Most taxpayers will receive a refund when they file their income tax returns. But what if you end up owing the IRS and can’t pay it back immediately? Watch this video for some possible solutions to minimize your tax penalties and interest.
The Earned Income Tax Credit has been expanded and enhanced for low-income taxpayers who file their tax returns for 2021. Could you also be eligible? Watch this video for more details.
There are many expanded tax benefits that individuals and families with low income can claim on their 2021 tax returns. Watch this video for details so you don’t miss out.
Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Watch this video for a quick overview of the adoption tax credit.
When itemizing deductions in the tax return, a taxpayer can include medical expense payments to a special school for a mentally impaired or physically disabled person if the main reason for using the school is its resources for relieving the disability. Watch this video for a better understanding of this tax break.
The tax season is coming and documents reporting income, sales and other items needed for your 2021 tax return should be arriving soon. Here are some of the common tax forms you need to be on the lookout for depending upon your particular circumstances.
In 2021, the IRS sent out Advanced Child Tax Credit payments to qualified families, using the data from 2019 and 2020 tax returns as an estimate. However, since it was just an estimation, the payments received must be reconciled on the 2021 tax return. Watch this video for details.
Businesses are required to file Form 1099-NEC if they pay an independent contractor more than $600 this year. Watch this quick video for some other details you may want to know.
Preparing for your tax return beforehand can help avoid mistakes and reduce delays in receiving a tax refund. Watch this video for simple steps that you can take to be ready for your tax return in 2022.
You may be giving out lots of gifts this holiday season, but do you know thoughtful holiday gift-givers can receive tax perks? Watch this video to see how holiday giftings can bring tax benefits to you.
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