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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 …
Continue reading Why is the IRS Sending Me This?!? – IRS turns off some notices
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 …
Continue reading IRS to Send Recap of Economic Impact and Child Tax Payments
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 …
Continue reading 2022 Mileage Rates are Here! New mileage rates announced by the IRS
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. …
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 …
Continue reading Advanced Child Tax Credit Payments Staring NOW! What everyone should know
With the 2020 tax filing season...FINALLY... in the rearview mirror, now is the time to become aware of major changes for 2021. Here's what you need to know. With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are …
What you need to know The whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what you need to know: Age matters. The old credit was for children under the age of 17. The new credit …
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. "This continues to be a tough time for …
A surprise tax break for the unemployed is creating havoc on filing tax returns this year. Here is what you need to know. Individual tax filing due date: May 17, 2021 (was April 15, 2021) Unemployment income: $10,200 per person not subject to federal tax (was taxable) A surprise tax break for 2020 was passed into law in March of …
Continue reading ALERT! 2020 Tax Date Delay AND Unemployment Income Now Tax Free
The U.S. Small Business Administration (SBA) announced changes Wednesday designed to reduce delays in the Paycheck Protection Program (PPP) approval process. Millions of small businesses have applied for PPP forgivable loans since it reopened Jan. 11 with $284 billion in fresh funding. A significant percentage of those applications has been held up by process and system issues …
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