Here's your tax fact of the week from your friends at Lurod Financial Group LLC.
The House of Representatives passed a $2.2 trillion coronavirus stimulus plan on Thursday night, even while Democrats and the Trump administration struggle to strike a relief deal.
CNBC.COM
House passes $2.2 trillion Democratic coronavirus stimulus bill
The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
LURODTAX.COM
Solar Tax Credit is Sunsetting Soon
This is how much the average amount Americans pay in federal income taxes, broken down by income level.
BUSINESSINSIDER.COM
The average amount Americans pay in federal income taxes, by income level
Some Wednesday Wisdom from your friends at Cranston based Lurod Financial Group LLC
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
LURODTAX.COM
Keeping Your Designated IRA Beneficiary Current is Important
The Department of Justice has charged Robert Brockman, a Texas billionaire, with the biggest tax fraud case in U.S. history.
THEHILL.COM
Justice Dept. charges Texas billionaire with biggest tax fraud case in US history
Wednesday Wisdom from your friends at Lurod Financial Group LLC
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
LURODTAX.COM
Are You Keeping Track of Your Investment Basis?
Another handy use for your smartphone: starting this month, the IRS is adding a QR code to its tax notices so you can scan it, securely access your account, set up a payment plan, or contact the Taxpayer Advocate Service.
FORBES.COM
Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills
Looking for a sign? Here's your Monday Motivation from Cranston based Lurod Financial Group LLC
Restaurant owners: this article has some great ideas on tactics that have helped businesses like yours "stay open and even prosper during the industry's most challenging time."
ENTREPRENEUR.COM
7 Things Restaurant Entrepreneurs Must Do to Survive and Thrive During the Great Pandemic Depression
14 million to 23 million Americans "are planning to relocate to a new U.S. city or region due in part to the growing acceptance of remote work," according to a new report.
CNBC.COM
Vast migration of over 14 million Americans coming due to rise in remote work, study shows
SCAM alert: The IRS is warning taxpayers about a new text message scam to trick people into disclosing bank account information in order to receive a stimulus check.
FORBES.COM
IRS Warns On New Scam Related To Stimulus Checks
Some insider tax knowledge from Lurod Financial Group LLC.
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
LURODTAX.COM
Renting Your Home or Vacation Home for Short Periods
The IRS has announced it is "expanding taxpayer options for making payments and alternatives to resolve balances owed" for those impacted by COVID-19.
FORBES.COM
IRS Will Expand Resolution Options To Help With Tax Bills During Covid
