Taxpayers with dependents who don't qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or, in some cases, eliminate a tax bill but, the IRS cannot refund the taxpayer any portion of the credit that may be left over. Here’s [...]
An executive order issued by President Joe Biden on July 9, 2021 cracks down on hospital and health insurance consolidations and other actions it said decreases competition and drives up prices. The four areas of healthcare targeted are: prescription drugs, hospital consolidation, health insurance consolidations and hearing aids. Hospital consolidation has left many areas, especially rural communities, without good options [...]
These cryptocurrencies are the closes to dethrone Bitcoin in the future. Thousands of cryptocurrencies exist in the crypto market, but Bitcoin continues to remain the most trusted one. BTC has made many millionaires when it soared past US$65,000. Every day more and more investors are trading in Bitcoin, proving that it is not just a fad anymore. The prospect [...]
As taxpayers get ready for the upcoming filing season, It’s important for them to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file [...]
Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. [...]
Over half of all employees want to keep working from home at least part of the time, which means employers will be facing tax consequences. Requirements are different for remote and in-office staff members, and the nexus laws in a state also affects what employers pay. Jun 18th 2021 The country's workforce has changed significantly because of the [...]
COVID-19 has dented worker sentiment: although the majority (86%) of workers still say they feel optimistic about the next five years in the workplace, this is down from 92% last year. At a time of economic, professional and personal disruption, worker optimism offers hope for the world of work, according to a new research report [...]
The IRS continues to issue the third round of Economic Impact Payments to eligible individuals, with payments being issued as a direct deposit or by mail as a paper check or prepaid EIP debit card. No action is needed by most eligible people to receive a third Economic Impact Payment automatically. Check Get My Payment to see [...]
The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and file their tax returns before legislation passed that made those benefits tax free. The American Rescue Plan, which was signed into law by Pres. Joe Biden on March 11 made the first $10,200 of unemployment income tax free for [...]
Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15. Lawmakers on the tax-writing committee in Congress wrote a letter to IRS Commissioner Charles Rettig on Thursday to make the request, pointing to what happened last year [...]