Tax day may be quickly approaching, but there is no need to panic! With some preparation, you can take control of your tax situation and reduce stress come April 15th. Following these tax preparation tips can set you up for success come tax season. So take a deep breath and prepare to tackle those taxes […]
The Earned Income Tax Credit or EITC is a refundable work credit that may give money back or lower federal tax liability for those who qualify. IRS Publication 596 gives details about eligibility requirements. The main requirement is that taxpayers have earned income.The credit can help eliminate any federal tax liability or even result in […]
Paying taxes is no fun for anyone—especially rental property owners watching a chunk of passive income go towards Uncle Sam’s pockets. With layers of complex rental property tax codes, you might feel defeated and overwhelmed trying to make sense of it all. But what if we told you there are little-known, yet legal, tax secrets that […]
Moving to a new home can be chaotic. Between packing boxes, hiring movers, and updating your mailing address, it’s easy to overlook small but important tasks. One such task? Making an IRS change of address. While it may not seem pressing, promptly notifying the IRS of your change of address ensures you receive tax refunds, […]
Since Covid-19 was declared a pandemic on March 11, 2020, by the World Health Organization, the United States government has made efforts to help individuals and businesses. On July 15, the IRS will start sending out the advanced payments of the child tax credit from the American Rescue Plan to eligible families. The Advanced Child […]