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The tax code has a credit for dependent-care expenses for children under age 13 when the care was provided, and it also can apply to expenses for others of any age who are incapable of caring for themselves—such as an elderly relative. In most years—including 2022—many filers get a credit for 20% of up to […]

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The IRS announced this month that most Americans should receive their refunds within 21 days of filing – with some exceptions. Due to regulations designed to prevent fraud, claiming the Earned Income Tax Credit will slow down your tax return. As a result, people who claim this credit and file their returns on January 24 […]

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As of late, the IRS has been sending out letters with valuable information for Advance Child Tax Credit and for the third round of the Economic Impact payments to those who qualify.  Letters will be going out until the end of January. Keeping this information and using it to prepare your tax return will help […]

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Lower-income taxpayers are getting some very good deals. If your modified adjusted gross income (AGI) does not exceed $40,000 for singles, $50,000 for the head of the household, or $60,000 for couples filing jointly, and you have been a resident in the U.S for over half of 2021, you will not have to return any […]

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If you need help paying health insurance premiums during the year, you can apply to receive the Advance Premium Tax Credit. You can claim the Advance Premium Tax Credit when you buy insurance coverage through a Health Insurance Marketplace and reconcile it on Form 1040 with Form 8962. The credit is based on your estimated […]

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Need more time to prepare your federal tax return? Complete and mail a federal form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (downloads as a PDF). Please be aware that: An extension of time to file your return does not grant you any extension of time to pay your taxes. You […]

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Reasons for Refund Delays

February 5, 2020

Some tax refunds take longer than expected. The IRS may delay refunds for several reasons, including the following: • Errors in Direct Deposit information (refunds then sent by check); • Financial institution refusals of Direct Deposits (refunds then sent by check) or delays in crediting the Direct Deposit to the taxpayer’s account; • Claims of […]

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The name of the credit is Child and Dependent Care Credit. The amount of your work-related expenses you can use to determine your credit is a dollar cap. For one qualified person, the cap is $3,000, or $6,000 for two or more qualified individuals. If you have paid work related expenses for caring for two […]

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Financially, the time after graduation can be difficult. Starting on your own, looking for a job, trying to pay back money that you may have borrowed for school can all be very stressful when it comes to budget management. Fortunately, recent college graduates can claim a few tax breaks to save. Three Tax Breaks: Student […]

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Filing Status

February 20, 2019

When you file your taxes, you need to know which filing status you should use. The five different options differ and you’ll want to choose the one that gives you the greatest benefit. Make tax time easier and faster by submitting the correct status. The five different status are: Single, joint marriage, separate marriage, head […]

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