by admin | Jan 24, 2022 | IRS
Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or, in some cases, eliminate a tax bill but, the IRS cannot refund the taxpayer any portion...
by admin | Jan 19, 2022 | IRS
This Fact Sheet updates the 2020 Recovery Rebate Credit Frequently-Asked-Questions (FAQs). These updates are:• Question 4, Topic F: Finding the First and Second Economic Impact Payment Amounts to Calculate the 2020Recovery Rebate Credit (updated)• Question 8, 9 &...
by admin | Jan 19, 2022 | IRS
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on...
by admin | Jan 13, 2022 | IRS
Taxpayers must report gig economy earnings when filing taxes Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to...
by admin | Jan 6, 2022 | IRS
Gather all year-end income documents As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records. To avoid processing delays that may slow their refund, taxpayers should gather all year-end income documents before filing...
by admin | Jan 4, 2022 | IRS
Protection for all taxpayers Two key elements of the IRS mission are to treat taxpayers with dignity and respect, and to provide them a positive customer experience. The Taxpayer Bill of Rights outlines the ten specific rights all taxpayers have any time they interact...
