Posts

Showing posts from March, 2020

Coronavirus (COVID-19) Tax Impact - Will you get a stimulus check? Explaining the $2 trillion stimulus package

Image
After much debate, Congress passed the highly-discussed stimulus package on March 27, 2020. The $2.2 trillion coronavirus stimulus package, named the CARES Act, includes aid to Americans via direct cash assistance, additional unemployment income, and additional business tax credits. Because the CARES Act is a 880 page legislative document, I thought it would be helpful to provide a quick summary detail about the stimulus package. Namely, I will focus on the direct cash assistance portion of the bill as this seems to be the area that interests most individuals. So, if you want to learn about the stimulus checks, please continue to read below where I answer some frequently asked questions about the coronavirus stimulus check including: Will I get a stimulus check from the coronavirus stimulus package? Am I eligible for the stimulus check? When will I receive the stimulus check? How to maximize my stimulus check? Related Posts: -  Tax Tips for Bloggers: Four things every

Coronavirus (COVID-19) Tax Impact - Relief from timely filing of 2019 Federal income tax returns

The Coronavirus (COVID-19) pandemic has officially disrupted the 2019 tax filing season. On March 13, 2020, President Trump issued an emergency declaration under the Disaster Relief and Emergency Assistance Act. The emergency declaration instructed Steven Mnuchin, the Secretary of the Treasury, to provide tax deadline relief to Americans affected by the COVID-19 pandemic under section 7508A(a). As a result, on March 18, 2020, the Department of the Treasury and the IRS released Notice 2020-18, which superseded and restated its earlier Notice 2020-17. The Notice provides relief to "affected taxpayers," which I will detail below. Related Posts: -  File your taxes online for free: The IRS Free File Program Explained -  Tax Extension: How to file a tax extension? -  Understanding your Form W-2 -  Five easy steps to lower expenses and decrease spending in 2020 -  Coronavirus (COVID-19) Tax Impact - Will you get a stimulus check? Explaining the $2 trillion stimulus package

Tax Tips for Bloggers: Four things every blogger should know about taxes

Image
The blogging profession has expanded rapidly in the past several years. Because of the popularity of blogging, it is important that the blogging community understands the tax laws that apply to the profession. Like any other job, when you earn money from your blog, you must report and pay taxes on the income. While you may be employed by a blog, generally speaking, most individuals in the blogging community are self-employed bloggers; therefore, it is crucial for you as a blogger to understand the tax laws surrounding self-employed individuals. Below, I will detail four tips that every blogger should know about their tax situation. Those tips include estimated tax payments, self-employment tax, business versus hobby analysis, and deductible expenses. Related Posts: -  The Complete List of Tax Credits for Individuals -  Tax guidance on virtual currency transactions -  Take advantage of a declining market by saving on taxes Tips for Bloggers: Four things every blogger ne

Tax Extension: How to file a tax extension?

Image
It is officially tax season, meaning you can now file your 2019 tax return! By this point, you should have received your W-2 ( Understanding your Form W-2 ) and/or Form 1099 from your employer(s), and so, you can now file your 2019 tax return at your convenience until the tax return deadline of April 15. However, as always, you do have the option to file a federal tax extension to extend your filing deadline to October 15. Related Posts -  The Complete List of Tax Credits for Individuals -  Dependency Definitions: What is a qualifying child and a qualifying relative? -  Take advantage of a declining market by saving on taxes -  Guide to Taxable Income for Individuals How do I file a tax extension? As stated, the IRS offers a tax extension to all taxpayers regardless of any reason for needing the tax extension. The tax extension gives you an additional six months to file your federal tax return, extending the filing deadline from April 15 to October 15 (date subject to chan