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My answers to the most frequently asked questions I get.

What Is Tax Relief? Tax relief represents a government program or a policy initiative that has the aim of helping businesses and individuals by reducing the taxes that they have to pay. Tax relief can come in the form of a program for certain taxpaying groups or as a way to support a governmental initiative. […]

Deferred Social Security payments due Jan. 3

WASHINGTON — The Internal Revenue Service today reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on Jan. 3, 2022. Most affected employers and self-employed individuals received reminder billing notices from the IRS. The agency noted, however, that those affected are […]

Tax Security Awareness Week: Identity Protection PIN

National Tax Security Awareness Week Choosing a special Identity Protection PIN adds extra safety for taxpayers WASHINGTON – As part of a wider effort to increase security, the Internal Revenue Service today reminded taxpayers they can get extra protection starting in January by joining the agency’s Identity Protection Personal Identification Number (IP PIN) program. Anyone […]

2022 Tax Rates, Standard Deduction Amounts to be prepared in 2023

These brackets and rates will apply for tax year 2022, which will be prepared in 2023 2022 Tax Bracket and Tax RatesThere are seven tax rates in 2022: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Here’s how they apply by filing status: Single tax rates 2022 Joint tax rates 2022 Married/Separately tax rates 2022 […]

Here’s why taxpayers should have an IRS online account

Here’s why taxpayers should have an IRS online account An IRS online account is an safe an easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system. Taxpayers can view: Their payoff amount, which is updated for the current day. The […]

Unenrolling from Advance Payments

  Q J1. Why should I unenroll? (added June 21, 2021) A1. You may want to unenroll from receiving advance Child Tax Credit payments for several reasons, including if you expect the amount of tax you owe to be greater than your expected refund when you file your 2021 tax return. The payments you receive are […]

2021 Child Tax Credit and Advance Child Tax – General Information

Q A1. What are advance Child Tax Credit payments? (added June 14, 2021) A1. Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season. If the IRS […]

How the American Rescue Plan affects 2021

Here are the first two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. COVID Tax Tip 2021-78 Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying care considered in […]

Update for taxpayers who paid taxes on 2020 unemployment compensation

The IRS is sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation. Earned Income Tax Credit (EITC) adjustments Taxpayers who have qualifying children and who become eligible for EITC after the exclusion is calculated may have to file an amended return to claim any new benefits. The IRS […]

IRS News – Families Who May Qualify for Child Tax Credits

IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15 WASHINGTON — The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax […]