April 18 tax deadline: The filing deadline is April 18 for most taxpayers. There are currently no plans to extend the filing deadline. For those who need more time to file, an automatic six-month extension of time to file is available for anyone by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual… Read More

  Tax Time Guide: American Rescue Plan changes can boost refunds for many families; people should file even if they haven’t for years WASHINGTON – The Internal Revenue Service today urged Americans to file a 2021 federal income tax return so they can take advantage of key tax benefits included in the American Rescue Plan… Read More

Organized tax records make preparing a complete and accurate tax return easier. It helps you avoid errors that lead to processing delays that slow your refund and may also help you find overlooked deductions or credits. Please bring the following documents to your tax appointment Forms W-2 from your employer(s) Forms 1099 from banks, issuing agencies… Read More

Get ready for taxes: Here’s what’s new and what to consider when filing in 2022 The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Taxpayers can visit IRS.gov/getready for online tools,… Read More

In IR-2021-245, the IRS reminds retirement plan participants and individual retirement account owners that required minimum distributions (RMDs) must usually be taken by Dec. 31. Generally, account owners must withdraw RMDs annually starting with the year they reach 72 or, if later, the year they retire. However, if the retirement plan account is an IRA or… Read More

Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return When you file your 2021 tax return during the 2022 tax filing season, you will need to compare: The total amount of the advance Child Tax Credit payments that you received during 2021; with The amount of the Child Tax Credit that you… Read More

The IRS encourages taxpayers to research charities before donating and to familiarize themselves with the expanded tax benefits that may come with giving to causes that mean something to them. Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS… Read More

What small business owners should know about the depreciation of property deduction Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property. Small… Read More

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related… Read More

The right to retain representation Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation. This is one of the fundamental rights of all taxpayers as… Read More