IRS reminds taxpayers their Social Security benefits may be taxable

A new tax season has arrived. The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don’t include supplemental security income payments, which aren’t taxable. The portion of benefits that are

Check the status of a refund in just a few clicks using the Where’s My Refund tool

Tracking the status of a tax refund is easy with the Where’s My Refund? tool. It’s available anytime on IRS.gov or through the IRS2Go App. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. Refund timing Where’s My Refund provides a personalized date after the return is processed and a

IRS ADVANCE CHILD TAX CREDIT PAYMENTS

If you have received advances of your 2021 child tax credit, you will have to reconcile the amount you received to the amount you were due when you file your income tax return. In January 2022, the IRS will be mailing you Letter 6419 to provide you with the total amount of advance Child Tax

IRS OPENS THE 2022 TAX FILING SEASON

The IRS will begin to accept electronically filed individual income tax returns for 2021 beginning on January 24, 2022. This year, your Form 1040 is due on April 18, 2022 (not April 15th). This is because of the Emancipation Day holiday. If you cannot file by April 18th, you can request an extension of time

Changes to the Premium Tax Credit with the American Rescue Plan

Anyone who gets their Health Insurance through the government Healthcare Exchange may want to take note of some changes for 2021 and 2022: ARP made changes to the healthcare income limits for the subsidy. It has changed, but unfortunately there is no magic table to look at anymore. The reason is because they have eliminated