The IRS has launched a new online tool designed to help families determine whether they qualify for the Child Tax Credit and the special monthly advance payments of the credit. To help people understand and receive this benefit, the IRS has developed materials in several languages, and additional multilingual resources will roll out in coming… Read More
The IRS and the Treasury Department announced that millions of American families have started receiving monthly Child Tax Credit payments, as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This first batch of advance monthly payments worth about $15 billion will reach about 35 million families across the country. The payments will… Read More
Here’s what taxpayers need to know about paying taxes on their hobby activities. Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a person… Read More
IRS announces two new online tools to help families manage Child Tax Credit payments Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments WASHINGTON — The Internal Revenue Service today launched two new online tools designed to… Read More
t’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and use To claim the exclusion, the taxpayer… Read More
What someone should do if they missed the May 17 deadline to file and pay taxes. The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there’s no penalty for filing late.… Read More
Aquí un consejo en video del IRS: ¿Debe impuestos y no puede pagar? Español | Inglés Suscríbase hoy: Los canales del IRS en YouTube brindan videos cortos e informativos en una variedad de temas tributarios en español, inglés y ASL. www.youtube.com/irsvideosmultilingua www.youtube.com/irsvideos www.youtube.com/irsvideosASL… Read More
Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 and carefully complete the form to avoid mistakes. Using a reputable tax preparer including a certified public accountant, enrolled agent or other knowledgeable tax professional can also help avoid errors. Mistakes can result in a processing delay or a balance due notice, which could mean… Read More
The IRS would receive an extra $ 80 billion and more authority over the next 10 years to crack down on tax evasion. Full Story: New York Times… Read More
Now that many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Getting a refund this year means there’s no need to adjust withholding for 2021 To help avoid a surprise next year, taxpayers should make… Read More