Standard Tax Deduction: How Much It Is in 2020-2021 and When to Take It
The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household. Read More Original...IRS Free File can help people who aren’t required to file find tax credits and get a refund
The IRS urges low- and moderate-income individuals and families, especially those who don’t normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a refund or claim...IRS reminds taxpayers living and working abroad of June 15 deadline
The Internal Revenue Service today reminded taxpayers living and working outside of the United States that they must file their 2020 federal income tax return by Tuesday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those...Bookkeeping Entries for Inventory Transactions
If your business manufactures products instead of offering services, you’ll need to keep accounting records of your inventory transactions. Some companies buy finished goods at wholesale prices and resell them at retail. Others manufacture products. Read More...