Tax Tips for Gig Workers and Self-Employed Taxpayers
Gig work or self employment can be rewarding both financially and from a sense of freedom. But if you want to maximize the financial benefit and handle the taxes correctly, it takes some effort in planning and research and in maintaining records. Whether you are new to the gig economy or have been doing it…
Read MoreEverything you need to know about the Recovery Rebate Credit
The Recovery Rebate Credit is back for our 2022 tax season. In this article, find out what it is, how it works, and how to get it. Recovery Rebate Credit Background Many of us are familiar with the 2020 recovery rebate credit because we were asked questions about the first and second COVID stimulus payments…
Read MoreWhat to do when you didn’t receive your tax refund
Let’s look at what to do if you think your tax refund is delayed. Causes for tax refund delays If you submitted a tax return electronically and have requested to receive your tax refund via direct deposit, the IRS states you will normally receive a refund within 21 days. There are exceptions. If you are…
Read More2021 Changes to Child and Dependent Care Tax Credit
Many of our 2021 tax-focused articles focus on changed to the Child Tax Credit And rightfully so because they are big changes that helped families across the nation. But the changes for the Child and Dependent Care Tax Credit are incredibly helpful as well, so let’s take a closer look. About the Child and Dependent…
Read More5 Tips to help navigate 2021 changes to filing taxes
Navigating changes to the tax code every year can be overwhelming. To simplify your tax season, we gathered five changes for 2021 that may impact your tax return. 1) Recovery Rebate Credit The third stimulus payment (Economic Impact Payment as the IRS calls them) during the COVID-19 pandemic is accounted for in the 2021 tax…
Read MoreTax Tips: What do I do if someone else received my dependent’s Child Tax Credit?
For tax year 2021, there were big changes to the Child Tax Credit. Find out how someone else’s claim could affect your tax return. Child Tax Credit Background The maximum credit was increased from $2,000 to $3,000 for children aged six to 17. For children aged under six, it was increased to $3,600. Those who…
Read MoreHow the Child Tax Credit will affect your tax return
Advance Child Tax Credit payments in 2021 were incredibly helpful for families, particularly with prices going up this year. But how does it affect your tax return during the 2022 tax season? Will you owe or will you get a smaller refund? Just like many personal finance questions, the answer to this one is, “it depends.”…
Read MoreWhat to do if you can’t find your IRS Letter 6419 and other FAQs
Also known as the form 6419, the IRS Letter 6419 is a new letter anyone receiving advance Child Tax Credit payments should be anticipating. If you’re wondering when the IRS letter 6419 will be mailed, then you should know that the government sends them out as far back as January 2022. The Child Tax Credit…
Read MoreAvoid tax scams and overcome identity theft this tax season
Consumer losses due to fraud increased from $1.8 billion in 2019 to $3.3 billion in 2020, according to the FTC. The data for 2021 seems to be worse. Explore tips on how to keep your refund and avoid tax scams that prey on fears of the IRS. 1) Follow good practices to prevent identity theft…
Read More2021 Changes to Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) is designed to help Americans with low-paying jobs, particularly those with children, and the changes are most helpful for those without qualifying children. Permanent changes Previously, to be eligible for the credit, people had to have less than $3,650 (2020) of investment income. For 2021, that is increased to…
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