Monthly Archives: December 2020

Article Highlights: Emergency Coronavirus Relief Act of 2020Stimulus PaymentsUnemployment AssistanceCDC Eviction MoratoriumPaycheck Protection Program LoansEarned Income Tax Credit & Child Tax CreditSchool FundingChild CareTransportation After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would sign it. Although not all the details are [...]

Article Highlights: Economic Impact PaymentsHigh-Income Taxpayer PhaseoutUsing the 2018 and 2019 ReturnsWho Qualified for a Rebate?Deceased IndividualsTax Return Non-filersReconciliation on the 2020 Return One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments as the Economic Impact Payments (EIPs) [...]

Article Highlights Take Full Advantage of Your DeductionsTraditional IRA Contributions at Any AgeMake Charitable Contributions with IRA FundsLarger-than-Normal Charitable Contributions May Be PossibleDeducting Charitable Contributions Without ItemizingMarital StatusMaximize 2020 Education Tax CreditsConvert Your Traditional IRA into a Roth IRARemember the Annual Gift Tax ExemptionMedical ExpensesProperty TaxesManage Your Stock Portfolio It seems hard to believe, but [...]

Article Highlights: Watch Out for Holiday Gift ScamsGifts with Tax BenefitsGift of College TuitionQualified Tuition ProgramsQualified Charitable DistributionDonor-Advised FundsWork EquipmentEmployee GiftsMonetary Gifts to IndividualsDocumentationTimingSpecial Rules for 2020 Contributions The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax [...]