Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.
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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...
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Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan...
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As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2021. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard...
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Taxpayers should always protect themselves from scammers who pretend to be from the IRS by understanding how the IRS communicates with them.
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If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule allows an...
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Summer is wedding season – even during a pandemic – and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here’s a tax checklist for newly...
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If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed. Let’s take a look: Child Tax Credit Generally, taxpayers can claim the Child Tax Credit for each qualifying child...
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The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made several changes to employee retention tax credits. These tax credits were previously made available under the Coronavirus Aid, Relief, and Economic...
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