Self-Employed? Here’s What You Need to Know About SEP IRAs
If you are self-employed, and looking for one of the most generous retirement plans possible, you need to consider a SEP IRA. This type of plan is best for self-employed individuals or small business owners with no employees. At its core, it’s an IRA, but it allows for much larger…Read More
7 Qs About Your Student Loans and Public Service Loan Forgiveness
Curious what all the fuss is about with Public Service Loan Forgiveness? We answer your top questions, including whether forbearance on your loans in 2020 will impact your tax return. 1. What is Public Service Loan Forgiveness (PSLF)? Public Service Loan Forgiveness is a federal program many people rely on…Read More
Your Federal Payroll Tax Deferral Questions Answered
Sept. 1, 2020 marked the first day of the Federal payroll tax deferral, which is a temporary suspension of the 6.2% Social Security tax most traditional employees pay out of each paycheck. We answer your burning questions below. 1. What is the payroll tax deferral? On August 8, President Trump…Read More
The CARES Act Adds a New $300 Charitable Contribution Deduction for 2020
Because the majority of taxpayers in America take the standard deduction — meaning they do not elect to itemize — charitable donations aren’t necessarily a big consideration come tax time. Due to the CARES Act, however, things are a bit different for 2020. Thanks to federal coronavirus relief legislation, taxpayers…Read More
Breast Cancer Awareness Month: Donations and Tax Deductions
October is Breast Cancer Awareness month. Breast cancer is the most common cancer among women in America, so getting involved in the effort to fight breast cancer can have a tremendous impact. You can help the community by teaching others about services and treatments available, supporting those currently in treatment,…Read More
Financial Planning Month: Tax Edition
The article below is up to date based on the latest tax laws. It is accurate for your 2019 taxes (filed in 2020) and 2018 taxes. October is Financial Planning Month, and what better way to plan than to take a look at your taxes! You thought you didn’t have…Read More
8 Last Minute Tax Tips to Make the Tax Extension Deadline
The air will start cooling down soon indicating fall and another important tax day are both quickly approaching! If you filed for a tax extension on July 15, you have until the October 15 tax extension deadline to file your taxes. I know there has been a lot going on…Read More
Are Your Political Campaign Contributions Tax Deductible?
In addition to showing your support by voting in the 2020 election, you may have also chosen to make a financial contribution to your political candidate of choice during their campaign. If you’re wondering what your contributions to a political campaign, party, or cause mean for your taxes, you’re not…Read More
IRS Announces Tax Relief for Victims of Hurricane Sally
Hurricane season is unfortunately upon us and if you were a victim of the recent Hurricane Sally or any natural disasters, we want you to know TurboTax is here for you and we want to keep you up to date with important tax relief information that may help you in…Read More
Happy First Day of Autumn: How to Not “Fall” Behind on Your Tax Preparation
When my husband and I started filing our taxes, we didn’t know everything we needed to know about filing taxes. We learn more and more each year and adjust our “system” as needed, especially since I’m self-employed. With the help of TurboTax Self-Employed, we feel more prepared and confident than…Read More
TurboTax Launches #Unidos4LatinoBiz Sweepstakes to Support Latino-Owned Businesses
Is there a Latino-owned small business whose services you appreciate but who has recently experienced hardship, or a self-employed individual in your community who has gone out of their way to help those in need? To help you support and show some love for your favorite Latino-owned businesses during Hispanic…Read More
Charitable Giving and Your Taxes
With so many people facing difficult times right now due to the coronavirus pandemic and natural disasters such as the devastating fires and hurricanes, there are so many ways to help those in need. Whether you already gave to charity or you are considering giving, you may have questions about…Read More
IRS Announces Tax Relief for Victims of Oregon Wildfires
This week, the IRS announced victims of the Oregon Wildfires and straight-line winds that began on September 7, now have until January 15, 2021 to file various individual and business tax returns and make certain tax payments. The tax relief postpones various tax filing and payment deadlines that occurred starting…Read More
COVID-19 Unemployment Benefits and Your Taxes
The economic downturn of the coronavirus pandemic that struck back in March left millions of Americans without jobs. Currently, more than 22 million people are collecting unemployment benefits — much of which is a direct result of the country shutdown. And while the CARES Act offered some relief to those impacted…Read More
TurboTax Kicks Off its 2020 Hispanic Heritage Month Celebration
Hispanic Heritage Month is here! TurboTax is thrilled to join the celebration by highlighting and recognizing the contributions of Hispanics within our own local communities. During September 15th to October 18th, TurboTax is seeking to financially empower Latino self-employed and small businesses impacted by COVID-19 through a partnership with the…Read More
Hispanic Heritage Month: Latino Self-Employed and Small Business Owners’ Spotlight
In honor of Hispanic Heritage Month, we are partnering with Hispanic Chamber of e-commerce (HISCEC) to financially empower HISCEC members, Latino self-employed and small businesses during COVID-19. This year has been challenging for everyone and especially for small businesses that have been heavily impacted by COVID-19. The Latino community, in…Read More
Tax Tips for Unemployment Income If You’ve Been Laid Off or Furloughed
These are unprecedented times and many Americans are struggling financially — unfortunately, unemployment rates have been steadily increasing with Americans filing more than 40 million claims for jobless benefits and the national unemployment rate exceeding 14 percent due to job loss or being furloughed. To help provide relief for those…Read More
IRS Announces Tax Relief for Victims of Hurricane Laura
Following the recent destruction caused by Hurricane Laura, the IRS announced tax relief for those impacted and in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. This includes Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis and Vernon parishes in Louisiana. Taxpayers in localities added…Read More
Recent Changes to the Paycheck Protection Program
On March 27, 2020, the U.S. Congress passed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in order to provide fast, direct financial assistance for American families, small businesses and workers affected by the COVID-19 pandemic. The main stimulus program for small businesses found in the CARES…Read More
A Small Business Owner’s Guide to SBA Debt Relief
If you’re a small business owner, you’re likely dealing with the many ongoing financial implications of the COVID-19 pandemic and searching for ways to minimize the impact it has on your business. One of the ways you can find financial relief during this time is through the U.S. Small Business…Read More