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Is there a backlog of tax returns from last year?
The IRS said the agency is now opening mail within “normal timeframes,” and noted that it’s making progress on processing tax returns that were filed last...
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Global News
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Will I not get a stimulus check if I owe money?
That means you’ll get the full amount you qualify for even if you have past-due federal or state debt, such as child support, or you owe taxes from previo...
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Do grantor trusts need to file a tax return?
Typically, a trust must file a separate income tax return for each calendar year. However, for most grantor trusts, filing a separate tax return is option...
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Can you have cogs without inventory?
COGS is not addressed in any detail in generally accepted accounting principles (GAAP), but COGS is defined as only the cost of inventory items sold durin...
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How are the stimulus checks calculated for 2019?
The U.S. government has just started disbursing the stimulus checks it promised to millions of Americans. Questions still linger for many, including wheth...
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What is last date for filing income tax return?
Individual taxpayers must file their income tax returns by July 31 every year. Due to the COVID-19 pandemic, the income tax (I-T) department has extended ...
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When do you have to pay estimated taxes for 2019?
The final two deadlines for paying 2019 estimated payments are September 16, 2019 and January 15, 2020. Taxpayers can visit IRS.gov to find options for pa...
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Will the standard deduction decrease in 2021?
Congress nearly doubled the standard deduction in the 2018 tax year and mandated that it be increased each year for inflation. The standard deduction for ...
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Will claiming the recovery rebate credit delay my refund?
Claiming the Recovery Rebate Credit on your tax return will not delay the processing of your tax return. However, it is important that you claim the corre...
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Is an elevator tax deductible?
On your doctor’s advice, you install an elevator in your home so that you will not have to climb stairs. The elevator costs $8,000. An appraisal shows tha...
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