Suzanne May Jakkola, EA, Inc.

The IRS increases tax brackets from year to year to account for inflation and reduce bracket creep.

Under Section 139, payments for personal, family, living, or funeral expenses incurred as a result of the COVID-19 pandemic are both tax-free to the individual recipients and tax-deductible expenses for the business. https://www.forbes.com//tax-free-financial-assistance-to/

Many consider tapping into their retirement accounts during an economic downturn. Here's a helpful Q&A resource from the IRS about the CARES Act coronavirus-related relief for retirement plans and Individual Retirement Accounts. https://bit.ly/3bJIuc2

We never know when an emergency will strike. It pays to have a plan in place that can help get you and your loved ones through a crisis - the good news is, it's not too late to start. https://bit.ly/2yafw7w

Federal agencies like the IRS, Federal Trade Commission, Social Security Administration and FBI have warned consumers and business owners in recent weeks to be vigilant as fraudsters try to take advantage of them during the coronavirus pandemic. Here are some red flags to look out for: https://cnet.co/2AdkZuY

As states begin setting timelines for lifting their COVID-19 stay-at-home orders, businesses across America are contemplating what that might mean for their operations. https://bit.ly/3bkMgss

Estate tax exemption increases due to inflation. For tax year 2018 it was $11.18 million, rising to $11.40 million for 2019 and now $11.80 million for 2020.

As part of your basic tax planning for 2020 you should keep these key 3 numbers in mind. Do you know what they are? https://bit.ly/391wYbL

If your stimulus payment was issued for the wrong amount (or sent to the wrong place), there may be ways to remedy the situation. Here are a few common stimulus check errors, and some insight on how they might be able to be fixed. https://bit.ly/3fGGaWq

Ready to file your taxes with the IRS? Double check and make sure you have all your documents to avoid delays. https://bit.ly/3dYFaw1

About 30 million American small businesses are feeling the effects of the pandemic... if your business is one of them, you'll want to make sure you are getting the help you need. Here's a list of the government agencies, private companies and nonprofit organizations that are extending support to small businesses by state. https://www.zenefits.com//the-big-list-of-covid-19-financ/

Federal Tax Update -Threshold for medical expenses deductions increased to 10% of adjusted gross income from 7.5%. Threshold may be different from your state taxes.