Simplifying Taxes Blog
One tax provision gaining light due to COVID-19 is Section 139 or “qualified disaster relief payments.” Section 139 relief was enacted after the September 11 attacks of 2001. This disaster relief plan makes certain payments tax-free to employees and fully deductible to the employer.
As part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, legislators made several temporary tax changes, including allowing tax filers to take advantage of a special $300 charitable deduction. According to the IRS news release, this charitable deduction is designed especially for people who take the standard deduction.
The holidays are a season of generosity, but that generosity carries with it tax questions. We explore what you should know about gift taxes.
During 2020, you may have qualified to receive an Economic Impact Payment (Payments) authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Beginning in April, Americans began to receive up to $1,200 per adult and $500 for each child under...
From charitable contributions to health savings account (HSAs) to Roth IRA conversions, we cover tax topics you should review before ringing in 2021.
Anna Lautenbach, CFP®, M.A. (Acct), M.A. (Mgmt), delivers the latest in news and knowledge to help with navigating the tax waters.