Every year, many taxpayers make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly since the IRS may assess penalties for underpayment. The following mistakes may not change your tax, but they […]
Missing or Incorrect W-2s or 1099s – Did You Know?
When the time comes to get your taxes filed, it can be frustrating to discover that you have not received the documents you need to complete your return. This problem occurs most often with Form W-2 (Wage and Tax Statement for employees) or the various versions of Form 1099 (for earnings as an independent contractor, […]
Tips on Tax Planning
You may not think about taxes often, but they can prove to be a large expense. That’s why it’s important to make the most of any opportunities you may have to lower your tax liability. Here’s a look at some of the factors you may want to consider in your planning. Standard Deduction or Itemizing […]
Other Dependent Tax Credit
If you have a dependent who does not meet the criteria for the Child Tax Credit (CTC), you may still qualify for a $500 credit called the Other Dependent Credit. Examples of qualifying dependents include children of age 17 or 18 (or up to age 23 if they are full-time students), and adult relatives who […]
IRS Projects Delivery Schedule for 2020 Tax Refunds & Tracking
With the processing of 2020 federal tax returns now underway, the IRS has issued information about the likely timetable for refunds to be issued. Here are some key points to keep in mind: – The IRS began processing returns on February 12, 2021. – The fastest way to receive your refund is to have your […]
6 ways Income Taxes will be different in 2021
Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. 1) Standard Deduction Increase Standard […]