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, “At any time during 2021, did […]
From the taxes Tag
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 […]
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, […]
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 […]
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 […]
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 […]
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) […]
As a result of pandemic-related issues, the IRS has a backlog of millions of original and amended 2020 and 2019 tax returns awaiting processing. This situation creates a risk that taxpayers who have met […]
Many taxpayers will receive year-end income statements from employers, banks, stock issuers and other sources in January and early February. Make sure to save each document, so you can refer to it for your […]
Tax related ID theft is when someone uses your information (name, SSN, etc.) to file a false tax return and claim a fraudulent refund. The number one thing you can do to prevent this […]