If you were eligible to receive covid-19 related stimulus payments, and never received them, you may be eligible to claim the Recovery Rebate Credit when you file your 2020 personal tax return. READ MORE

IRS form 1099-NEC, which stands for non-employee compensation, is the form to use this year for reporting payments of $600 or more to independent contractors. However, 1099-MISC, the form previously used to report contractor payments, still exists to report other kinds of payments, such as rents, prizes, awards, and other income. READ MORE

Beginning with tax year 2020, taxpayers may claim up to $300 in charitable cash donations, in addition to the standard deduction.

As background, individual taxpayers claim a standard deduction or itemize deductions like mortgage interest, property taxes, and charitable contributions. The 2018 tax code increased the standard deduction, while limiting certain itemized deductions. READ MORE

The IRS, acting pursuant to a Presidential Memorandum dated August 8, 2020, issued guidance last Friday on implementation of the deferral of employee Social Security taxes. The deferral period will be September 1-December 31, 2020. READ MORE

This year, U.S. unemployment jumped from a historically low 3.5% in February to 14.7% in April and remained at 10.2% in July. The pandemic-induced spike impacted many long-term employees, especially workers in industries vulnerable to social-distancing mandates. First-time recipients are often surprised to learn that unemployment benefits are taxable. As such, the IRS reminds us, they are. READ MORE

Jarad Hunter, Cincinnati, Ohio financial adviser at JHunter, is dedicated to streamlining your tax accounting processes, freeing your time to focus on business operations. With experienced bookkeeping, payroll, and tax preparation services, you will enjoy more efficient operations and a better understanding of your finances. This objective was the main goal of JHunter’s work with client Legendary Custom Homes. In the first calendar year of working with JHunter, Legendary Custom Homes’ sales increased by more than 90%, and their bright prospects continue. READ MORE