What is the Recovery Rebate Credit?
You can claim your missing stimulus payment with the Recovery Rebate Credit. The IRS introduced the Recovery Rebate Credit for eligible taxpayers who did not receive first or second stimulus payment.
This credit was authorized for COVID-19 assistance under the CARES Act. It is an advanced payment which will increase your refund or lower your tax due to the IRS.
What are the requirements?
Continue reading “Recovery Rebate Credit FAQ’s”
After each tax season ends, another creeps up on you.
You might wonder what the Tax Cuts and Jobs Act (TCJA) has in store for you this year. The answer is a lot. Many of the common deductions you know will either be limited or removed until 2025, when the TCJA expires.
No more personal and dependent exemptions.
The $4,050 personal exemption that taxpayers claim for themselves, spouses and dependents are no longer available in 2019. Currently, you can still deduct personal exemptions for the 2017 tax year.
Click here to deduct your personal exemptions now.
The Standard Deduction doubles.
Continue reading “10 Tax Changes for 2019!”