Tax Preparation and Consulting, Financial Counseling and Education
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Many taxpayers have experienced the frustration of a tax refund taking longer to reach us than we would like. Most taxpayers do receive their refunds within 21 days. And some delays are relatively normal. But what if it is simply taking too long, what should you do? You can get some tips by reading here.
Unfortunately tax scams and tax identity thieves are out there. But you are not defenseless. There are some smart actions you take to reduce your risk. You can read about these actions here.
The Recovery Rebate Credit in your 2021 Tax Return is how you will reconcile the third stimlus payment or the third Economic Impact Payment as the IRS calls it. The third stimulus payment is not taxable, but it is included in the 2021 tax return to make sure taxpayers didn’t miss the payment either in …
There were several changes in 2021 for the Earned Income Tax Credit that can help some taxpayers, particularly low income individuals and couples who don’t claim children. You can read about these EITC changes here.
Nearly every year there are changes to the tax code that impact tax return filing for individual taxpayers. There are several changes, mostly positive for 2021 tax returns. The big three are regarding: the Child Tax Credit, the Recovery Rebate Credit, and the Child and Dependent Care Credit. You can read about 5 tips for …
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 …
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 …