The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Credit payments. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax… Continue reading Get ready for taxes: What’s new and what to consider when filing taxes in 2022
Category: Tax Return Filing
Find the latest updates and information about Filing your Income Tax Return here!
What taxpayers can do now to get ready to file taxes in 2022
There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022. They can start by visiting the Get Ready page on IRS.gov. Here are some other things they should do to prepare to file their tax return. Gather and organize… Continue reading What taxpayers can do now to get ready to file taxes in 2022
Do I Claim Zero, One, Two W-4 Allowances?
The last thing you want to do is frantically run up to your boss asking “How many allowances do I claim on my W-4?”. Being aware of the number of allowances you are claiming on a Form W-4 [Employee’s Withholding Allowance Certificate] is important for a variety of reasons. Most importantly, the number of allowances you claim on a… Continue reading Do I Claim Zero, One, Two W-4 Allowances?
Why it’s important that taxpayers know and understand their correct filing status
A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all. There are five IRS filing statuses. They generally depend on the taxpayer’s… Continue reading Why it’s important that taxpayers know and understand their correct filing status
Filing a Tax Extension
Even with the extended tax filing deadline this year, some taxpayers may still have needed extra time to file their taxes. Most tax software companies make it easy to file Form 4868 to ensure their clients get the extension they need.  Is it too late for my client to file a tax extension? Forms for filing… Continue reading Filing a Tax Extension
How do I get my W-2 forms Online?
Tax season is quickly approaching, and the sooner you get your information in order, the better. The first thing to do is to get your W-2. A W-2 form is a statement of annual earnings and taxes withheld. What is the W2 Form Used for? The W-2 includes the financial data required to complete IRS 1040 income tax forms… Continue reading How do I get my W-2 forms Online?
Tax Day For Individuals Extended To May 17: Treasury, IRS Extends Filing And Payment Deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough time for… Continue reading Tax Day For Individuals Extended To May 17: Treasury, IRS Extends Filing And Payment Deadline
How the pandemic will affect filing your taxes
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… Continue reading How the pandemic will affect filing your taxes
Should you file your taxes right away in 2021 or wait?
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… Continue reading Should you file your taxes right away in 2021 or wait?
Taxable Vs Nontaxable Income
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,… Continue reading Taxable Vs Nontaxable Income