2022 Tax Refund Updates for This Season
The 2022 tax season is underway and taxpayers are anxiously awaiting their federal tax refunds. Here is an update on the season so far.
How to Claim the Earned Income Tax Credit (EITC)
The earned income credit (EIC) is a federal tax credit that helps low to moderate income workers reduce their federal tax liability. This article and video covers an example EIC calculation for the 2021 tax year.
What is the Qualified Dividends and Capital Gains Tax Worksheet?
U.S. taxpayers are generally subject to reduced federal tax rates on qualified dividend income and long-term capital gains. The taxpayer should complete the applicable worksheet to calculate those reduced taxes.
When Can I Expect My Tax Refund?
Many taxpayers filed their returns early and have not received their tax refunds. When can you expect to receive a direct deposit or a paper refund check in the mail?
What is the IRS CP80 Tax Notice?
The IRS CP80 tax notice is issued to taxpayers when the IRS received estimated tax payments or extension payments but the IRS has yet to receive a federal tax return. It's important for taxpayers to timely file their tax returns to reconcile these payments and calculate the actual amount of federal taxes owed each year.
How to Fill Out Form W-4 for Married Couple with Two Jobs
The IRS Form W-4 withholding certificate is completed by an employee and provided to their employer. The employer uses this information to calculate the amount of withholding taxes taken from the employee paycheck. This article covers Form W-4 for a married couple with two jobs.
How to File IRS Form 8814 for “Kiddie Taxes” on Investment Income Earned by Dependents
Investment income earned by dependents is generally subject to income taxes at the parents tax rate. This is referred to as the "kiddie tax" for U.S. tax purposes.
IRS Letter 6419 is Incorrect…
The IRS Letter 6419 helps taxpayers reconcile their advanced child tax credit payments received in 2021. Taxpayers should keep this letter and use this information when preparing their Form 1040.
IRS Form 8839 for Qualified Adoption Expenses
U.S. taxpayers often incur substantial costs to adopt a child. Under some circumstances, a portion of the adoption expenses can be used as a federal tax credit to reduce federal income taxes.
Can I Deduct Medical Expenses on My Taxes?
U.S. taxpayers may be able to deduct their unreimbursed medical expenses if they itemize their tax deductions. This article and video discusses those rules and how to report them on Schedule A.