Editorial team of TFX
Articles
California Governor Newsom Signs $7.6B Package with $600 Stimulus Payments
California Gov. Gavin Newsom signed a $7.6 billion relief package. 5.7 million people will receive $600 one-time payments. Small businesses can also qualify for the payments - there are over $2 billion in grants for this purpose. Who is eligible to receive the $600 one-time payment? About 5.7 million people will recei...
Form 3911 & Stimulus Checks: Why This Form Matters to Taxpayers & Clarification of IRS Recommendations
From the IRS Economic Impact Payment Information Center FAQ: What is Form 3911? ...
Teachers Can Deduct COVID-19 Protective Items on Their Tax Returns
Last week, the IRS announced that from now on, all eligible educators can deduct out-of-pocket COVID-19 protective items that they use in a classroom in order to prevent the spread of the virus. What are the protective items that teachers a...
Coronavirus Causes Sales Tax Updates for 2020
The COVID-19 coronavirus disease caused so many changes in literally everyone’s life and every sphere of our lives, too. Sales taxes are no exception. Let’s see what happened in 2020 to U.S. states’ sales taxes due to coronavirus. Alabama sales tax Alabama provided payment extension and waived penalt...
How to Prepare for 2020 Tax Season
2020 is going to be over really soon, so the IRS advises taxpayers to get prepared for filing season 2021. If you are not sure what steps to take to make the tax filing stress-free, see the page that the IRS created. There’s a s...
Quick Reminder: The CARES Act Added a New $300 Charitable Contribution Deduction for 2020
Earlier this year the Coronavirus Aid, Relief and Economic Security (CARES) Act added a special $300 deduction for cash donations made before December 31, 2020. Cash donations include those made by check, credit card, or debit card. They don't include securities, hous...