Reviewing Tax Credits and Deductions Now Helps Set Taxpayers up for Success at Tax Time
Most people probably only think about tax credits and deductions when they’re completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of which...
Nine Million People Who Missed Expanded Tax Benefits Still Have Time to File
COVIDTax Tip 2022-166, October 31, 2022 More than nine million people may qualify for tax benefits but didn’t claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the...
Grandparents and Other Relatives With Eligible Dependents Can Qualify for 2021 Child Tax Credit
IR-2022-181, October 17, 2022 WASHINGTON — The Internal Revenue Service reminded families today that some taxpayers who claim at least one child as their dependent on their tax return may not realize they could be eligible to benefit from the Child Tax Credit (CTC)....
Taxpayers Should Stay On Top of Taxes All Year to Avoid a Surprise Tax Bill
The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or pay enough...
Tip Income Is Taxable and Must Be Reported
People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it’s important for people working in these areas to understand important details involving tips. ...
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