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IRS Federal Income Tax Brackets and Rates for 2021 Tax Year

With due dates approaching, tax filing is at a high peak. Before moving into tax filing, are you aware of federal income tax brackets and rates? Do you have an idea of how taxes imposed? Take a look at few details regarding tax brackets and rates.  About Tax Rates and Brackets The US follows progressive rates for imposing an income tax. The tax liability for any individual heightens as the income rises. For 2021, there are nearly...

What to Expect During the 2021 Tax Season

It’s time to file your 2020 taxes. All of you must be teeming about 2021 tax filing as the due date is approaching. The COVID pandemic and special pandemic relief play a role in your tax filing 2021. All these aspects would be unique, and tax filing 2021 would be a new experience for taxpayers. Let us through a few facts about what to expect during the 2021 tax season.  There were multiple tax policy changes by...

Best Ways to Manage Your Payroll Efficiently

Are you running a small business? Are you handling multiple aspects on your plate? Then, menial things such as payroll should not bother you if you are capable of managing it efficiently. Payroll management is one of the vital operations of any business. Payroll processing plays the chief role of dealing out employee paychecks, maintaining sufficient documentation, and complying with labor laws. For ones looking forward to maximizing the efficiency of a business, then you are on the...

The Latest Guidance on the Paycheck Protection Program

The CARES Act (Coronavirus aid, relief, and economic security act) that was passed on March 27, 2020, provides forgivable loans of about $10 million to qualifying small businesses under the paycheck protection program loan. We have addressed the latest considerations that are relevant to PPP borrowers and companies here. What is a paycheck protection program? The paycheck protection program is a loan that offers a direct incentive for small businesses and helps keep their workers on the...

How to Get an IRS Identity Protection PIN (IP PIN)?

Do you like to avoid fraudsters using stolen identities for filing false tax returns? It’s time to get your identity protection PIN. Take a look at the details about IP Pin and ways to get the number. What is the Identity Protection IP PIN? The IP PIN by the IRS and is a six-digit number. To avoid the misuse of the social security number on tax returns by fraudulent means, the IP PIN is beneficial. The IRS...

How to File Return to Receive Economic Impact Payments?

The eligible individuals of the United States of America will receive Economic Impact Payments of about $ 1200 for the individuals or up to $ 2400 for the married couples, under the Coronavirus Aid Relief and Economic Security (CARES) Act. For each qualifying child, the parent will also receive $ 500 for each child. To receive this Economic Impact Payments, the Internal Revenue Service IRS has announced two procedures. Procedures to receive the Economic Impact Payments The...

COVID-19 PANDEMIC PROMPTS MANY TAX CHANGES

The government responded to the COVID-19 pandemic by giving breaks for the American taxpayers from filing forms to paying taxes. Filing and Payment Suspensions The IRS released a notice stating that they are suspending much federal tax amount and filing deadlines to July 15, 2020. For people whose filing and paying falls on or after April 1, 2020, and before July 15, 2020. This applies to all the taxpayers. There will no penalty or interest for the...