Need a hand preparing your tax return this year? There’s a good chance that if you are one of many low-income taxpayers, you will file a tax return this year. Preparing that return doesn’t have to cost you most of that refund you’ve been looking forward to. There are credits specifically targeted toward taxpayers earning less than…
In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make the tax season unique for taxpayers and for the IRS. Congress introduced several tax policy changes in 2020 that will impact the upcoming…
The Internal Revenue Service has announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The Internal Revenue Service has announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin…
IRS Free File – online tax preparation products available at no charge – January 15, 2021, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced. Leading tax software providers make their online products available for free as part of a 19-year partnership with…
Waiting for your tax refund can really test your patience. Unfortunately, we can’t speed up the actual processing time of your tax return once the IRS gets hold of it. However, there are actions we can take to ensure a smoother journey through the IRS database. Let’s take a look at seven steps you can…
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2021, a number of tax provisions are affected…
2021 IRS E-File Tax Refund Cycle Charts The IRS will begin accepting tax returns on February 12, 2021, with nearly 150 million individual tax returns expected to be filed in 2020. The nation’s tax deadline will be May 17 this year. Many software companies and tax professionals will be accepting tax returns before Feb. 12 and then will…
A cycle code is an 8 digit code found on your account transcripts. The cycle code indicates the day your account posted to the IRS Master File. This date indicates the 4 digits of the current cycle year, two-digit IRS cycle week, and two-digit processing day of the week. Cycle Code Breakdown Example: 20190604 =…
You just opened your mail and discovered that you have received an IRS Letter 5071C for the previous tax year. Confused, you read the notice a few times over and still cannot seem to wrap your mind around it. You did not file a tax return for the 2020 tax year, so why would the…
Millions of taxpayers have not received their 2nd stimulus check who used online services. Their 2nd stimulus check may have been sent to the wrong bank account. The IRS apparently sent payments to more than thirteen million bank accounts that have been closed and are no longer valid. The bank accounts were set up by…
