Tax news, personal finance, and more!
Americans should keep their eyes open for the 2020 tax changes. In order to file your 2020 tax return, it’s important to prepare for what’s next. The IRS has released a draft of the 2020 tax instructions.
Here’s a quick list of the 2020 tax changes to be in tune with the 2021 tax season.
Due to the Tax Cuts and Jobs Act, the IRS has updated the W-4 to reflect the many tax changes. You may be wondering if there will be major differences.
Right off the bat, when comparing the 2018 W-4 and 2019 W-4, it looks similar. However, there are changes in income thresholds along with calculations. This also applies to changes from tax credits to allowance tables for two-earners/multiple job holders.
To calculate your allowances, the first sheet you see is the Personal Allowances Worksheet. Typically, taxpayers with a simple tax situation who do not need to itemize, have no dependents and only work only one job just fill in this first sheet and leave everything else blank. Continue reading “Here’s the New 2019 W-4 Form!”
During tax season, many taxpayers wonder if free file through tax preparation sites is a myth. It turns out, it’s true but it solely depends on your tax situation.
On the bright side, the best part about filing online is being able to file your taxes right from home. For one thing, you can avoid the hassle of waiting to see a tax accountant. On top of that, you even see options to file for free!
Unfortunately, not all tax sites who advertise for free tax filing can help taxpayers for free. Most tax sites will only allow you to file your taxes for free if you have a “simple” return; meaning taking the standard deduction.
As a reminder, if you’re itemizing the deductions below, you cannot file for free. Continue reading “Filing Your Taxes for Free & How it Works”
