Tag: IRS

Three legal ways to protect your retirement savings from the IRS

Three legal ways to protect your retirement savings from the IRS

Some of the money you save for retirement will be owed to the IRS. If you start planning now, there are ways to protect your savings. Hyundai recall: 239,000 cars recalled for exploding seatbelt parts 1. Choose the right account Most people ... MORE
IRS, News, Retirement
Tax Refund: Some filers are seeing an extra $121

Tax Refund: Some filers are seeing an extra $121

Americans had their taxes filed by April 18, 2022, unless they filed for an extension. Many are still waiting on their long overdue tax refund. Many people are saying they filed months ago, well before the deadline. Millions have yet to see ... MORE
IRS, News, Tax Refund
IRS: What is tax Form 5498?

IRS: What is tax Form 5498?

Americans who are saving up for their retirement are required to report their contributions to the IRS with Form 5498. By making contributions to an IRA, you will receive Form 5498 for your taxes annually. This is because your IRA is required ... MORE
IRS, News, Retirement
IRS: 3 things that don’t help to get your refund check faster

IRS: 3 things that don’t help to get your refund check faster

Most people know that the IRS is incredibly backed up processing tax returns. Millions of people who’ve filed paper returns will probably be waiting a while. How much will my Social Security benefit increase if I wait to file? 1. Calling the ... MORE
IRS, News
Tax Refund: Still waiting? You may see an extra $121

Tax Refund: Still waiting? You may see an extra $121

Millions of Americans for one reason or another could still be waiting on their tax refunds to show up despite filing months ago. Fortunately for taxpayers, those waiting may be owed interest. The IRS is legally required to pay interest on any ... MORE
IRS, News, Tax Refund
IRS: Reports say millions of paper tax documents destroyed by IRS

IRS: Reports say millions of paper tax documents destroyed by IRS

A recent audit completed by the Treasury Inspector General for Tax Administration found that the IRS made the choice to destroy 30 million paper tax documents. The reason was because the agency cannot catch up on the backlogs of paper returns from ... MORE
IRS, News
What is saver’s tax credit and who can apply?

What is saver’s tax credit and who can apply?

Low and middle income taxpayers that contribute to a retirement account may be eligible. It could grant you access to a non-refundable benefit between 10%-50%. IRS drops photo upload requirement, but Florida keeps requirement No tax liability To encourage building a retirement ... MORE
IRS, News
IRS drops photo upload requirement, but Florida keeps requirement

IRS drops photo upload requirement, but Florida keeps requirement

The IRS tried to require you to upload a selfie in order to access your tax documents. After backlash, they lifted the requirement, but Florida kept it in place. Five items to buy at Dollar General this week Required selfies The IRS ... MORE
IRS, News
What is the difference between education credit and tuition and fee deduction?

What is the difference between education credit and tuition and fee deduction?

You may qualify for help from one of these programs. A tax break or savings could be in store for you if you’re a student. Are there negatives to student loan forgiveness? Education credit Going to college isĀ  confusing, especially if you’re ... MORE
IRS, News
IRS: Why does my W-2 matter?

IRS: Why does my W-2 matter?

You typically get a W-2 form in the mail that you’ll need to file your taxes. It is important that you save these documents. Stimulus: Will checks for $1250 be distributed? Why is a W-2 form so important? Every employer taking part ... MORE
IRS, News
IRS: How much can you deduct for medical expenses?

IRS: How much can you deduct for medical expenses?

The IRS allows you to deduct medical expenses. But how much can you deduct and what is included? Can your 401k plan get you a tax break? What can be deducted? The IRS allows you to deduct medical expenses if they have ... MORE
IRS, News
IRS: How much is the Failure To File Penalty for filing a return late?

IRS: How much is the Failure To File Penalty for filing a return late?

The IRS is strict when it comes to filing your taxes on time, and if you owe money you will be slapped with a pricey penalty. The most common penalty is the Failure To File Penalty, which is given for those who ... MORE
IRS, News
IRS: Where is my refund? Average refunds for millions are $3,103

IRS: Where is my refund? Average refunds for millions are $3,103

The tax deadline passed this month on April 18, and the IRS has received over 122.5 million tax returns. Some people may still need to file their taxes even though that date has passed. It may be wise to do so since ... MORE
IRS, News, Refund
IRS: Why don’t you pay taxes on your stimulus check payments?

IRS: Why don’t you pay taxes on your stimulus check payments?

Those who received stimulus checks did not need to pay the IRS taxes on the federal payments they received. Normally, according to the federal tax code, any income needs to have income taxes paid on it. The federal stimulus checks are the ... MORE
IRS, News, Stimulus
EITC 2022: How much of it is refundable?

EITC 2022: How much of it is refundable?

EITC is designed to help lower-income working families. In 2020 the average payout was $2,411. What is the Middle Class Scholarship? How much of the EITC is refundable? The Earned Income Tax Credit (EITC) was introduced to help lower income families keep ... MORE
IRS, News