IRS announces “Dirty Dozen” tax scams for 2021
The Internal Revenue Service today began its “Dirty Dozen” list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 …
Do You Employ a Nanny or a Caregiver? You May Owe Additional Taxes!
The tax law can jump up and bite you in unexpected places. One example of that is the nanny tax. Do you have a household employee such as a nanny, …
Here’s How Saying “I Do” Can Affect a Couple’s Tax Situation
The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect …
Child Tax Credit Payments Start July 15 for Eligible Families
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly …
The IRS is Closing the 1099-K / PayPal Loophole Next Year. What Does this Mean for You?
The PayPal loophole is going away in a little over six months from now. You may remember the strategy where you can avoid giving 1099s to contractors and vendors when …
Don’t Miss Out on Work Opportunity Tax Credits for Your Business!
The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers …
Some Tax Refunds are Being Delayed by the IRS.
The IRS is holding nearly 30 million tax refunds for manual processing. Recent COVID-19 relief legislation passed by Congress threw a monkey wrench into an already complicated year. Additionally, the …
There’s Less than a Month Left Before Your 2020 Income Taxes are Due. Don’t Miss Out on these Tax Credits!
For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child …
The Earned Income Tax Credit is Higher than Ever Before!
The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021. That’s thanks to …
IRS Will Recalculate Taxes on 2020 Unemployment Benefits and Start Issuing Refunds in May
Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation. The IRS will automatically refund …