Tax Preparation and Consulting, Financial Counseling and Education
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There are a few areas in which taxpayers will be more likely to have problems managing in their 2021 tax returns. Three of these areas are the Child Tax Credit (due to the advance payments), the 2020 COVID retirement withdrawals, and the sale of rental houses. This article discusses these areas of concern.
Letter 6419 is an IRS letter that the IRS is providing taxpayers to inform them of the total Advance Child Tax Credit Payments which they should have received. This letter is good to have when filing your 2021 tax return if you received Advance Child Tax Credit Payments. You can read more about Letter 6419 …
Experienced taxpayers usually know what documents they need to file their taxes. But sometimes tax laws change and it is a good idea if you want to finish your taxes at one sitting that you have them all when you start your tax return preparation. For tax year 2021 taxpayers will receive two letters that …
Despite those who like to think otherwise, cryptocurrency and virtual currency are subject to taxation. You can find some of the basics regarding that taxation here. And if you haven’t taken the step to invest in cryptocurrency, but are considering it, you may want to read “Is It Smart to Invest in Cryptocurrency”. What is …
Yes, I am a bit biased on this topic. So I won’t just tell you why a virtual tax preparer may be a good choice for you, I’ll share 5 reasons to choose me as your Virtual Tax Preparer: Your Convenience. You can provide documents at your convenience and from anywhere. You’ll have all your …
This tax credit is often scheduled to end, but it has repeatedly been renewed and currently expires December 31st, 2021. This means it is still available for use by homeowners for their tax year 2021 tax return. But before we talk about that credit let’s talk about another which currently expires in 2024. Some taxpayers …
The 2022 Tax Season (for filing 2021 tax returns) is ramping up soon. Most people don’t spend every day thinking about taxes. Fortunately there is time to get up to speed on 2021 tax returns and on refreshing your tax knowledge. I have been writing tax articles for a non-profit called SaverLife. Many of the …
Happy New Year! Soon Americans will be filing their 2021 tax returns. Here are some important dates for this year. Jan. 31 – When the IRS will start processing tax returns filed in 2022 Feb. 15 – When the IRS will start processing tax returns with Earned Income Tax Credit and additional Child Tax Credit …
The IRS just announced that they will start sending out information letters, “Letter 6419” at the end of December, which is a little earlier than previously announced. This letter provides the total advance Child Tax Credit payment received, if you received any. This letter is important for filing your tax return, so keep it. If …
Why yes, bitcoin and cryptocurrency can be subject to taxation and I wrote an article about it, which you can read: Is Cryptocurency Taxed?