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Big refund or money due at tax time? Try the IRS withholding estimator

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

By |2021-07-13T18:41:52+00:00July 19th, 2021|Categories: Individuals|Tags: , , , , , |

Advance Child Tax Credit for 2021

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

By |2021-06-24T16:37:57+00:00June 24th, 2021|Categories: Individuals|Tags: , , , , , |

Missed the May 17 deadline to file and pay taxes?

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

By |2021-05-19T21:37:09+00:00May 19th, 2021|Categories: Individuals|Tags: , , , , , , |

How to check the status of your federal tax return

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

By |2021-05-19T21:23:11+00:00May 19th, 2021|Categories: Individuals|Tags: , , , , , |

Debunked IRS myth – Taxpayers file late and do not pay their taxes (Wrong: 98% of tax revenue is voluntary)

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

By |2021-05-19T20:04:56+00:00May 19th, 2021|Categories: Business, Individuals|Tags: , , , |

New Jersey Residents Will Pay Most in Taxes Over a Lifetime

Over the last couple of days, we found different articles published on the media that New Jersey residents will have paid taxes for almost a million dollars over their lifetime. This is more than any other States ( Massachusetts and Connecticut residents come close at $827,185 and $805,213 respectively). On average, the other residents pay

By |2021-05-19T18:54:09+00:00May 19th, 2021|Categories: Individuals|Tags: , , , |

IRS Backlog is growing

One week to the end of the 2020 tax season (May 17, 2021), the IRS backlogs keeps growing mainly driven by manual reviews and checks due to the unemployment benefits exclusion ($10,200), stimulus checks (rebate credit) that might not have reported accurately in the 2020 tax return, and other items such as Earned income credit.

By |2021-05-08T19:57:00+00:00May 8th, 2021|Categories: Individuals|Tags: , , , , , , , , |

U.S. court authorizes IRS to get identities of crypto users

From the article below, it points out that the IRS is focusing more and more on crypto transactions. Initially, it was the disclosure requirement in the 1040 tax return to report if the taxpayer hold crypto currencies. The exact question is "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire

By |2021-05-08T19:46:37+00:00May 8th, 2021|Categories: Individuals|Tags: , , , , , |

Offer in compromise – General information

The offer in compromise is an option when there is an IRS debt that the taxpayer cannot pay in full. The IRS considers the income, expenses (living expenses), and assets to potentially reach an agreement on a reduced amount. Note that the process is not easy and you have to qualify for the offer in

By |2021-05-08T17:59:12+00:00May 8th, 2021|Categories: Individuals|Tags: , , , , |

New York State has approved their Pass through Entity Tax (PTET)

The New York PTE tax follows several other states in availing itself of the IRS’ guidance in Notice 2020-75, which permits the use of PTE tax regimes like New Jersey and Connecticut previously. With the new PTE tax in place, eligible entities that elect to be taxed at the entity level will now be able

By |2021-05-05T22:18:10+00:00May 5th, 2021|Categories: Business, Individuals|Tags: , , , , , , |
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