Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money…
Read More...Reviewing eligibility for credits and deductions is an important part of year-round tax planning
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return, but early planning can help make filing their 2021 tax return easier. Taxpayers should be prepared to claim tax credits and deductions. Here are a few facts about credits and deductions…
Read More...IRS.gov should be a taxpayer’s first stop for their tax transcript
Tax transcripts are used for a variety of things, like applying for a mortgage or a student loan. Taxpayers order a tax transcript on IRS.gov. They can also learn about the different types of transcripts available from the IRS. Order a tax transcript Taxpayers can request a transcript, either online or by mail at Get…
Read More...People who don’t have to file taxes may need to register for monthly advance child tax credit payments
The IRS Non-filer Sign-up Tool offers a free and easy way for eligible people who don’t normally have to file taxes to provide the IRS the basic information needed – name, address, and Social Security numbers – to figure and issue advance child tax credit payments. Often, these are individuals and families who receive little…
Read More...IRS online tool helps families see if they qualify for the Child Tax Credit
WASHINGTON — The Treasury Department and the Internal Revenue Service today urged families to take advantage of a special online tool that can help them determine whether they qualify for the Child Tax Credit and the special monthly advance payments beginning on July 15. Available exclusively on IRS.gov, the new Child Tax Credit Eligibility Assistant,…
Read More...Here’s how saying “I do” can affect a couples’ tax situation
The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation. Here’s a tax checklist for newly married couples: Name and address changes Name When a name changes through marriage, it is important…
Read More...Indiana Cancelling Additional Unemployment Benefit
Indiana has reported that as of June 18, 2021, the state will no longer be participating in the additional federal unemployment benefit package of $300 per week. The state is anxious for everyone to return to their usual employment routine. Anyone shopping or dining has seen the “Now Hiring” signs in every establishment. Employers are…
Read More...Digging Your Way Out of Debt in 8 Steps
Americans are buried in debt from mortgages, credit cards, personal loans, bills, and student loans, and the amount owed in total is on the rise. In 2020, Experian reported that the average American owes approximately $$92,727 in total debt—the highest amount on record in the U.S. Who’s carrying the most debt? Members of Generation X…
Read More...Checking withholding can help taxpayers decide if they need to give their employer a new W-4
All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Call me to schedule a time to discuss or go to my website and schedule an hour that works in your schedule. Employees, retirees and self-employed individuals can use the IRS Tax Withholding…
Read More...You be the Judge
A woman with breast cancer who was fired from her job sued her employer for wrongful termination. The parties settled, with the woman receiving cash plus 650,000 shares of stock in the corporation. The agreement valued the stock at $2.38 per share, which she reported on her federal income tax return. However, she later filed…
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