federal student loans, reducing your tax liability. Being an “above the line” deduction, meaning you don’t need to itemize to qualify, is a welcome […]

Read More

check

April 7th, 2021

Did someone say free!? Based on certain eligibility requirement, some taxpayers may qualify to receive tax assistance or filing services for free! IRS Free File The IRS Free File option is great for people who are only filing a tax return to claim the Recovery Rebate Credit, or have an AGI less than $72,000.¬†Taxpayers who […]

Read More

April 1st, 2021

As part of the American Action Plan, legislation signed on March 11, 2021, taxpayers who earned less than $150,000 in modified adjusted gross income (AGI) can exclude unemployment compensation up to $10,200 ($20,400 if married filing jointly for each spouse who received unemployment compensation). So What? Well, since many people had already filed taxes for […]

Read More