An idea to keep your tax life simple Following these tips when you receive a payment from the Federal or State government can save you more head-aches than you can imagine. Tip: Double check the dollar amount of your refund check before you cash it. Make sure it matches the amount on your tax return. Tip: If […]
The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households—covering 88% of children in the United States—are slated to begin receiving monthly payments […]
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new legislation. Stimulus checks Qualifying individuals will receive an economic impact payment of $1,400 ($2,800 for married taxpayers filing jointly) plus $1,400 for each […]
Filed an Individual Tax Return (Form 1040), a Business Tax Return or an Amended Return The IRS has made significant progress in opening backlogged mail. While, as of November 24, 2020, they had 7.1 million unprocessed individual tax returns and 2.3 million unprocessed business returns, the IRS expects to issue all refunds for 2019 individual […]
Taxpayers have a variety of options to consider when paying federal taxes. IRS Direct Pay allows individuals to securely pay from their checking or savings accounts for free, and to schedule payments up to 365 days in advance. For taxpayers who cannot pay in full, the IRS encourages them to pay what they can and consider […]
