As of any other tax year, the refunds are the biggest and the most exciting topic when it comes to taxes. Just like any other year, you can always track your refunds using the Where’s My Refund tool on the IRS website. Although the tool is easy to use, there are a few information that
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“Where’s My Refund – IRS 2020”
Every year, the IRS adjusts more than 40 tax provisions for inflation and changes on the cost of living in the United States. This includes well to the tax brackets each taxpayer fill in to prevent something called ”bracket creep” which is when people are pushed into tax brackets with higher tax rates or have
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“Tax Brackets 2020”
After the changes with the Tax Cuts and Jobs Act, most taxpayers faced a shock when they heard the amount of tax they were going to pay. Although most of the changes were focused on to make the U.S. tax code simple and more understandable for everyone, lots of people were shocked when they heard
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“Will I Pay More Tax in 2020?”
The deadline to file taxes for 2018 tax year was on April 15, if you haven’t filed your tax return by the deadline nor filed a tax extension, you must be asking yourself the question ” What to do If I missed filing an extension”. Here are a few things that might help your situation
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“Missed the Deadline to File Tax Extension? Here is What You Can Do”
The biggest change with the new Tax Cuts and Jobs Act is the standard deduction amount which is now nearly doubled to $12,200 for 2019 tax year. This deduction is not the only thing that doubled with the change, Child Tax Credit which also doubled from $1,000 in previous years to $2,000 for 2019 tax
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“Child Tax Credit 2019- Pay Less Tax With This Credit!”
If you were collecting your receipts with the hope of claiming a big tax break on your 2019 taxes to be paid next year, you may want to be prepared for the disappointment. That’s because the new Tax cuts and Jobs Act have set some limits on itemized deductions. The new tax law also has
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“Itemized Deduction Changes for 2019/2020”
Before the new tax reforms, around 55% to 60% of American taxpayers were choosing to take the standard deduction instead of itemizing their expenses. Now that the law has changed, the standard deduction amount is nearly doubled from $6,350 in 2017 tax year to $12,200 for 2019 tax year (taxes due April 2020). The number
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“Standard Deduction or Itemizing? Which One is Better for 2019/2020”
The American tax code can often times be confusing and filled with misinformation. A lot of taxpayers speculate that if they choose to go with the standard deduction, there aren’t any other available deductions they can take. This is the farthest thing from the truth as there are still some available deductions you can take
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“Above-the-line Deductions 2019/2020”
With the new Tax Cuts and Jobs Act, there have been some adjustments to the U.S tax code. Although most of the numbers will change over the years, there have been major updates on specific areas of the tax code. Especially on the standard deduction. From 2018 through 2025 tax years, the standard deduction has
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“Standard Deduction 2020- Impact on Refunds”
Another tax year is finished for the majority of the taxpayers. This tax year and the last one was very beneficial for low and middle-income taxpayers with a doubled standard deduction and with a few doubled credits. Paying less tax means less tax liability and therefore you are highly likely to receive a refund from
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“Refund Status 2020”
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