Tag Archives: federal tax return

unemployment tax break

Q & A: The $10,200 Unemployment Tax Break

Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break–in effect only for the 2020 tax year–lets you exclude the first $10,200 from taxable income. Here’s what you should know: Continue reading

Choosing a Retirement Destination: Tax Considerations

retirementWith health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. Continue reading

Who Can Represent You Before the IRS?

representing you to IRSMany people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must also have a valid PTIN. Continue reading

Tax Implications of Retiring Overseas

foreign earned incomeAre you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know.  Continue reading

Missing Your Form W-2?

W-2 FormAll W-2’s Should have been mailed out as of yesterday.  You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2014 earnings and withheld taxes no later than February 2, 2015 (if mailed, allow a few days for delivery).

If you do not receive your Form W-2 by the end of this week, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2. Continue reading