The IRS is providing more and more tools for the taxpayers to access their information online, calculate Child tax credit, or estimate their w2 withholdings (employees). The withholding estimator is a series of questions (it is a long process as it is really detailed), but it might help you estimate your w2 withholdings better. If
The IRS as part of their Tax Tip 2021-94 provided more clarification on the hobby activity and how to report hobbies (Schedule 1, Form 1040, line 8). Note that the IRS might disregard expenses on a business if they consider that it is a hobby or just for the purpose of offset other income and
The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping." We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate
We have seen different States issuing more legislation in the recent years combating the misclassification of independent contractors, that should have been categorized as employees. If categorized correctly, these employees would have been contributing to social security and medicare at the Federal level, plus unemployment, family leave, etc. at the State level. On July 9,
Pre-registration will be open until Wednesday, June 30th, at 5:00 p.m. EDT (Started on May 26, 2021). Applications will become available following the pre-registration period, as pre-registered applicants will be asked to return to https://programs.njeda.com/en-US/ to complete an application based on the following schedule: Restaurants (Food Services and Drinking Places, NAICS begins with 722), Child
From this summer (2021), there will be significant changes to the Child Tax Credit. Instead of paying the tax credit when the tax return is filed (usually as a tax refund to the taxpayer), the IRS plans to make advance monthly payments beginning July 15, 2021. You will claim the other half when you file
If you missed the May 17, 2021 deadline, you might have filed an extension and you will be in one of the following scenarios: 1) If an individual taxpayer is owed a refund, there’s no penalty for filing late. If you are getting a refund, file as soon as possible as US taxpayers lose over
Taxpayers can access the Where's My Refund? tool two ways: Visiting IRS.gov - https://www.irs.gov/refunds Downloading the IRS2Go app To use the tool, taxpayers will need: Their Social Security number or Individual Taxpayer Identification number Tax filing status The exact amount of the refund claimed on their tax return The tool displays progress in three phases: Return
From the Issue Number: CL-2021-17, the IRS featured the IRS Commissioner, Charles Rettig, discussing how taxpayers who file and pay on time play a vital role in the tax system. “More than 98 percent of the tax revenue collected by the IRS comes in voluntarily from taxpayers. When you do your part by filing your
In April 2021, there was a report from Fortune media listing some of the companies that paid zero in their 2020 tax return. There are different options on the tax code allowing those companies to avoid paying taxes, such as international transactions, real estate investments, research and development, etc. Note that even if the federal
