Home Tags Taxes

Tag: Taxes

Even though the stimulus payment may feel and look like a tax refund, it's not

Don’t worry — your stimulus check won’t lower your tax refund

The stimulus checks are technically a tax credit that the government is giving out early. It won't lower the size of your tax refund.
You don't need to apply or sign up for anything to get a stimulus check.

How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify

You do not have to sign up or apply to get a stimulus check during the coronavirus pandemic. The process is automatic for most Americans who qualify.
Only self-employed people qualify for the home office deduction.

There’s a tax deduction for people working from home, but it won’t apply to most remote workers during the pandemic

The home office deduction is only available to self-employed people, not employees, who use their space "regularly and exclusively" for business.
If you wait to file taxes, you're also delaying your refund.

Some high earners may delay filing taxes to get a larger stimulus payment — but it won’t work for everyone

One benefit of waiting to file your taxes is the possibility of getting a bigger stimulus payment if your income was lower in 2018 than 2019.
Your stimulus check is no-strings-attached government aid.

What to do if your coronavirus stimulus check is too big or too small

The stimulus payment is an advance tax credit meant to offset your 2020 taxes. It's refundable, so you won't have to pay it back if you get too much.
House Speaker Nancy Pelosi, Democrat of California.

Nancy Pelosi’s idea to retroactively lift the limit on state and local tax deductions would be almost useless for people who need the most help

Almost all the benefits of tossing out the SALT cap would go towards richer households — and not average Americans weathering the coronavirus fallout.

Here are the 19 US states that are in the best fiscal position for a recession

Some states have a stronger financial situation than others, based on fiscal data from the US Census Bureau.
You can donate up to $300 in cash to charity this year and claim a tax deduction.

As coronavirus spreads, the $2 trillion economic relief bill makes donating to charity more convenient than ever

Beginning with 2020 tax returns, taxpayers will be able to claim up to $300 in cash contributions to charity as a deduction without itemizing.

Senate Republicans slipped a tax break for wealthy real estate investors into the $2 trillion coronavirus stimulus package

The measure will cut taxes for wealthy investors by an estimated $170 billion over the next decade, according to The New York Times.
There's plenty of free time to file taxes.

If you’re stuck at home for the foreseeable future, there’s no better time to do your taxes

Anyone who isn't sick or directly impacted by the coronavirus should use a few hours of their newfound free time to file taxes.