Is there a Fifth Stimulus Check?

No, as of April 1, 2021, Congress only passed three stimulus package into law. There is no Fifth Stimulus Check. In fact, as of April 1, 2021, there is no Fourth Stimulus Check yet. Below are the complete stimulus package that was passed during 2020-2021 due to Covid-19

IRS Tax Refund Check

Internal Revenue Service issues tax refund fairly quickly if you E-filed your tax return. Normally it takes about 2 to 3 weeks for the refund to be direct deposited to your bank account. If you elected for refund to be mailed to your home address, it takes one or two […]

How much is Gift Tax Exclusion?

Question: How much is gift tax exclusion? Answer: For tax year 2014 (Filing in 2015), the gift tax exclusion is $14,000.  Meaning if your parent, relatives or friends give you $14,000, you are exempted and do not need to file the Gift Tax Form, 709.  If you do exceed the […]

How to get a Tax Transcript?

Question: How to get a Tax Transcript? Answer: There are 5 different ways to get your IRS Tax transcripts: Go to and click on “Get Transcript of Your Tax Records” under “Tools.” Download the free IRS2Go app on Apple Store or Google Play to your smartphone and use it to […]

What is the IRA Contribution Limit for 2014?

Question: What is the IRA Contribution limit for tax year 2014? Answer: The maximum amount of IRA contribution is $5,500 per taxpayer for tax year 2014. The maximum contribution amount increases to $6,500 for taxpayers over 50 years old. IRA contribution and 401K contribution are different.  401K contribution maximum amount […]

How much is Social Security Tax?

Question: How much is Social Security Tax? Answer: Social Security tax has always been 15.3% since 1990.  The 15.3% percent is shared between the employer and the employee.  Meaning, if you worked at Walmart and earned $100, you have to pay 7.65% or $76.50 and Walmart, the employer, has to […]