What Should I do with an IRS Letter?
The IRS sends many types of letters. Some IRS letters don’t require any action on your part while other letters do require action and have deadlines. IRS letters shouldn’t cause alarm, but IRS deadlines should not be taken lightly. In this article, find out what you need to do when you receive an IRS letter.…
Read MoreHow do I safely find and pick a tax preparer or online tax software?
There are a lot of options out there for tax preparation help and online tax software. We all want accurate tax preparation, reasonable prices, and good service. But with so many options available, it can be difficult to choose. So let’s go over some tips. How do I choose a tax preparer? Know what kind…
Read MoreWhen can I deduct travel expenses on my federal tax return?
Before the Tax Cuts and Job Act of 2017, many more Americans were able to deduct travel expenses on their federal tax return. But after that act went into effect, employees could not deduct travel expenses for work (or any expenses for work on their federal tax return). However, some taxpayers can deduct travel expenses…
Read MoreWhat Tax Breaks End in 2021?
Parts of the tax code are scheduled to end nearly every year. Some of these provisions are extended, and sometimes they are extended retroactively. Find out which tax code provisions ended Dec. 21, 2021, unless Congress passes legislation to extend them and the president signs the legislation into law. There are indications that legislation may…
Read MoreHow do I know if I should file taxes online or get help from a tax preparer?
Our tax code is complicated, but only a small portion of that tax code applies to most of us. In this article, we will help you understand when you can file taxes yourself online and when you need to get help from a professional. Usually, filing online is less expensive than paying a tax preparer…
Read MoreDo I need to file a tax return if my only income is Social Security?
Social Security Income (SSI) is considered taxable income. But there are a few exceptions that could mean more money in your wallet. Certified Financial Coach and Tax Professional Jerry Zeigler shares his expert knowledge and tips in this quick and simple SSI tax guide. 1) How much of my Social Security income is taxable? For…
Read MoreWhat is Earned Income Tax Credit (EITC)
The Earned Income Tax Credit or EITC is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements. You must also file a tax return even if you don’t owe any taxes or are not required to file. The EITC reduces the taxes you owe and may even…
Read MoreTax tricks to navigate problems with Child Tax Credit, retirement withdrawals, and Rental Property Sales
New or unexpected life events tend to cause the most problems for people filing their taxes every year. Explore three tax-filing problem areas and how to overcome them in the 2022 tax season. In many cases, the problem can be avoided or mitigated by advance planning. Since April 15 is the filing deadline, this may…
Read MoreWhat should I do if my Advance Child Tax Credit Payments were Wrong?
The last day to opt out or make adjustments to your Child Tax Credit advance payments was Nov. 29, 2021, so now you’ll have to sort out any errors in your 2021 tax return. If you would like a refresher on the advance Child Tax Credit payments you can find that here. How do I…
Read MoreWhat documents do I need for the 2022 tax season?
Whether or not we have a tax professional, most of us would like to make sure we have everything we need once we get started. This list will cover the basics and highlight some newer items to consider for the 2022 tax season. Receipts or proofs of payment needed to support deductions or credits Start…
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