The USA has a progressive tax system, where a higher tax rate is imposed as income increases. This system works to reduce the taxes for those with a low ability to pay and shifts more of the tax to those with a higher ability to…
Tax planning is not just a one-time-per-year thing. Having a year-round plan can help you reduce your tax liabilities when April rolls around. Being as proactive as possible can help you make the most of your benefits and reduce any unwanted surprises. Here are six…
The only way to get an update on your tax refund is from the IRS’s Where’s My Refund tool https://www.irs.gov/refunds if can make the name of the tool a link] (the IRS asks that you not call them for updates, and it’s unlikely to get through…
Individual and C-Corporation tax returns are due Monday April 18th, 2022 (as the normal deadline of the 15th falls on the Emancipation Day holiday in the District of Columbia). Most tax professionals are already working on a backlog of taxpayer information that has flooded their…
One of the COVID related payments that many taxpayers saw in 2021 was the 3rd Economic Stimulus Payment. Most taxpayers received $1400 per qualifying individual around March of 2021 (though “plus-up” payments happened after as well). The IRS mailed Notice 1444-C after each payment made in…
While you’re in a festive mood this holiday season, you may be able to decrease your tax bill for your donations made before the end of the year! To receive a tax benefit for donations that you make in most years, you have to itemize. …
Considerations for Taxpayers when Searching for a Tax Preparer “Taxpayers should choose wisely when finding a tax professional. This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return, no matter who prepares the return. Here are…
All about the Advanced Child Tax Credit (ACTC) It is important to first understand what a tax credit is. In general a tax credit is a dollar-for-dollar reduction of the amount of income tax that you owe. As an example, if you owed $500 in…