As a new school year approaches, students are considering what classes they need to take and how much the classes will cost. Whether it’s community college, a trade school, a four-year university or an advanced degree, higher education is expensive. The good news is tax credits can help offset these costs. These credits reduce the…

Do Millennials need life insurance? That depends, but if 2020 taught us anything, it’s that some things are just plain out of our control. But today, there are more tools and products than ever before — like online term life insurance — that could help you take back some of that control by bringing smart…

The first of six advanced child tax credit payments hit millions of parents’ bank accounts yesterday, providing them with up to $300 per child for the month of July. But many people received less (or sometimes more!) than what they thought they were eligible for. The White House and the IRS did send out letters…

Taxpayers have the right to: Receive prompt, courteous, and professional assistance from the IRS. Be spoken to in a way they can easily understand. Receive clear and easily understandable communications from the IRS. Speak to a supervisor about inadequate service. Here are some things taxpayers can expect when working with the IRS: IRS representatives will…

Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a person pursues because they enjoy it and with no intention of making a…

By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax returns. There is no automatic 30-day extension to file Form 1099-NEC. However, an extension…

Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money…

Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax return, but early planning can help make filing their 2021 tax return easier. Taxpayers should be prepared to claim tax credits and deductions. Here are a few facts about credits and deductions…

Tax transcripts are used for a variety of things, like applying for a mortgage or a student loan. Taxpayers order a tax transcript on IRS.gov. They can also learn about the different types of transcripts available from the IRS. Order a tax transcript Taxpayers can request a transcript, either online or by mail at Get…

The IRS Non-filer Sign-up Tool offers a free and easy way for eligible people who don’t normally have to file taxes to provide the IRS the basic information needed – name, address, and Social Security numbers – to figure and issue advance child tax credit payments. Often, these are individuals and families who receive little…