Archived Posts: Tax Credits

Tax Tips for April 2022

Tax Tips for April 2022

Click on the links below to jump to each section in this article: File on Time Even if You Can't Pay What To Do if You're Missing Important Tax Documents Tax Credits To Help Cover Costs of Higher Education Small Business: Rent Expenses May Be Tax-deductible Taxpayer Rights: Pay No More Than the Correct Amount File on Time Even if You Can't Pay Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can't, there are several...

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Filing a Tax Return: Avoid These Common Errors

Filing a Tax Return: Avoid These Common Errors

While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund. Not Using Electronic Filing While this isn't necessarily a mistake per se, electronic filing is the best way to cut the chances for many tax return mistakes while maximizing deductions to reduce the amount of tax owed. The reason for this is that the tax software your tax professional...

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What’s New for IRS Form 1040 This Year

What’s New for IRS Form 1040 This Year

If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several changes. Many of these changes can be attributed to the American Rescue Plan Act of 2021 (ARP).

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Highlights of the American Rescue Plan Act

Highlights of the American Rescue Plan Act

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let's take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to qualifying taxpayers; individuals will receive $1,400 ($2,800 for married taxpayers filing jointly) plus $1,400 for each dependent, which includes college students and relatives who can be claimed as dependents. These payments are sent out as...

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Tax Breaks for Families With Children

Tax Breaks for Families With Children

If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed when you file your 2020 tax return. Let's take a look: 1. Child Tax Credit Generally, taxpayers can claim the Child Tax Credit for each qualifying child under the age of 17. The maximum credit is $2,000 per child. Taxpayers who get less than the full amount of the credit may qualify for the Additional Child Tax Credit (see below). The refundable portion of the credit is...

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Tax Tips for April 2022

Tax Tips for February 2021

Click on the links below to jump to each section in this article: Do You Need To File a 2020 Tax Return? Relief for Taxpayers Struggling With Tax Debts Five Tax Tips for Older Americans New Year, New Withholding? Who Qualifies for the Earned Income Credit   Do You Need To File a 2020 Tax Return? Most people file a tax return because they have to, but even if you don't, there are times when you should - because you might be eligible for a tax refund and not know it. The tax tips below...

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