There's good news for Maryland residents who have incurred at least $20,000 in undergraduate and/or graduate student loan debt: you may be eligible for a Maryland tax credit.
Figuring out how long you need to keep your tax records can be tricky. The easiest (and vaguest) answer is that it depends. The general rule of thumb, according to the IRS, is that you need to keep records that support an item of income, deduction or credit until the period of limitations for that tax return runs out. The period of limitations is the time in which you can A) amend your tax return to claim a credit or refund and B) the IRS can assess additional tax.
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Effective July 1, 2020, employees who work in the District of Columbia more than 50% of the time and whose wages are subject to DC unemployment tax are eligible for paid family leave.
If you took a required minimum distribution (RMD) from your retirement account in 2020, you now have until August 31, 2020 to return the money without incurring any tax consequences. This new guidance was issued by the IRS on June 23 and corrects previous legislation that excluded retirees who took RMDs prior to the passing of the CARES Act in March.
All of us are adapting to a new way of life as the world struggles to deal with the COVID-19 crisis. To mitigate the consequences of stay-at-home orders, federal and state agencies have created various programs to assist small businesses dealing with losses of revenues and to sustain employees who have lost their jobs in industries where shelter-in-place orders exist. Following are a few tax planning opportunities that stem from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other recent legislative acts to consider.
COVID-19 sent the economy into a tailspin. Looking ahead, what can investors expect in the future?