The American Rescue Plan Act of 2021

The American Rescue Plan Act of 2021 The American Rescue Plan Act of 2021, signed into law on March 11, 2021, is a $1.9 trillion coronavirus rescue package.  $1,400 stimulus payment: Each eligible individual in your household should receive $1,400. Eligible individuals include: You, as an individual taxpayer Your spouse (if you are filing a

Read More »

Can I claim my friend as my dependent?

If ALL of the statements below are true, you can claim a boyfriend, girlfriend, domestic partner, or friend as your dependent on your 2018 tax return: Relationship: The person lives in your home for the entire year as a member of your household. Income: Their income is less than $4,150 (not including Social Security and

Read More »

Does a dependent have to live with me?

Not necessarily. Certain relatives may qualify as dependents even if they don’t live with you: Children (including legally adopted), stepchildren, foster children, or any of their descendants Siblings, including half and step siblings Parents and their direct ancestors (excluding foster parents) Stepparents Aunts and uncles, nieces and nephews Fathers-in-law, mothers-in-law, sons-in-law, daughters-in-law, brothers-in-law, and sisters-in-law

Read More »

How can married couples hold property?

There are several ways of owning property after marriage, but keep in mind that they may vary from state to state. Here are the most common: Sole Tenancy. Ownership by one individual. At death the property passes according to your will. Joint Tenancy, with right of survivorship. Equal ownership by two or more people. At

Read More »

What papers will I need if a family member dies?

Here is a list that you can use: Certified copies of the death certificate (at least 10). You can purchase them through the funeral director or directly from the County Health Department. Copies of all insurance policies, which may be located in the deceased’s safe deposit box or among his or her personal belongings. Social

Read More »

How to get my Social Security Statement?

At least once each year, you should log on to the “my Social Security” website and download a copy of your Social Security Statement to review your earnings history and verify  those earnings with your tax return figures.  To see your Statement online anytime, create a “my Social Security account” at There is no fee to create a

Read More »

How can I check my credit report?

Your credit report is divided into four sections: identifying information, credit history, public records, and inquiries. By law, and at your request, you are entitled to one free credit report from each of the three major credit bureaus listed below once every 12 months. To check your report or obtain a copy do not contact

Read More »

Whom should I notify of a new address?

Here is a list you can use to notify when you change your address. Note: the list is not all-inclusive: The IRS-use Form 8822-and state and local taxing authorities The U.S. Post Office Insurance agents (home, auto, and life) Debtors and creditors-mortgage holders, car lien holders, other lenders Credit card companies Publications Clubs and services

Read More »

What records to keep when giving donations to a charity?

You can take a tax deduction for any money or property you donate to a qualified charitable organization (not to individuals and political organizations). Charitable nonprofit organizations have to apply to the IRS to become “qualified.” Donation (contribution) more than $250 in cash or by check or credit card are not tax deductible unless proved

Read More »


Taxpayers with foreign bank accounts May Have to File FBAR and FATCA Do you have a foreign bank account? Was the balance in your financial account(s) greater than $10,000 in total at any time during the calendar year? If the answer is yes to both, a U.S. taxpayer must file a Foreign Bank Account Report

Read More »

Why e-file and choose direct deposit?

You can e-file (electronically file) your federal and state tax returns. Most tax preparers must e-file their clients’ tax returns. E-filing is not only fast, but it is also safe, convenient, and virtually error-free. By combining e-file and direct deposit, you neither need to worry about your check getting lost in the mail, nor you need to go

Read More »

Owe Taxes?

You should file your tax return on time. The IRS may charge a late filing penalty if you don’t timely file your return or six-month extension. If you are not able to pay the tax you owe by your original filing due date, the balance is subject to interest and a monthly late payment penalty.

Read More »

Understanding Tax Cuts and Jobs Act

The purpose of this article is to assist you in understanding the new tax law. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA) into law. New official name: “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal

Read More »

Identity Theft

Identity (ID) Theft and Protection Service Identity theft is very stressful for victims. Identity theft occurs when someone uses information about you without your permission. They could use your name and address, your date of birth, credit card or bank account numbers, Social Security number (SSN), medical insurance account numbers, driver’s license number, or any other

Read More »
Scroll to Top