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One very little discussed part of the first stimulus bill: If you don’t itemize deductions, you can still deduct $300 of charitable CASH donations. This means that you should save any receipts for CASH donations to non-profits, or churches. When the IRS speaks of cash donations, they mean any donation made by cash, check, or …
What is Withholding?Withholding is the amount taken from your paycheck to pay federal and state income taxes, and social security and Medicare taxes. From each pay check an amount is “withheld” and your employer turns it over to the Internal Revenue Service. When too little is withheld for federal and state income taxes, you will owe …
Change in 2020 Form W4 May Cause People to Owe the IRS Read More »
PRESCOTT TAX & PARALEGAL
141 S. McCormick St., Suite 206
Prescott, AZ 86303
(928) 778-3113
