Millions of Americans have already received refund payments after completing their tax filing, but there are concerns that tax return processing could soon face delays. This year’s tax season is expected to be a bumper year for tax refunds and rebates with millions of Americans expecting to get money back after their filing. Those who suffered a…
If 2020’s economic downturn put you in the position of needing to apply for unemployment benefits, you may have been under the impression that those benefits were not subject to state or federal taxes. Unfortunately, that’s not the case, and the same is true for independent contractors and the self-employed individuals who applied for and…
The Internal Revenue Service has issued an urgent warning to tax professionals over a new scam in which cyber-criminals impersonate the IRS over email in an attempt to steal Electronic Filing Identification Numbers (EFINs). Carrying the subject line “Verifying your EFIN before e-filing,” the scam email purports to be from “IRS Tax E-Filing.” In the…
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Did the IRS reject your tax return because someone else claimed your dependent? Claiming a dependent is usually pretty simple: you give the IRS their social security number, certifying that your relationship with that person satisfies a few simple rules. Things can get more complicated, especially if someone else also claims the same person as…
Whether you have just one on the way or five and counting, kids are expensive. That’s why you should take advantage of tax cuts whenever possible. In addition to claiming them as dependents, you may also qualify for some other credits. One that could end up benefiting you substantially is the Additional Child Tax Credit.…
The IRS will begin accepting tax returns on Feb. 12, 2021. Here’s a breakdown of what you should know before you file. Tax filing season will start a bit later this year and look a bit different too. That’s because the pandemic that defined 2020 has seeped into tax time too. If you worked from…
Filed your taxes and expecting a refund? Here’s how to check the status and how long you may have to wait. So, you’ve been proactive and turned in your tax return already or are planning to do so shortly. How do you check the status of your refund? The IRS has a “Where’s My Refund” page on its website…
There are pros and cons to either filing your taxes now or holding off a few more weeks in terms of the proposal for $1,400 stimulus payments. As Democrats push forward with crafting the next massive coronavirus economic relief package, key details surrounding the third stimulus check are coming into focus. Taxes are going to…
Two items in the COVID relief package affect how much money the government will send parents to cover their children in 2021. Inside the COVID relief package that could be voted on by the full House as early as next week, there are two different dollar amounts that involve children and their parents that people are talking…
