Big Changes with the Child Tax Credit – Including an Advance Payment
The American Rescue Plan Act of 2021 really helped many taxpayers with 2020 Federal income taxes. But there are also tax changes for the tax year 2021 that will impact many taxpayers. One of these changes is an expansion of the Child Tax Credit for those eligible for the credit in 2021. Here is the…
Read MoreCan’t Wait for Your Tax Refund? Here’s Everything You Need to Know About Refund Advance Loans
Tax time is an important time for most families. You find out if you’re getting a tax refund. And this year, that assistance is more valuable than ever. For all of those who are wondering, the IRS will start sending out tax refunds in early March. If you anticipate that you will receive a refund…
Read MoreThe 4 Most Common Tax Errors You Should Watch Out For
It would be nice if we could have a simpler way to meet our tax obligations. But this is the system we have, and unfortunately errors are quite common. Let’s review some common errors that you should look out for. 1. Data Entry Errors The IRS provides a list of common errors. The most common…
Read MoreVolunteer Income Tax Assistance (VITA): A Free Way to Get Help With Your Taxes
Doing taxes can be frustrating. When every dollar counts, many of us don’t want to spend money to meet our obligations as a taxpayer. Many of us don’t want to be working in software, hoping that the right questions are asked and that you provide the right answers. This is where VITA may provide a…
Read More4 IRS Tools You Should Know About to Help You File Your Taxes
Let’s take a look at IRS.gov for some tools you may find helpful as you file your taxes! Where’s My Tax Refund? You can check your refund status on irs.gov to know whether the IRS has received your refund and is processing it. You can also read more about how to track your refund. Download…
Read More7 Questions to Figure Out If You Can Claim Someone as a Dependent On Your Taxes
It can be confusing to figure out who you can claim as our dependent on your Federal tax return. It’s typically clear whether or not you can claim a child as a qualifying child. The other kind of dependent is a qualifying relative (and they don’t always have to be a relative). This can get…
Read MoreHow to Track Your Tax Refund
It’s only natural to want to know the status of your tax refund. Is it being worked on? When will your refund reach your checking account? When will your refund check arrive? Many people rely on a tax professional or tax software to get this information. But you can also go straight to the IRS!…
Read MoreWhat is the Earned Income Tax Credit (EITC)? How Does Unemployment Income Impact It?
Sign up for SaverLife to take the Tax Time Pledge and enter to win cash prizes. The Federal Earned Income Tax Credit (EITC) exists to help working Americans of modest income. In 2019, 25 million taxpayers received a total of $63 billion in EITC funds. The average amount a family received was just over $2,400.…
Read MoreFour Tips for What to Do With Your Tax Refund
Many of us dread filing our taxes, yet we look forward to receiving a tax refund. Those of us with families often use those funds to provide for them. However, besides paying bills, buying necessities, and using it as fun money, I’d like you to consider using some or all of your refund to improve…
Read MoreThe 3 Most Common Tax Myths
Our Federal tax code is complicated. One thing this causes is misunderstandings of tax law. I like to call these misunderstandings “tax myths.” Like many myths, tax myths often have some truth in them. Let’s look at three common tax myths. 1. I Don’t Want to Go Up to a New Tax Bracket Sometimes people…
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