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Category Archives: IRS
Selling or You’ve Sold Your Home – Consider These
The IRS says homeowners should think about these things when selling a home: Ownership and UseTo claim the exclusion, the taxpayer must meet ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must...
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Fact Sheet – Child Tax Credit | Advance Child Tax Credit...
There have been important changes to the Child Tax Credit that will help many families receive advance payments. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only. What are advance Child Tax...
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IRS sends CP2100 and 2100A Notices
In April, the IRS sent CP2100 and CP2100A notices to banks, credit unions, businesses or payers who filed returns that don't match IRS records. These information returns include: Form 1099-B, Proceeds from Broker and Barter Exchange...
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Tax Tips for Federal Withholdings | W-4
The most common reason why you may not received a tax refund when filing your taxes is because your withholding is wrong. This applies to most W-2 filers only. Getting your withholding right enables you to receive a refund. Below is what the IRS...
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STIMULUS PAYMENTS – IRS Letters 6475 | 6331C or 5071 |...
The Economic Impact Payments (EIP) commonly refer to as Stimulus Payment is about to be phase out this tax season. If you have not received your stimulus payments, now is the time. The IRS have been sending out letters to taxpayers who they...
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Home Office Deduction Self-Employed
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and...
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