- Understanding Tax-Filing Status
- Filing status is determined on the last day of the year and most often is based on marital status. The two most prevalent are as follows:
- Analyzing Overtime Costs: A Strategic Step for HR
- Don't miss the three steps to help determine whether it's best to pay overtime or hire new staff.
- Required Minimum IRA Distributions Will Resume in 2021
- As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans was waived for 2020. This primarily was due to the anticipated drop in value for most investments as a result of the economic effects of COVID-19, which actually did not materialize.
- Video: Special Rules Apply to 2020 EITC and Child Credit
- Congress came up with a special way to calculate the 2020 Earned Income Tax Credit and the Child Tax Credit to help people affected by the pandemic.
- Special Rules Apply to 2020 EITC and Child Credit
- Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC), which are based in part on earned income, will be adversely affected, hitting lower-income taxpayers with a double whammy.
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