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The IRS announced in a notice that the optional 2020 standard mileage rate for business use will be down to 57.5 cents per mile from the earlier 58 cents per mile, from January 1, 2020. This will include costs of operating an automobile (including cars, vans, pickups, and panel trucks) for charitable, medical and moving…

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was introduced to counter the economic damage caused by the coronavirus pandemic. This $2 trillion stimulus package focuses on financially supporting individuals, businesses, state and local governments, workers, independent contractors, and hospitals. The package also includes relief for savings and retirement benefits of individuals. This section…

There is uncertainty about how long the coronavirus will keep businesses paralyzed and that uncertainty is greatly impacting businesses. Many businesses struggling to survive will need to cut costs to stay afloat, which can mean reductions in employees. In order to help businesses cope, the IRS has introduced three tax credits for employers that will…

Millions of Americans have received their stimulus checks. In the first four weeks of the program, approximately 130 million individuals received stimulus payments worth more than $200 billion. California received the largest payment followed by Texas. Though most taxpayers automatically receive their stimulus check, but if you think you are eligible and haven’t yet received…

The coronavirus is not only impacting our health and lifestyle, but also our finances. With the pandemic still raging on, those who invested in municipal bonds may be uncertain about how much return they would receive for their investment. Investors use many ways to increase wealth and save taxes. Since municipal bonds are less risky…

The IRS is calling back its employees for work but without providing them with protective masks against the coronavirus. The agency has 74,454 full-time employees (as of 2019), out of which they need about 10,000 to be back in office for certain critical services. It’s a faint relief that the IRS is asking for volunteers….

In cases of tax debt, the IRS determines the ability of the taxpayer to pay the taxes owed. For that, the agency uses Collection Financial Standards. These Standards are used to determine the financial capability of a taxpayer to pay the back taxes so that a suitable collection method can be used to recover the…

General Mills, in its case in the Claims Court against the IRS, alleged that the IRS erroneously collected from it close to $6 million in taxes during 2002-2006 tax years due to miscalculation of the duration for which interest was applicable. The IRS that long back acknowledged its mistake and sent a notice to the…

Taxpayers can deduct certain amounts from their taxable income, called tax deductions. Tax deductions reduce your taxable income, which ends up saving you tax to pay. Tax credits, on the other hand, reduce the taxes you owe to the government. When using tax deductions, you can either choose the standard deduction or itemized deductions. After…

Doing your own taxes might seem tempting. You’d save tax preparer’s fee; and with a tax software, you can escape doing all the difficult paperwork. It’s a happy picture, except that even a minor human error can land you in big trouble. Change is one big factor that impacts your taxes. Change in your personal…

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