Manisha Hansraj
Jan 15, 2021What’s New for the 2020 Tax Year?
Here’s the breakdown of all the changes. Standard deduction For the 2020 tax year, the standard deduction amounts have increased. Here are the amounts below. Single or Married filing separately – $12,400 Married filing jointly and Qualifying widow(er) – $24,800 Head of Household – $18,650 For taxpayers who are blind or at least 65 years […]
Manisha HansrajJan 11, 2021What is Form 1099-NEC?
For the 2020 tax year, there’s a new income statement. The IRS has introduced a new form called Form 1099-NEC. Whether you’re well versed in reporting your taxes or not, this may be confusing. Typically, your self employment income is reported on box 7 of your 1099-MISC statement. For the 2020 tax year it is […]
Manisha HansrajDec 18, 2020Understanding Joe Biden’s Tax Plan
Many Americans want to know how our future president’s tax plan will affect them. Biden’s tax plan will affect wealthier Americans, corporations, and everyday individual taxpayers. He also plans on making significant tax revisions on Trump’s previous tax plan which took place in 2017. Skip the tax jargon by taking a look at this quick […]
Manisha HansrajOct 29, 2020How to Fill Out the 2021 W-4 Form
The W-4 form has been revamped by the IRS. The IRS’ goal is to simplify the W-4 form to reflect a transparent withholding system. The 2021 W-4 form is still in it’s draft stages, but will most likely reflect the 2020 W-4. Although the 2020 and 2021 W-4 forms appear different from previous forms, we’re […]
Manisha HansrajOct 23, 2020Did you Miss the 2019 Tax Deadline?
Rushing to file your tax return at the last minute? We get it. Life is busy, especially when working from home with family or if you have other priorities. If filing your taxes has slipped your mind, we’re here to help. The good news is, you can still file. Here’s what you need to know. […]
Manisha HansrajSep 11, 2020Prepare for Tax Year 2020
The IRS already announced the inflation adjustments for next year. Although the e-file and extension deadline is in a month, the year is almost gone. 2020 has been more than a roller coaster ride, and the next tax season is only a few months away. Many taxpayers may wonder how their stimulus payments affect your […]
Manisha HansrajAug 25, 2020When does the additional $300 unemployment benefit begin?
Jobless Americans are worrying about their unemployment benefits. Since the extra $600 weekly benefit disappeared, their income is significantly less. Those who are out of work depend on their unemployment income to pay their bills. Recently, President Donald Trump issued a measure for $400 per week to aid Americans. However, instead, it’s an additional $300 […]
Manisha HansrajJul 28, 2020How do I fix a stimulus rejection code for my tax return?
Many taxpayers are confused as to why the IRS is rejecting their 2019 tax returns when they haven’t filed as yet. There’s a reason for this, and you may be caught off guard if it happens to you. Did you use the IRS’ Non-Filers Tool? There are two tools, the Get My Payment Tool and […]
Manisha HansrajJun 4, 2020Economic Stimulus Payments: The Get My Payment Tool vs Non-Filers Tool
There has been a lot of confusion regarding economic stimulus payments. Many are wondering which tool to choose when they go to the IRS website to track their stimulus payment. There are two tools, the Get My Payment Tool and the Non-Filers Tool. Both tools have different requirements. Which tool do I use?
Manisha HansrajApr 7, 2020How does the Coronavirus Stimulus Check Work? (FAQ’s)
The IRS has approved an economic stimulus package due to the spread of the Coronavirus (COVID-19). A $2 trillion economic plan was passed by the Senate to combat the affects of COVID-19 on Americans. This stimulus plan includes payments to individuals, the self-employed, unemployment coverage, and more. Here are some common questions about the coronavirus […]
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