Individual Tax | Cg Tax, Audit & Advisory

02 Jul

Some People Are Required to Return Economic Impact Payments That Were Sent Erroneously

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July 1, 2020

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in...

25 Jun

Helpful COVID-19 Links, Individual Tax

What Qualifies as a “Coronavirus-Related Distribution” From a Retirement Plan?

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June 24, 2020

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify?...

18 Jun

Individual Tax

If You’re Selling Your Home, Don’t Forget About Taxes

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June 17, 2020

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in...

11 Jun

Individual Tax

Seniors: Can You Deduct Medicare Premiums?

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June 10, 2020

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if...

28 May

Helpful COVID-19 Links, Individual Tax

Student Loan Interest: Can You Deduct It on Your Tax Return?

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May 27, 2020

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers...

21 May

Helpful COVID-19 Links, Individual Tax

Did You Get an Economic Impact Payment That Was Less Than You Expected?

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May 20, 2020

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the Coronavirus (COVID-19) pandemic. The IRS reports that in the first four...

14 May

Individual Tax

There’s Still Time to Make a Deductible IRA Contribution For 2019

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May 14, 2020

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and...

08 May

Coronavirus Tax Filing & Payment, Individual Tax

Do You Have Tax Questions Related to COVID-19? Here Are Some Answers

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May 8, 2020

The Coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of...

30 Apr

Individual Tax

IRA Account Value Down? It Might Be a Good Time For a Roth Conversion

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April 30, 2020

The Coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity:...

21 Apr

Helpful COVID-19 Links, Individual Tax

Answers to Questions You May Have About Economic Impact Payments

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April 21, 2020

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid,...

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