Avoid Scams related to Economic Payments!
The IRS is warning taxpayers to be vigilant about scam artists how may contact you about the government checks soon to be distributed.
What do I need to do to receive the payment the government is sending to taxpayers?
Most people will not need to do anything to receive the “Economic Impact Payment to Taxpayers.” The IRS is sent out a one-time payment to individuals and families to help replace lost wages in the short term.
March saw it all, the Good and the Bad!
From the all-time high in the stock market on February 19th to the low for 2020 on March 23rd, the market lost 33.9% of its value. Never has the market declined that much in such a short time.
What can I do if I can’t file my income taxes by April 15, 2020?
The IRS announced on March 21, 2020 that the 2019 federal tax filing deadline is extended from April 15 to July 15, 2020.
The Market and the Coronavirus
When the news of the coronavirus broke in late January that was a catalyst for a decline and the market lost all the January gains and ended the month flat.
Make Charitable Donations Directly from your IRA
For taxpayers who are 70 ½ and older, you can take the Standard Deduction when you file your taxes and still benefit from your charitable giving.