When preparing your taxes, you likely look towards deductions, but when it comes to itemized vs. standard deductions, which one is right for you? Out of the few ways you can reduce your income taxes each year, the only two you can rely on year after year are the standard deduction and itemized deduction. While …
As the October 2021 tax deadline approaches, it is essential that you be prepared, but what is the penalty for paying taxes late? The IRS extended the deadline for filing 2020 tax returns to October 15, 2021, rather than the usual national Tax Day of April 15. Taxpayers who have not yet filed can still …
There are many common errors that taxpayers may not know about that will lead to your tax return being rejected. Here’s what to know. If you are one of the millions of Americans required to file taxes this year, then knowing why your tax return might have been rejected in the past – and learning …
If you have unfiled taxes, don’t stress. There are steps you can take to get back into good standing with the IRS. One of the things the IRS cannot be criticized for is their memory – if you have unpaid taxes or unfiled taxes, the IRS will file your returns for you, and penalize you. …
Tax credits can help taxpayers by providing financial relief, but what is a tax credit, how do they work, and how do you claim them? Many taxpayers may have become familiar with what tax credits are and how they function, through an energy-efficient home purchase, a first child, or through caring for an elderly loved …
It’s important to understand what the recovery rebate credit is, and how it may affect you. Here’s what you should know. Tax credits let you keep more money in your pocket come tax season – provided you’re eligible for them. The recovery rebate credit is available to all Americans who qualify for an economic impact …