Individual tax filing due date: May 17, 2021 (adjusted from April 15, 2021) Unemployment income: $10,200 per person not subject to federal tax (was taxable) A surprise tax adjustment for tax year 2020 was passed into law in March of 2021 as part of the American Rescue Plan Act of 2021. This …
Yes, You Should Review Your Social Security Earnings Report Each Year
Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume that the money deducted each payday plus the amount paid into the program by our employer is applied properly to this valuable retirement benefit. The fact is, the Social Security …
Can a “Friendly” Loan Land you in IRS Trouble?
Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees this payment during an audit and asks you where your interest income is for this loan. …
