For tax purposes, unemployment compensation (UC) generally is included in gross income. Under the American Rescue Plan Act (ARPA), for tax years beginning in 2020, taxpayers with adjusted gross income (AGI) under $150,000 may...

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Stay vigilant: The IRS is urging taxpayers to keep practicing smart financial information habits by securing their computers, phones and other devices. Be aware that criminals often use the IRS as a lure to...

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Have you participated in your employer’s qualified transportation fringe benefit plan and have a balance remaining on your transit pass because you no longer use it to commute to work due to the COVID-19...

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When filing your tax return, is it better to take the standard deduction or claim itemized deductions? It depends. The standard deduction changes yearly and is based on filing status and age. Itemizing requires...

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The IRS has added two Kia models to the list of vehicles eligible for an electric vehicle tax credit. The tax code provides a federal credit of up to $7,500 to purchasers of qualifying...

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It’s full speed ahead for the 2020 tax season now that the IRS is accepting returns. Here are some IRS tips to help you avoid common errors that will slow the filing process and...

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New Ford and Porsche models join the ranks of plug-in vehicles available for a lucrative tax break. Buyers of certain electric passenger vehicles and light trucks can claim a credit for up to $7,500....

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A new tax incentive may give disaster relief funds a huge boost to certain donations from corporations. In 2020, the Consolidated Appropriations Act (CAA) established a new category of “qualified disaster relief contributions.” Under...

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Do you have a child age 17 or older or other dependent? You can’t claim the Child Tax Credit for these individuals but you may qualify for the Credit for Other Dependents. The maximum...

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