As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file […]
Summer is wedding season – even during a pandemic – and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here’s a tax checklist for newly married couples:1. Name and address changesName. When a name changes through marriage, it is important to […]
Thanks to the advance payments of the Child Tax Credit, approximately 60 million children received $15 billion in July, according to the Department of Treasury and the IRS. While many of these families will benefit from the extra money deposited into their bank accounts, some families may want to opt-out and instead take the credit […]
Tax-related identity theft occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and everyone should do everything they can to prevent identity theft.Here are six ways to help taxpayers protect […]
It’s never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains – that’s the power of compounding – and the best way to accumulate wealth. These ten tips will help you get started:Set Realistic Goals. Project your […]
What is the Net Investment Income Tax? The Net Investment Income Tax (NIIT) is a 3.8 percent tax on certain net investment income of individuals, estates, and trusts with income above statutory threshold amounts referred to as modified adjusted gross income or MAGI. What is Included in Net Investment Income? In general, investment income includes, […]
Employees Most employers want to protect the employee from being relocated against financial loss on a “forced” sale of their home. Here are the most common ways to do that, and the tax consequences to the employee: The employer reimburses the employee’s financial loss. Here, the employer has the home appraised and agrees to pay […]
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what families need to know: Background The expanded and newly-advanceable Child Tax Credit was authorized by […]
Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the Where’s My Refund? Tool on the IRS website. The tool also provides a personalized refund date after the return is processed and a refund is approved. […]
One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, […]