Mar 2, 2022 | Tax Tip
IRS issues FAQs for Tax Year 2021 Earned Income Tax Credit WASHINGTON — The Internal Revenue Service today issued frequently asked questions (FAQs) for the 2021 Earned Income Tax Credit to educate eligible taxpayers on how to properly claim the credit when they...
Feb 14, 2022 | Tax Tip
IRS launches resource page on IRS.gov with latest details and information for taxpayers during filing season WASHINGTON –To help taxpayers and tax professionals, the Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details...
Jan 11, 2022 | Tax Tip
It’s important for taxpayers to know the difference between standard and itemized deductions Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest...
Dec 7, 2021 | Tax Tip
Get ready for taxes: What’s new and what to consider when filing in 2022 WASHINGTON – The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps...
Nov 4, 2021 | Tax Tip
IRS announces 401(k) limit increases to $20,500 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued...
Oct 14, 2021 | Tax Tip
Most taxpayers who requested an extension to file their 2021 tax return must file by Oct. 15 October 15 is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2020 tax return must file tomorrow to avoid the penalty for filing...
