Listen to this: the IRS has more than $1.5 billion in outstanding refunds remaining unclaimed from 2016. Not thousands. Not millions. Over ONE BILLION dollars are just sitting with the IRS, waiting for you to come get it. You have three years In most cases, you have a three-year window to file a tax return […]
Andrew Oswalt, senior tax analyst at TaxAct, explains why your stimulus money will not impact your 2020 tax outcome when you file next year. Click to watch! [embedded content] Have more questions? Visit our Everything You Need to Know About the Stimulus Payments blog post for additional details regarding your stimulus payment. Source
Q: I received a stimulus payment on behalf of my deceased relative. Should I cash it? A: According to the IRS FAQ page on its website, families who receive a stimulus payment on behalf of a deceased loved one should send the money back to the government. The FAQ specifically states: A Payment made to […]
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Form W-4, which instructs your employer on how much tax to withhold from your paycheck, received a makeover at the start of 2020. It’s the first major redesign of the form in 33 years, dating all the way back to 1987. The adjustments simplified the form and implemented the tax code changes that went into […]
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After some short deliberation in Congress, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27. At TaxAct, we have spent countless hours reading the law, viewing informative webinars, digging through analysis, and making direct contact with the IRS. While there will be continued clarification around the law, including […]
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