Did you know an extra IRA distribution could reduce the amount of your Social Security benefit?
It’s surprising but true. We explain how it can happen on our Tax Tips & News page.
There are many milestones and life changes that can affect your tax returns.
For instance, if you have a dependent child turning 17 this year, the $2,000 child
tax credit you have received previously will end.
It’s always a good idea to review your tax situation well in advance of the end
of the year to determine if there are any changes that may affect your return.
The truth is, the IRS will never call you to demand payment and threaten legal action, but this scam frightens people into giving their money to criminals.
Find out more about this and other IRS scams on our Tax Tips & News page.
Many single parents can claim Head of Household and receive a much better
tax benefit by having a dependent child. However, when your child is no
longer your dependent your filing status changes to Single. Unfortunately,
that translates to a smaller Standard Deduction and higher income tax rates.
Let us know if you’d like to review your personal situation.
Excerpts from Our Tax Tips & News Pages
The need to manually process tax returns is slowing refunds If you feel like you're having to wait longer than usual for your refund this year, you're probably right. In prior years, tax refunds have generally been issued within 21 days of a return being filed. For...read more
IRS to Automatically Adjust Affected Returns Unemployment benefits is shown on the business photo using the text The IRS guidance we have been waiting for regarding tax returns with unemployment claims that were filed prior to the American Rescue Plan has arrived. IRS...read more
The announcement of an extension for filing and payment of taxes this year does give people some breathing room as far as sorting out some issues brought about by the stimulus package that passed after the start of tax season, though we are still waiting guidance on...read more
Your paycheck holds a lot of important information, but for most people, as long as the money is coming in, the actual paystub is out-of-sight and out-of-mind. The fact is, your paystub can be the difference between a tax refund or bill at tax time, as well as a...read more
The passage of the most recent stimulus package —The American Rescue Plan— is good news for most taxpayers. However, particularly for those who received unemployment benefits in the last year, implentation of the bill after the start of tax season is creating some...read more
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