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IRS Tax Tip 2021-75, May 26, 2021 All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they should make a change to their withholding. This online tool guides …
COVID Tax Tip 2021-74, May 25, 2021 The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns. One provision excludes up to $10,200 in unemployment compensation from income. Another provision benefits many people who purchased subsidized health coverage through either federal or state Health …
The American Rescue Plan includes retroactive tax benefits that can help taxpayers Read More »
COVID Tax Tip 2021-73, May 24, 2021 While the deadline to file and pay federal income taxes has passed for most people, some taxpayers may still be dealing with tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues. Check refund status Taxpayers can check on their refund using …
Tips for troubleshooting common after-tax day issues Read More »
COVID Tax Tip 2021-72, May 21, 2021 While the third round of Economic Impact Payments continue to be made automatically to most people, the IRS can’t issue a payment to eligible Americans when information about them isn’t available in the tax agency’s systems. Economic Impact Payments, also known as stimulus payments, are different from most other tax …
COVID Tax Tip 2021-71, May 20, 2021 The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2020 federal tax returns is Friday, October 15, 2021. The IRS has a variety of helpful tools and resources and many …
Attention extension filers: Tax help is available anytime on IRS.gov Read More »
IRS Tax Tip 2021-70, May 19, 2021 The most convenient way to check on a tax refund is by using the Where’s My Refund? tool. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. The tool also provides a personalized refund date after the return is processed and a refund is …
Here’s how taxpayers can check the status of their federal tax return Read More »
COVID Tax Tip 2021-69, May 18, 2021 The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by …
What someone should do if they missed the May 17 deadline to file and pay taxes Read More »
COVID Tax Tip 2021-68, May 17, 2021 The filing and payment deadline for most 2020 federal tax returns is here. Taxpayers should file or request an extension of time to file and pay any taxes they owe by the May 17 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe …
Most federal tax returns are due; those who can’t pay should still file on time Read More »
IRS Tax Tip 2021-67, May 13, 2021 Generally, income received from any source, including tips, is taxable. Here’s some information to help taxpayers report tip income. All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their gross income. This includes: Tips directly from …
Here’s what taxpayers need to know about reporting tip income on their tax return Read More »
IRS Tax Tip 2021-66, May 12, 2021 Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don’t include supplemental security income payments, which aren’t taxable. The portion of benefits that are taxable depends on the …
Filing season reminder: Social Security benefits may be taxable Read More »