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State of Utah Taxation of PPP Forgiven Loan Funds

Perhaps you’ve recently heard the news.  Though the federal government determined in late December that forgiven PPP loan funds were nontaxable, the State of Utah recently announced that such forgiven PPP funds are taxable income for Utah taxation purposes....

Who Qualifies for the Earned Income Credit

The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. The credit not only reduces the amount of tax someone owes but may give them a refund even if they don't owe any taxes or aren't required to file a...

New Year, New Withholding?

Whether you are starting a new job or reassessing your financial situation, a new year often means a fresh start. Why not get the new tax year off to a good start as well? One way people can do this is by checking their federal income tax withholding using the Tax...

Five Tax Tips for Older Americans

Everyone wants to save money on their taxes, and older Americans are no exception. If you're age 50 or older, here are five tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and do not...

Relief for Taxpayers Struggling With Tax Debts

While there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related...

Do You Need To File a 2020 Tax Return?

Most people file a tax return because they have to, but even if you don't, there are times when you should - because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you're one of them. General Filing Rules...

Taxable vs. Nontaxable Income

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Taxable...

Social Security Benefits and Taxes: The Facts

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...

Employer Tax Credit Extended for Payroll Workers

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made several changes to employee retention tax credits. These tax credits were previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)....

What’s New for 2020 Tax Returns

As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let's take a look: 1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS began sending the...

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