Tax Day is Here! – Last-minute details, tips and freebies

Tax day is here! If you owe taxes, remember to make the payment by the end of the day Monday, April 18. With the individual tax-filing deadline on Monday, April 18, now is the time to complete all filing arrangements and payments. If you have not already done so, ask yourself these questions before it’s …

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Yikes! It’s that Bad? – The 1040 tax instruction publication lays it all out

Ouch! Government overspending is reported each year in our 1040 IRS instruction booklet. Here's what it looks like for the most recent fiscal year for which info is available. It doesn't look good! Any way you look at it, the federal government's spending habits are a big mess. As required by law, in every Form …

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Why is the IRS Sending Me This?!? – IRS turns off some notices

IRS turns off many automatic notices. Here is what you should know. In a recent announcement, the IRS is telling taxpayers it's turning off some of its automated notices. Here is what you need to know. Background With the pandemic, incredibly late tax law changes from Congress, the congressional imposition on the IRS to send …

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IRS to Send Recap of Economic Impact and Child Tax Payments

Look for an IRS letter confirming your economic impact payments and advance child tax payments. Here is what you need to know. The IRS recently announced it will be sending out a recap of payments sent to taxpayers for the multiple rounds of Economic Impact Payments and Advanced Child Tax Payments. Here is what you …

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2022 Mileage Rates are Here! New mileage rates announced by the IRS

The IRS increased the standard business mileage rates for 2022 by 2.5 cents, to 58.5 cents per mile. Learn more here. Mileage rates for travel are now set for 2022. The standard business mileage rate increases by 2.5 cents to 58.5 cents per mile. The medical and moving mileage rates also increases by 2 cents …

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2022 Health Savings Account Limits

New contribution limits are on the horizon 2022 HSA limits rise to $3,650/individuals and $7,300/families. HSAs are a versatile way to save for both medical care and retirement. The savings limits for the ever-popular health savings accounts (HSA) are set for 2022. The new limits are outlined here with current year amounts noted for comparison. …

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Advanced Child Tax Credit Payments Staring NOW! What everyone should know

Advance Child Tax Credit payments in July. This could be great. It could also create a mess for your family when filing taxes at the end of the year. Here is what you need to know. The American Rescue plan signed in March, 2021 requires the IRS to pay out ½ of enhanced Child Tax …

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