Student Loan Interest Deduction in 2020
April 14th, 2021 Brad Hennebert
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 […]
Free Tax Services for Eligible Taxpayers
April 7th, 2021 Brad Hennebert
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 […]
IRS Recalculating Taxes on Unemployment Benefits
April 1st, 2021 Brad Hennebert
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 […]
2021 Taxes – What you need
March 4th, 2021 Brad Hennebert
2021 tax filing season is in full swing and it feels like we just got done with 2020! But, everything in 2020 feels like it never ended, doesn’t it?! Well, here is at least one way to make life easier: the IRS special page which outlines steps to take now to make tax filing easier in […]
