Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax returns, but early planning can help make filing their 2021 tax returns easier. Taxpayers should be prepared to claim tax credits and deductions. Here are a few facts about credits and deductions […]
Review Eligibility for Credits and Deductions Read More »
Taxpayers may elect to claim a disaster loss for the tax year before the disaster.
Claim Disaster Loss in Previous Tax Year Read More »
2022 Cost-of-Living Adjustments On May 10, 2021 the Internal Revenue Service (IRS) released Revenue Procedure 2021-25 announcing cost-of-living adjustments (COLAs) applicable to Health Savings Accounts (HSAs) for 2022.
Health Savings Accounts 2022 Read More »
The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.
The American Rescue Plan Includes Retroactive Tax Benefits Read More »
Checking Withholding Can Help Taxpayers Decide If They Need to Give Their Employer a New W-4 All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld.
Give Employer a New W-4 Read More »
The IRS released Frequently Asked Questions (FAQ) to provide temporary relief to employers who operated van pools but experienced reduced ridership due to the Coronavirus (COVID-19) emergency. For this purpose, the emergency is considered to have begun on March 13, 2020.
IRS Clarifies COVID-19 Relief for Van Pools Read More »
American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details
American Rescue Plan Tax Credits Available to Small Employers Read More »
Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans
Treasury Department and IRS Provide Safe Harbor for Small Businesses Read More »
The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf.
IRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit Read More »
Since many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.
Where’s My Refund? Read More »