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You Might Need to Refile to Get Unemployment Tax Break

The first $10,200 of unemployment collected in 2020 do not count as taxable income for households making less than $150,000, under a provision of the American Rescue Plan pandemic relief bill. The measure is designed to spare taxpayers from unexpectedly owing money to...

Income Tax for Beginners

What is Income Tax: An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by...

Earned Income Tax Credit (EITC) Relief

2020 Earned Income Credit and Additional Child Tax Credit A new rule to help taxpayers impacted by a job loss or change in income in 2020 has been added to the 1040 instructions. Taxpayers can use their 2019 earned income to calculate the earned income credit and/or...

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