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RESOURCES

April 2, 2020

How to apply Unemployment Benefits? What is the amount that I can get? March 30 update: New federal law allows states to extend benefits to self-employed and gig workers, and to provide an extra $600 per week as well as an additional 13 weeks of benefits.

April 1, 2020

The stimulus checks is the direct payment of money from the federal government to American individuals and families.

Here are some FAQs about the stimulus checks 2020:

How Much Money Will I Get?

The package provides one-time payments of $1,200 for each adult and $500 for each child under the age of 17. Married couples will receive $2,400.

However, paymen...

March 18, 2020

Normally, taxes are due by April 15 every year, unless that date falls out on a weekend or holiday, in which case it's pushed back a number of days. However, due to the impact of COVID-19, the White House declared to change the tax deadline and announced some changes based on this global-illness disaster. 

Your payment to the IRS can defer

If you owe a paym...

March 16, 2020

Franchise Tax Board Extends Filing and Payment Deadlines to June 15, 2020

The CA FTB has issued a press release extending tax filing and payment deadlines that occur between March 15, 2020 and June 15, 2020. The new filing and payment deadline is June 15, 2020 for taxpayers affected by the COVID-19 pandemic.

  • Partnerships and LLCs ---------------->...

February 6, 2020

Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn't exceed certain thresholds, then you don't need to file a federal tax return. 

Consider your gross income thresholds

Most taxpayers are eligible to take the standard deduction. The standard tax deduction amounts that you're eligible for are p...

January 28, 2020

The tax season is here again! This year, the IRS announced 4 recent changes in tax laws that can save you a lot.

1. Individual Income Tax

The IRS has increased the standard deduction, which can increase your taxable income.

New tax brackets in 2020:

The current standard deduction is $12,400 for singles, up from $12,200 in the prior year, and $24,800 for marri...

January 14, 2020

What is CTC? 

In 1998, the Child Tax Credit (CTC) was available for the public by legislation. This policy started from $400 for each qualifying child. It is used to relief the heavy tax that certain taxpayers with qualified dependents are facing. 

How much can you earn from it? 

As of today, this policy lifts the amount of credit to a considerable degree: 

    ...

December 6, 2019

Knowing where you fall matters a lot when it comes to filing your taxes.

Specifically, if you’re an employee, the company you’re working for is responsible for withholding taxes throughout the year, as well as costs like the employer’s share of Social Security and unemployment taxes. If you’re an independent contractor, you’ll need to be paying quarterly t...

November 22, 2019

The IRS allows you to deduct a certain amount of medical expenses if you itemize deductions. Qualified medical deductions are expenses you paid during the tax year for yourself, your spouse, or your dependents.

Here is a list of Qualified Medical Deductions that apply to you:

  • abortion, acupuncture, addiction treatment, ambulance service, annual physical...

May 31, 2019

The IRS issued (Rev. Proc. 2019-25) with the calendar-year 2020 inflation-adjusted figures for the annual HSA contribution limits.

It includes the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.

For 2019,

  • Maximum HSA Contribution Self-only: $3,500, Family: $7,000.

  • Minimum HDHP Deductible Self-o...

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