Archived Posts: Tax Refund

Tax Tips for April 2024

Tax Tips for April 2024

Click on the links below to jump to each section in this article: Payable-on-Death Accounts: Beneficial Tools if Used Correctly Avoid Misinformation About Tax-Favored Health Accounts 2024 Depreciation Limits for Business Vehicles   Payable-on-Death Accounts: Beneficial Tools if Used Correctly Payable-on-death (POD) accounts can be a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank or credit union accounts, certificates of deposit and even...

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Tax Tips for April 2024

Tax Tips for March 2024

Click on the links below to jump to each section in this article: A Strategy to Raise Your Medical Expense Deduction Handling Large Cash Transactions Erroneous Refund   A Strategy to Raise Your Medical Expense Deduction With a little planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible. It’s not an easy hurdle to clear, short of a major...

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Tax Tips for June 2021

Tax Tips for June 2021

Click on the links below to jump to each section in this article: How to Check the Status of Your Tax Refund Payment for Refundable Child Tax Credit Starts July 15 HSA Limits Increase for 2022 What is an Economic Impact Notice? Tips for Students with a Summer Job   How to Check the Status of Your Tax Refund   Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the Where's My...

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Federal Tax Deadline Extended To May 17

Federal Tax Deadline Extended To May 17

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17; however, penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May...

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What’s New for 2020 Tax Returns

What’s New for 2020 Tax Returns

What to be Aware of for your Tax Returns As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let's take a look: 1. Recovery Rebate Credit/Economic Impact Payment. In January, the Treasury Department and the IRS began sending the second round of Economic Impact Payments (EIP2) to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act. As with the...

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