Millions of taxpayers who owe $5 or more in back taxes have already received CP14 warnings from the IRS politely reminding them that the IRS needs their money. Immediately following tax season, the IRS is not very active in collecting. They have a lot of work to do, after all. But by the end of […]
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Use Form 9465 to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return, or if the IRS determines that you cannot pay any of your tax debt, they may report your account as currently not collectible and temporarily delay collection until your financial condition improves. […]
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An estimated 1.5 million taxpayers who did not file a 2018 Form 1040 federal income tax return may be owed about $1.5 billion in unclaimed income tax refunds, but they must act by the April tax deadline, according to the Internal Revenue Service. There’s just a three-year window to seek these returns under the law, […]
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The IRS has issued all first, second and third Economic Impact Payments. Most eligible people already received their stimulus payments and won’t be eligible to claim a Recovery Rebate Credit. The IRS is no longer issuing third Economic Impact Payments. People who are missing a third stimulus payment or got less than the full amount […]
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This year, millions of low-income Americans may be eligible for a one-time tax relief that may save them a lot of money. The federal Earned Income Tax Credit, which is geared for low-wage workers, is being increased for a group of workers who generally don’t benefit much from it: single individuals without children. Low-income employees […]
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If you are an American looking to stash away some money for next year, you need to take advantage of this unknown tax break that has been recently updated by the IRS to reduce liability next year. The condensed term saver’s credit from the retirement savings contribution credit offers up to $1,000 in credit to […]
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Investors in cryptocurrency will possibly face higher taxes due to the Infrastructure Bill which will crack down on future IRS reporting. Investors will be required to disclose yearly cryptocurrency activities by checking a box on their tax returns. Due to the complicated and lengthy rules coming out of Washington, most filers haven’t a clue what […]
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Beware – if you are making more than $600 a year in transactions and using a cash app for business, the IRS wants to know. PayPal, Venmo, or CashApp are examples of various apps. Beginning as of January 1, 2022, the American Rescue Plan Act of 2021 has modified the IRS reporting requirements from $20,000 […]
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When you make a good investment know it will be followed by a tax. Taxes on capital gains are imposed on lucrative stock trades, real estate deals, and can be used for sales of businesses, art, collectible cars, gold, and other assets. At large, investors are taxed on the difference between what they paid for […]
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As of July, millions of American families with children have been receiving monthly checks from the enhanced child tax credit. That said, there are some important dates that you should be aware of as you are eligible for these tax credits. This is even more important if you want to opt-in or out of receiving […]
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