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…

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,…

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…

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…

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…

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…

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…

For the first time, our nation’s vice president is a woman and more than 25% of the members of Congress are women. But women still earn only 81 cents for every dollar a man earns when performing the same job. And women spend less time in the workforce due to caregiving responsibilities (for children and…

The end of tax season in within sight. May 17 will be here before you know it. If you have not already been to see me, it is time to schedule your tax appointment. Go to www.pedersonaccountingservices.com. My telephone number is in the upper right corner. To the left of the number, it says “Schedule.”…

WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don’t have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits. While Economic Impact Payments continue to be made automatically to…