Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments
Personal Tax impacts everyone. Let Vernoia, Enterline + Brewer, CPA LLC help you navigate and plan.
Families come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year.
Deductions Up to $600 Available for Cash Donations by Non-Itemizers
The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season.
Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement.
It’s important for taxpayers to understand how selling their home may affect their tax returns. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and Use To claim the exclusion, …
The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For eligible taxpayers, this could result in a refund, a reduced balance due or no change to tax. IRS efforts to correct unemployment compensation overpayments will …
The Internal Revenue Service reminds taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.
An overlooked SECURE Act change is that businesses can adopt new qualified plans and make deductible contributions after the close of the tax year. They must act before the due date for filing the employer’s return (including extensions). That means for solo 401(k) plans, individuals can adopt a plan and make contributions by May 17, …
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov.