Should We Pay A Work-From-Home Tax?
Many people are discovering they enjoy working from home. Should they pay higher taxes if they decide to stay away from the office even after the pandemic? The idea was floated this week by a research team at Deutsche Bank (DB). It proposed a tax on remote workers once COVID-19 is brought under control to support the economic […]
Top 7 Reasons Why You Should Set Money Aside for Taxes in 2021
It’s November, which means that there are only about five months until Tax Day. It may seem like a lifetime away, but it’s really just around the corner. And if you think you’re going to owe money on your taxes this year, you only have a few months to start setting savings aside to pay […]
How Taxes on Groceries, Candy, and Soda Can Get Tricky
Even in 2020, jack-o’-lanterns and fake skeletons have popped up in neighborhoods as they do every October, although Halloween may look and play out differently this time around. According to the National Retail Federation, fewer people plan on partaking in Halloween activities, but those that do expect to spend more than usual—and that spending includes candy.1 […]
New 2021 Tax Brackets
We only have two months left in 2020, but the Internal Revenue Service has already released a breakdown of the new 2021 tax brackets. Each year, the taxman updates its individual income tax brackets to reflect inflation. There are seven brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%.1 The 2021 tax brackets are marginal, […]
IRS Announces Tax Relief for Oregon Wildfires Victims
Victims of the recent Oregon wildfire and straight-line winds disasters will receive IRS tax relief from now until January 15, 2021. The IRS has announced its new tax relief efforts in response to the public declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA).1 Business owners and residents in Clackamas, Douglas, Jackson, […]
What To Do If You Receive a Tax Lien
A lien refers to a legal claim on a specific piece of property and it until the amount owed is paid off, whereas a lienholder is an individual or organization that makes a claim. In most cases, you may receive a lien in the form of a letter from the IRS or State Franchise Tax […]
Top 5 Reasons to Hire a Tax Relief Attorney During COVID-19
As the capitalist market continues to recover from the coronavirus pandemic, businesses are gradually realizing the importance of tax lawyers. Amid the global upheaval, new tax changes from the federal government and the IRS are confusing both small and big business entities. In fact, taxation has become a hot topic, especially for small businesses that […]
Will I Need to Pay Taxes on My Stimulus Check?
While the state of coronavirus pandemic does not seem to be getting any better, the Internal Revenue Service has sent out well over 150 million stimulus checks as of April 15 – totaling $267 billion.1 Many Americans have already received their checks – even deceased Americans were sent stimulus checks – while millions of others […]
Effects of 2020 Tax Laws and Policies on Economic Growth and Your Business
The rapid spread of the coronavirus pandemic is causing devastating effects on local and global markets. From disrupting supply chains to threatening the global economy, the COVID-19 virus forces businesses to confront a host of challenges. As tax policy is a section of economic policy, policymakers would respond logically to ensure the reduction of the […]
How Will the Global Pandemic Affect Your Taxes?
In early 2020, COVID-19 swept the globe, leaving millions of people out of work, including 20.6 million jobs in the United States. The stock market has hit all-time lows, and the country is preparing for an economic recession that experts have warned might be akin to the Great Depression. Taxpayers should be aware of how […]