Expecting a Stimulus Check? Here’s What You Need To Know

Fast FAQs About Stimulus Checks (i.e. Economic Impact Payments): Up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child Based on 2019 or 2018 data, depending on when you file your 2019 return Deposit payments will begin to roll out on April 9th, with checks being issued April 24th Self-employed individuals should look beyond the stimulus payment at other CARES Act benefits [Read more...]

TaxSlayer Review for 2020: Easy to Use and Fast Refund

  It’s true--most people don’t enjoy doing their taxes. But with the right tax filing software, it can at least be quick and straightforward. If you’re searching for an accurate and inexpensive solution, TaxSlayer is a good option. If you've thought about doing your own taxes this year, you’ve probably looked at different tax preparation software. Before deciding on how you will file your taxes, it’s good to take a look at … [Read more...]

7 Strategies to Save You Thousands Each Year in Taxes (Year-End Tax Planning)

It's time once again to start giving some thought to paying taxes. Who's excited? Okay, even though it may feel like a chore it's wise to do a little analysis at the end of the year to see if there are any year-end tax planning moves you need to make. Remember, corporate returns are due on March 16, 2020. Personal tax returns are due on Wednesday, July 15, 2020. This is the last day to file taxes on time, but you can file your … [Read more...]

New Tax Law Changes You Need to Know [Updated for 2020]

> Getting psyched to do your taxes? I suppose if you're expecting a refund you might be. Or if you're kind of a tax nerd like me, you might take some pleasure in breaking down the tables and watching the software do its thing. In either case, here are the tax law changes that apply to the 2019 tax year. Please note, these are the changes that affect the taxes you will be filing in 2020. (Income you earned in 2019.) New Tax … [Read more...]

TurboTax Review: Get Your Best Tax Return In 2020

  TurboTax is one of the most popular tax preparation software programs out there, and for very good reason. It offers a step-by-step process for preparing your taxes so you can rest assured that every I is dotted, every T is crossed, and every eligible deduction is taken. They take care of yearly tax updates, making sure that their customers comply with the confusing and constantly changing tax code. TurboTax is a … [Read more...]

H&R Block Tax Software 2020 Review

  H&R Block is one of the biggest names in tax preparation, responsible for preparing a whopping one out of every seven tax returns that are filed in the United States. Their huge command of the market is due to the fact that they have both 10,000 physical branches all around the U.S., as well as tax software that you can use at home to prepare your return. If you need a local branch, odds are there is one within five miles of you right now. For … [Read more...]

10 Ways to Give More to Charity in 2020

Ever heard of the “James Bond of philanthropy,” otherwise known as Chuck Feeney? He made it his life’s mission to give away his entire $7.5 billion fortune while he was still living. At the end of 2016 he gave away his last $7 million to Cornell University, leaving him only $2 million to live on for the rest of his life. Over his lifetime his contributions totaled 420,000% of his net worth. He was the founder of The Atlantic Philanthropies, which supported … [Read more...]

How Long Will it Take To Get Your Tax Refund?

According to the IRS, they will issue "most refunds in 21 days or less." Every year it was a constant debate on what to do with my tax refund. Should I go on a trip? Should I pay off my student loans? Or should I invest the money? With a few calculations, I discovered that if I have a tax refund of $2,000 each year and invest it in the market for 15 years at 8%, I will yield about $54,000. That's when I started investing my … [Read more...]

The Last Day to File Taxes in 2020 (and What to Do If You Can’t Pay)

Update: Due to the Coronavirus crisis, taxpayers and businesses will have (according to the IRS website) until July 15, 2020, to pay and file their 2019 tax returns. Head's up...many post offices stay open later on tax day to ensure you get your return filed. Tax Penalty if You Don't File on Time You will be penalized 5% (of the amount of additional taxes you owe beyond what you paid in) each month you haven't filed. This penalty maxes out at 25% of the … [Read more...]

How to File Your Taxes for Free This Year!

  It's that time again: Tax Time! Luckily, if you meet certain criteria, you may just be able to file your federal taxes--and your state taxes--without spending a penny! Here are ten ways you might be able to file your taxes for free this year: 1. TurboTax® Free Edition (TurboTax.com) Free Federal returns - simple returns only Free State returns - simple returns only With TurboTax® Free Edition you can file a … [Read more...]

Your Flexible Spending Account [FSA] “Use It or Lose It” Rule – What You Need to Know

This is our annual reminder about spending your Flexible Spending Account dollars and setting your allotment for next year. Based on a Treasury Department modification of the “use it or lose it” rule, some employers are allowing $500 to carry-forward from 2017 to 2018. That means you can carry over up to $500 in unused FSA funds from this year to the next. For example, if you funded your FSA with $1,000 this year and only spent $500 from your FSA before the end of … [Read more...]

5 Tax Breaks for First Time Homebuyers

Ready to jump into homeownership? Is owning a home a financial milestone that you have been dreaming about your entire life? Many people dream of becoming homeowners. They dream their entire lives of getting the keys to their first home. But it can be overwhelming trying to figure out how to handle all the costs of purchasing a home. Things like, saving up the down payment, handling closing costs, and dealing with the necessary incidental costs of new … [Read more...]