The April 18th income tax deadline has come and gone, but that doesn’t mean that everyone is finished dealing with their taxes. Many people, for a variety of reasons, might still have some loose ends from this past tax season that need to be tied up. Here are some of the more common ones, and
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Most people have a hobby. Maybe it’s scrapbooking, or maybe it’s restoring vintage cars. Our hobbies are important because they help us relax from the stress of everyday life and because they bring us enjoyment. But what happens when someone with a scrapbooking hobby starts to sell some of his greeting cards? Or when a
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You may have noticed that there is a virtual currency, or “cryptocurrency”, question at the top of your 2021 tax return. It asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” and it requires a response of “Yes” or “No.” If you’ve
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Rent is any amount paid for the use of property that a small business doesn’t own. Typically, rent can be deducted as a business expense when the rent is for property the taxpayer uses for the business. Here are some things small business owners should keep in mind when it comes to deducting rental expenses:
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Even though the IRS issues most refunds in less than three weeks if you file electronically and choose direct deposit, some refunds may take longer to process. Many different factors can affect the timing of a refund after the IRS receives a return. For example, a refund may be delayed when: A return has errors
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The term “kiddie tax” was introduced by the Tax Reform Act of 1986. The kiddie tax rules are intended to keep parents from shifting their investment income to their children to have it taxed at their child’s lower tax rate. In 2022 the law requires a child’s unearned income (generally dividends, interest, and capital gains)
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The IRS is currently dealing with a huge backlog of tax returns, and stories are rampant of delayed responses to returns that have been properly filed. How can you avoid these problems and receive your tax return as quickly as possible? We’ve put together a few tips to help you do just that: E-file your
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The deadline for filing your tax return is April 18 for most people this year (due to the Emancipation Day holiday in Washington, DC falling on April 15), but if you are expecting a refund this year, you will probably want to file long before that deadline so that you can receive your tax refund
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The Internal Revenue Service announced on January 26 that all third-round Economic Impact Payments have been issued. While some payments of the Economic Impact Payments from 2021 may still be in the mail, the IRS is no longer issuing new payments. Families with new dependents in 2021 The third-round Economic Impact Payment was an advance
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The IRS announced that it will issue information letters to Advance Child Tax Credit (CTC) recipients starting in December and to recipients of the third round of the Economic Impact Payments (EIP) at the end of January. Using this information when preparing a tax return can reduce errors and delays in processing, so be sure
-> Continue reading CTC and EIP Letters from the IRS