On August 8, 2020, President Trump signed an executive memorandum calling for a payroll tax holiday for Americans making less than $104,000. This results in a deferral of the employee portion of the social security taxes owed between September 1, 2020, and December 31, 2020.
On Friday, August 28, the IRS released further guidance.
When weighing your options, it’s important to note that this is not a tax cut but a deferment.
This means that the tax will still need to be paid in 2 Read More >>