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Stimulus: What it means for you - Times Gazette timesgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesgazette.com Daily Mail and Mail on Sunday newspapers.
American Rescue Plan Act/Stimulus 3.0: Huge changes in the midst of tax season — and what they mean to you Allen Beatty - Contributing columnist President Biden signed the American Rescue Plan Act of 2021 on March 11. I tend to label this as “Stimulus 3.0” as the most notable item is the direct payments coming soon of $1,400 to certain citizens. In fact, one of my clients already received their payment as early as Saturday, March 13! However, there are many more provisions in this law than just the direct payments. This article is not meant to be a full explanation of the act. Rather it is meant to be an attempt to share the highlights of key provisions for individuals I encounter at the college’s VITA (Volunteer Income Tax Assistance) program, or in my own small practice and other similar taxpayers in the Clinton County community.
WC free tax prep reaches capacity - Wilmington News Journal wnewsj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wnewsj.com Daily Mail and Mail on Sunday newspapers.
More steps to make the year 2020 ‘less taxing’ in ‘21 Allen Beatty - Contributing columnist Editor’s Note: This is part 2 of a 3-part series by Wilmington College Assistant Professor Allen Beatty. Earned Income Credit and Additional Child Tax Credit As newsworthy as the stimulus payments were, there are some other often overlooked provisions that didn’t make the news that are equally important. For example, the Earned Income Credit and Additional Child Tax Credit is in the law to help those in need the most. The Earned Income Credit operates on a bell curve. One must make enough earned income, generally requiring full-time work, to maximize the credit.
Tips for a ‘less taxing’ season; WC accounting prof, CPA tackles ‘a tax season like no other’ Allen Beatty - Contributing columnist Editor’s Note: This is part 1 of a 3-part series by Wilmington College Assistant Professor Allen Beatty. As an IRS Enrolled Agent, CPA, Assistant Professor of Accounting at Wilmington College, and owner/operator of Apple Tax Services, I find myself entering a tax season like no other in over 25 years of preparing taxes. One of the surprising and perhaps frustrating aspects for many taxpayers who look for that refund is that the IRS will not start accepting tax returns until Feb. 12. For comparison, the season usually opens the day after the Martin Luther King Jr. holiday.
IRS-certified WC students ready to provide free tax preparation assistance Submitted article WILMINGTON — As tax season approaches, 16 Wilmington College students are looking forward to assisting area residents in preparing their annual tax returns. The IRS-certified, volunteer tax preparers will again offer this service as part of the Internal Revenue Service’s Volunteer Income Tax Assistance program (VITA). Wilmington College hosts a VITA site that offers tax help to persons of low and moderate income who, generally, make less than $57,000, as well as taxpayers with disabilities or with limited English-speaking skills. Last year, the students again secured a 100 percent IRS rating in completing 141 tax returns — free of charge — as a community service that gives the accounting and business majors, and other students involved, a valuable hands-on learning opportunity.