Tag: IRS

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Do I need to pay back my child tax credits to the IRS even if it’s untaxed?

Child Tax Credits are an advanced payments of a credit that would be claimed by parents of dependents, but there are a few instances where the parent may need to pay that money back. Some people opted out of the program so ... MORE
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Tax brackets are being raised thanks to the impact of inflation across the nation

The massive surge in consumer pricing has caused inflation adjustments for the 2022 tax year. This applies to federal income brackets and the standard deduction. Tax bracket thresholds are now rising and tax bracket cut off points increased around 3%. This is ... MORE
Income Tax, IRS, News, Tax Return
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Americans could be sent $2,000 stimulus checks every month for the rest of the pandemic

A new proposal in gaining support across the nation as Americans say $2,000 per month would help Americans weather the pandemic. A petition has been created and calls on both Congress and President Joe Biden to send Americans these monthly stimulus checks ... MORE
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Surprise tax refunds will be deposited into thousands of Americans bank accounts by the end of the year, will one be yours?

Many taxpayers can prepare for tax refunds to hit their bank accounts by the end of December. The refunds are going to taxpayers that paid taxes on unemployment income when they didn’t need to. Many of them filed their taxes before it ... MORE
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One state has over $5.6 million in unclaimed tax refunds, are one of them yours?

Apparently residents in Louisiana are entitled to $5.6 million dollars in income tax refunds, but they haven’t claimed them. Taxes that go unclaimed are sent to the unclaimed property program that the state runs. The money came from the Department of Revenue ... MORE
IRS, News, Tax Refund
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IRS tax refunds missing: Millions of people waiting for thousands of dollars

Are you still owed a 2021 tax refund? For millions of Americans tax refunds have not been deposited by the IRS into bank accounts. In Pennsylvania, individuals could be eligible for upwards of $1,000 via tax refund. In Louisiana, $5.6 million remains ... MORE
IRS, News
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Tax refunds are still slow for 2021, here’s how to make sure you get your 2022 tax returns quickly next year

The IRS is now forced to pay interest on thousands of refunds that Americans still have not received for their 2020 tax returns. Now the IRS is offering a few tips on how to file your 2022 taxes quickly and hopefully receive ... MORE
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Still waiting for your tax refund? Millions of taxpayers will receive interest on their late tax refunds

It’s November and some people are still waiting for their tax refunds from last April when they filed them. At this point, it might be a good thing because the IRS is paying interest on the refunds that people are still waiting ... MORE
IRS, News, Tax Refund, Tax Return
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Small business owners worried as IRS targets digital payments: Thousands could be owed in 2022

The Internal Revenue Service is cracking down on digital payments. In an effort to collect on unpaid taxes the IRS is set to start tracking transactions on platforms like PayPal, Venmo, and Square beginning January 1, 2022. The tax reporting change is ... MORE
Business, IRS, News, Venmo
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These 13 states decrease the size of your social security checks

Social security is a major way for people to survive when retiring, and the checks are already subject to federal taxes. Many states don’t take out state taxes on top of that, effectively minimizing the actual amount people are able to collect ... MORE
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430,000 people surprised to receive $1,189 stimulus checks, who got them?

The IRS recently sent out the refunds averaging $1,189 to 430,000 taxpayers that paid taxes they should not have on their unemployment. As many wait for a fourth stimulus check that’s starting to look unlikely, people were happy to receive this payment ... MORE
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Households have one last chance to collect the $3,600 in child tax credits if they haven’t yet, here’s how

The American Rescue Plan allowed for families that were eligible to collect an enhanced child tax credit ahead of time before getting the full refund in 2022. Some families that are eligible still haven’t signed up and collect up to $3,600 they’re ... MORE
Child Tax Credit, IRS, News
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11.7 million Americans finally get their unemployment tax refunds after three months, totaling $14.4 billion

11.7 Americans were eligible for a tax break that made it so the first $10,200 of unemployment collected was untaxed. Those that filed before the law was passed March 11 are being refunded if they overpaid on their taxes. The tax break ... MORE
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I forgot to file my taxes on time, what happens now?

The extension for taxpayers was May 17. They had until then to file an extension if they needed more time to complete their taxes. If you forgot to file or simply did not ask for an extension, do not ignore it because ... MORE
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Are you still waiting for the unemployment tax break worth $10,200? Here’s how to check for a refund

Many people collecting unemployment before the passing of the American Rescue Act are now waiting for a refund. The act made the first $10,200 of unemployment benefits no longer taxable income, but many had already filed their taxes before the law changed ... MORE
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Some households are eligible for $900 in child tax credits this month, is yours one of them?

Some families signed up for the child tax credits late, and they may get $900 this month to make up for it. They’ll also receive $900 for the December payment. Those who will be getting these amounts are non-filers that used the ... MORE
Child Tax Credit, IRS, News
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413,000 families will be getting unemployment tax refunds worth $1,189, are you eligible?

Did you lose your job during the pandemic? If yes, the IRS may owe you money, so keep an eye on your bank account. The IRS is working to send refunds to those that paid taxes on unemployment. They have issued over ... MORE
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Are you getting a fourth stimulus check worth $500? How to check and make sure

Some Americans are slated to receive their fourth round of stimulus checks this week worth $500. The program is for California residents and part of the Golden State Stimulus program headed by the Franchise Tax Board. Many recipients started to expect direct ... MORE