You should keep information that you and the IRS need to determine your correct tax. The following is what you should keep: Copies of tax returns. Keep copies of your tax returns as part of your tax records. Your tax returns can help you prepare future returns and amended returns. Copies of your tax returns […]
The first advance payment from the newly expanded child tax credit was recently sent out by the IRS. Payments are scheduled to be made on the 15th of each month through December. Here’s what you need to know about the child tax credit and the advance payments. Background For the 2021 tax year, an expanded […]
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Monthly Child Tax Credit payments begin. Here are some details regarding the advanced payments: WASHINGTON — The Internal Revenue Service and the Treasury Department announced today 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 […]
The first step of good tax planning is good recordkeeping