Stay safe when using free Wi-Fi

Stay safe when using free Wi-Fi. A wide variety of businesses routinely advertise free Wi-Fi access. While it may seem easy and convenient to use, free Wi-Fi comes with major risks. Why? Because it’s possible that instead of connecting to a legitimate hot spot, you may actually be connecting to a peer-to-peer or computer-to-computer network set up by a hacker who is nearby using a laptop. A hacker can enable their PC to allow you

Key 2020 Coronavirus Tax Changes

Key 2020 Coronavirus Tax Changes. Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is waived during 2020. New tax rules allow tax liabilities

What to do when a loved on dies?

The death of a loved one is a stressful event. In addition to the emotional turmoil, survivors must deal with a number of financial and tax issues, some of them mundane and some quite complex. Here’s a quick guide to help you through this difficult time. After a death, you should first try to locate your relative’s key legal and financial documents. If he or she had a will, notify the executor(s). In the case

IRS launches tool to help non-filers

IRS launches tool to help non-filers register for Economic Impact Payments To help millions of people, the Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool provides a free and easy option designed for people who don’t have a return filing obligation, including those with too little income to file. The feature is available only at  Click

Taxpayers with Net Operating Losses

The Internal Revenue Service today issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLs Revenue Procedure 2020-24 (PDF) provides guidance to taxpayers with net operating losses that are carried back under the CARES Act by providing procedures for: waiving the carryback period in the case of a net operating loss arising in a

Do I need to file a tax return if I am retired?

I’m retired. Do I need to file a tax return even if I am retired? Answer: You may need to even after you retire. You are required to file a tax return if your income is over certain levels. Generally, you must file a 2019 federal income tax return, even if you don’t owe tax, when your gross income exceeds the following limits: Single $12,200   Head of household $18,350   Married filing jointly $24,400