1040X

Considering amending your tax return?
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Considering amending your tax return?

Individuals

Considering amending your tax return?

The IRS in their Issue Number: COVID Tax Tip 2021-157 reminds us that there are several reasons to amend your tax return, such as, entering income (or expenses if business - Schedule C or rental - Schedule E) incorrectly, not claiming credits for which they're eligible, claiming deductions incorrectly, etc. Note that the IRS may

By Victor Garrido, CPA, EA|2021-11-15T16:11:03+00:00October 27th, 2021|Categories: Individuals|Tags: 1040X, amended, amending, credits, deductions, errors, expenses, income, irs, personal, return, tax|

Unemployment benefits – First $10,200 will not be taxable if earnings under $150k
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Unemployment benefits – First $10,200 will not be taxable if earnings under $150k

Individuals

Unemployment benefits – First $10,200 will not be taxable if earnings under $150k

The American Rescue Plan includes a tax break for unemployed workers for the first $10,200 if the earnings are under $150k. This new tax break has been available after some taxpayers have already filed their personal tax return. As a result, in some cases, the taxpayers might have to file an amended return (1040X) to

By Victor Garrido, CPA, EA|2021-03-18T17:47:45+00:00March 15th, 2021|Categories: Individuals|Tags: 1040X, 1099-G, federal income, unemployment|

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