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New Year’s Tax Resolutions

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 …

IRS Announcement on Advance Child Tax Credit Payments

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 …

The Landlord Real Estate Exit and Taxes

One of the trends this year of low mortgage interest rates and during the COVID pandemic is that private landlords are finding it to be great time to sell their rental properties. Good for them, not so good for their tenants who may have to find a new place to live in a very tight …

The Tax Year 2021 Recovery Rebate Credit

The Tax Year 2021 Recovery Rebate Credit Many taxpayers experienced the Recovery Rebate Credit for the first time when filing their 2020 tax return this year. Next year we’ll have a Recovery Rebate Credit (RRC) again for the 2021 tax return. Since the credit this time is tied to the 3rd stimulus payment, which had …

Why a Big Refund Isn’t Necessarily a Good Idea

Many taxpayers like to get a big tax refund. It feels good to get that big bank deposit. But is that really a good idea? In my opinion not if you can avoid it.  Sometimes a big refund is unavoidable. For some, in particular relatively low income taxpayers or large family taxpayers who qualify for …