MPower Financial Solutions LLC

01/12/2022

Be Prepared!

If you receive $600 or more payments in total for goods and services through a third-party payment network, such as Venmo, Cash App, or Zelle, these payments will now be reported to the IRS. The new rule results from the American Rescue Plan signed into law in March 2021 and will mainly impact bu

08/12/2021

A new CFPB rule will give debt collectors agencies more ways to find you, including online. Consumer Reports shares advice on what to do if collectors come after you.

01/25/2021

This is a good look for the IRS. If you made more money in 2019 than in 2020 you will be able to use last years AGI to maximize your Earned Income Credit. If this looks like I'm speaking a foreign language, give me a call.

Tax Tip 2021-06, January 25, 2021

01/15/2021

Its Official

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

01/08/2021

With control of both the House and Senate in Democratic hands, Joe Biden will be able to get more of his tax agenda through Congress. Here's what could happen in the next four years.

01/07/2021

It's a bit more difficult for Social Security recipients to learn the ins and outs of second-round stimulus checks, since there are a few special rules that only apply to them.

01/05/2021

Do you qualify for the new PPP Loan. Here is what you need to know.

Small businesses struggling from the COVID-19 shutdowns are getting another round of financial relief.

01/04/2021

You should have your W2 by this date according to the IRS. If you have not received it contact your HR department.

Monday, February 1, 2021Form W-2Wage and Tax StatementForm W-3Transmittal of Wage and Tax StatementsForm 1099-MISCMiscellaneous IncomeForm 1099-NECNonemployee Compensationinstructions for these formsTimely filing helps prevent fraudE-fileEmployers should plan and prepare earlyorder paper Form W-2sFo...

01/01/2021

12/31/2020

Is your stimulus check taxable this time?

You may be wondering if you have to pay taxes on your second stimulus check. The answer may surprise you.

12/30/2020

It's time to file your taxes again. Here are a few credits you should be aware of.

Tax credits can be extremely valuable for U.S. taxpayers . Here's how to get the most out of yours in 2021.