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COVID Tax Tip 2021-105, July 21, 2021 Among other multilingual advance child tax credit resources, the IRS now has a Spanish-language version of its Child Tax Credit Eligibility Assistant. This tool helps families determine whether they qualify for the child tax credit and the special monthly advance payments of the credit. By answering a series of …
Tax Tip 2021-104, July 20, 2021 The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source. Who is an eligible educator: The …
A tip for teachers: Some educator expenses may be tax deductible Read More »
Tax Tip 2021-103, July 19, 2021 When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills. Most of these businesses provide quality service but there are some who don’t have their clients’ …
IRS Tax Tip 2021-102, July 15, 2021 It’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season. Getting married Newlyweds should report any name …
Things people do during the summer that might affect their tax return next year Read More »
COVID Tax Tip 2021-101, July 14, 2021 The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The tool also allows families to unenroll from the advance payments if they don’t want to receive them. The …
COVID Tax Tip 2021-100, July 13, 2021 The IRS urges families to use a special online tool, available only on IRS.gov, to help them determine whether they qualify for the child tax credit and the special monthly advance payments beginning July 15. The Child Tax Credit Eligibility Assistant is interactive and easy to use. By answering a …
IRS online tool helps families determine if they qualify for the child tax credit Read More »
COVID Tax Tip 2021-99, July 12, 2021 The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Here are some important dates for people to know: The …
Making payments for deferred tax reported by third party payers Read More »
IRS Tax Tip 2021-98, July 8, 2021 All taxpayers should use the IRS Tax Withholding Estimator to check their withholding. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. It can be used by workers, as well as retirees, self-employed individuals and other taxpayers. The money …
What taxpayers need to know about using the IRS Tax Withholding Estimator Read More »
IRS Tax Tip 2021-97, July 7, 2021 Organizations that want to apply for recognition of tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some tips to help them understand the process. The application process on IRS.gov includes a step-by-step guide explaining how to apply for tax exempt status. Form 1023-series …
What organizations should understand about applying for tax-exempt status Read More »
COVID Tax Tip 2021-96, July 6, 2021 The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, …
How self-employed individuals and household employers repay deferred Social Security tax Read More »