From the March, 2022

Unclaimed 2018 IRS Refunds Deadline – Did You Know?

The IRS has issued a reminder that time is running out to claim your 2018 tax refund if you did not file a 2018 federal return. The deadline to file a 2018 IRS return […]

Reporting Cryptocurrency Transactions – Did You Know

If you had any involvement with cryptocurrency or other virtual currencies in 2021, you generally must disclose this activity on your tax return. Form 1040 includes the question, β€œAt any time during 2021, did […]

2021 IRA Contributions Deadline

If you choose to contribute money to your IRA by April 18, 2022, you may designate the contribution for the tax year 2021. Americans of any age may make 2021 IRA contributions, up to […]

Interest Received on 2021 Tax Refunds

During 2021, the IRS paid interest to many Americans who had to wait longer than usual for their 2020 federal tax refunds. Unlike the refunds themselves, most IRS interest payments are taxable income. However, […]

Tax-related Text Message Scams – Did You Know?

Scammers continue to use IRS impersonation schemes to steal personal information or trick people out of their hard-earned money. In 2021, monitoring agencies saw a dramatic increase in text message tax scams, many of […]

Social Security Income May Be Taxable

If you receive Social Security and depending on your total income, you may need to pay federal income tax on Social Security benefits. Potentially taxable payments include monthly retirement and disability benefits, along with […]

Eligibility for the 2021 Earned Income Credit (2/2)

The IRS recently highlighted revised eligibility rules for the Earned Income Credit. While many of the changes apply only for tax year 2021, several new rules will hold for future years as well. If […]

Eligibility for the 2021 Earned Income Credit (1/2)

The IRS recently highlighted special 2021 rules for the credit that significantly increases the number of Americans eligible to claim the EITC. If you have earned income (such as wages, tips or self-employment earnings) […]