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taxes
11
The Internal Revenue Service reminds taxpayers who’ve yet to file their 2021 federal income tax return to make sure they take advantage of the deductions and credits for which they’re entitled and to file as soon as possible. “Each year, eligible taxpayers overlook money saving deductions and credits that can help them with the cost of raising...
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The Internal Revenue Service today warned taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified and reported thousands of fraudulent domains tied to multiple MMS/SMS/text scams (known as smishing) targeting taxpayers. In recent months, and especially in the last few...
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In addition to your credit score, your debt-to-income (DTI) ratio is an important part of your overall financial health. Calculating your DTI will help you determine the percentage of whether applying for credit is the right thing to do. To lenders the DTI is an important factor for whether you are a good prospect for a...
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The Internal Revenue Service today reminded struggling individuals and businesses, affected by the COVID-19 pandemic, that they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30, 2022. Besides providing relief to both individuals and businesses impacted by the pandemic, this step is designed to allow the IRS...
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New Final Assembly Requirement If you are interested in claiming the tax credit available under section 30D (EV credit) for purchasing a new electric vehicle after August 16, 2022 (which is the date that the Inflation Reduction Act of 2022 was enacted), a tax credit is generally available only for qualifying electric vehicles for which final...
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This year, the IRS received over 19 million requests for tax extensions. If you chose to file an extension request on your tax return, October 17 is the due date for filing your tax return. A tax extension gives you until then to file your tax return. It’s not an extension of time to pay...
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S-Corps & Partnerships: Remember that the deadline for filing your extension is this Thursday! September 15
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Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home ownership and the use of housing allowances...
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How much debt is getting canceled? Biden announced last month that most federal student loan borrowers will be eligible for some forgiveness: up to $10,000 if you didn’t receive a Pell Grant, which is a type of aid available to low-income undergraduate students, and up to $20,000 if you did. Did I receive a Pell Grant? There’s a...
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As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year. This is the first time the annual limit has increased since the special educator expense...
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