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What is Credit for Other Dependents?
The Credit for Other Dependents is a tax credit available to taxpayers for each of their qualifying dependents who can't be claimed for...
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vm.acc4u@gmail.com
Nov 19, 20211 min read
Payment Plan with the IRS
If you are a qualified taxpayer or authorized representative (Power of Attorney) you can apply for a payment plan (including installment...
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vm.acc4u@gmail.com
Nov 18, 20211 min read
How to report cryptocurrency on the tax return
People might refer to cryptocurrency as a virtual currency, but it's not a true currency in the eyes of the IRS. According to IRS Notice...
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vm.acc4u@gmail.com
Nov 17, 20211 min read
What is a 401k CARES Act withdrawal?
Normally, participants who withdraw money from a tax-deferred retirement account before reaching age 59½, must pay a 10% early withdrawal...
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vm.acc4u@gmail.com
Nov 16, 20211 min read
Advance Child Tax Credit Payment Tracker
Keep good tax records by tracking your Advance Child Tax Credit payments received from the IRS using this tracking form:...
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vm.acc4u@gmail.com
Nov 15, 20211 min read
What is My Filing Status?
As taxpayers get ready for the upcoming filing season, it is important for them to know their correct filing status. A taxpayer’s filing...
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vm.acc4u@gmail.com
Nov 12, 20211 min read
Did not receive your Stimulus payments?
If you didn't get a first (1,200) and second ($600) Economic Impact Payment or got less than the full amounts, you may be eligible to...
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vm.acc4u@gmail.com
Nov 11, 20211 min read
Where's My Refund?
There is the tool on the IRS web-site to check the status of Federal Tax Refund: https://www.irs.gov/refunds Where’s My Refund? will...
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vm.acc4u@gmail.com
Nov 9, 20211 min read
IRS announces 401(k) limit increases to $20,500
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500,...
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vm.acc4u@gmail.com
Nov 8, 20211 min read
Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize
The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600...
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vm.acc4u@gmail.com
Nov 3, 20211 min read
Tax Deductions for Service Animals 2021
If you have a service animal, you may get a tax break under the Medical Expense deduction. To qualify, your medical expenses paid during...
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vm.acc4u@gmail.com
Nov 1, 20211 min read
Tax Withholding Estimator
For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer...
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vm.acc4u@gmail.com
Oct 29, 20211 min read
Child Tax Credit: Update income on IRS online portal
On Monday, Nov. 1, the IRS will launch a new feature allowing any family receiving monthly Child Tax Credit payments to update their...
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vm.acc4u@gmail.com
Oct 27, 20211 min read
E-filing is available for Form 1040-X (Amended U.S. Individual Tax Return) Filers
E-filing is available for amending 2019 and 2020 returns that were originally e-filed. E-filing amended returns will result in much...
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vm.acc4u@gmail.com
Oct 25, 20211 min read
CP 2000 - NOTICE OF UNDERREPORTED INCOME
A letter from the IRS may give any taxpayer cause for concern. The CP2000 letter usually sent to you when the information on your tax...
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vm.acc4u@gmail.com
Oct 21, 20211 min read
Home Testing Kits for COVID-19 Are Eligible Medical Expenses
If you buy a home testing kit, you may treat it as a deductible medical expense if you itemize deductions (IR-2021-181). It is an expense...
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vm.acc4u@gmail.com
Oct 20, 20211 min read
Changes to 2021 & 2022 Tax Deductions for Business Meals
Earlier this year, the Consolidated Appropriations Act (CAA) 2021 introduced a temporary 100% deduction for expensing business meals...
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vm.acc4u@gmail.com
Oct 18, 20211 min read
CPA LETTERS or THIRD PARTY VERIFICATION LETTERS
Sometimes referred to informally as “comfort letters,” a typical verification request relates to a client’s pending loan or refinance...
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vm.acc4u@gmail.com
Oct 12, 20211 min read
October 15th deadline approaches for taxpayers who requested extensions to file 2020 tax returns
I remind you about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before...
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vm.acc4u@gmail.com
Oct 6, 20211 min read
Advance Child Tax Credit Payments in 2021
There are important changes to the Child Tax Credit this year. It is helping many families get advance payments of the credit starting...
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