Some people may choose not to file a tax return because they didn’t earn enough money to be required to file but may miss getting a refund if they don’t file. While the filing deadline is October 17, 2022 to file 2021 tax returns, the IRS strongly encourages individuals to consider filing electronically sooner, rather…
Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes Name. When a name changes through marriage, it is important to report that change to the…
Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income. For tax year 2021, the maximum eligible expense for this credit is $8,000 for one child and $16,000 for two or more. Depending on their income,…
The April 15 tax deadline is just around the corner, and before you know it you will be sitting down with a stack of receipts, forms and other financial documents. This process is never easy or pleasant, but it will be much worse if you end up owing money to the IRS. If you want…
Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now – there’s no advantage to waiting until the deadline. There are a few things extension filers…
Your tax situation changes when you get married, and your options for filing taxes for the entire year are based on your marital status as of December 31. How Does Marriage Affect Taxes? Taxes can have a wide range of effects on marriage. Although everyone’s circumstances are unique, there are some tax advantages to marriage…
October 17 is fast approaching. That’s the last day to file for most people who requested an extension for their 2021 tax return. These taxpayers can file any time on or before Monday, October 17 if they have all their required tax-related documents. They should also pay part or all their taxes since amounts owed…
By Michael Cohen/Accountingtoday.com The Internal Revenue Service said Friday that the amount individuals can contribute to their 401(k) plans in 2025 has increased by $500 to $23,500, up from $23,000 for 2024, as part of its annual cost-of-living adjustments, although the limit for individual retirement accounts remains $7,000. The IRS issued technical guidance Friday on…
By Nick Green for Unbiased 1. Keep records of every payment Use your books to track every payment and make it clear when they were made or received so you can easily find them if you need to refer to them later. 2. Choose an accounting method Your bookkeeping will underpin your accounting, so decide…
The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits,…
