Archived Posts: Tax Return

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...

read more
Tips to Help You Figure Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

If you've given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. In 2021, you can give any amount up to $15,000 per person per year with no gift tax liability. However, gifts exceeding that...

read more
Tax Tips for May 2021

Tax Tips for May 2021

Click on the links below to jump to each section in this article: File on Time - Even if You Can't Pay Common Errors To Avoid When Filing a Tax Return Refunds for Nontaxable Unemployment Compensation Recovery Rebate Credit May Be Different Than Expected Deductions for Food or Beverages From Restaurants   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 full amount due, but if you can't, there are several...

read more
Tax Tips for June 2021

Tax Return Tips for Last-Minute Filers

What You Need to About Tax Return Tips for Last-Minute Filers When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you've been procrastinating on filing your tax return this year, here are eight tips that might help. Don't Delay Resist the temptation to put off your taxes until the very last...

read more
Q & A: The $10,200 Unemployment Tax Break

Q & A: The $10,200 Unemployment Tax Break

Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break - in effect only for the 2020 tax year - lets you exclude the first $10,200 from taxable income. Here's what you should know: What do I need to do to get the tax break? The tax break, which is part of the American Rescue Plan Act of 2021 (ARPA is available to all taxpayers...

read more
Economic Impact Payments: Round Three

Economic Impact Payments: Round Three

On March 12, following the American Rescue Plan Act's approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department as well. Taxpayers who received EIP1 or EIP2 but didn't receive a third payment (EIP3) via direct deposit will generally receive a check or, in some instances, a prepaid debit card (EIP Card).   Highlights: The third stimulus...

read more
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...

read more
Tax Tips for May 2021

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...

read more