Taxpayers should file their tax returns by the deadline even if they cannot pay their full tax bill. Taxpayers who owe taxes and don't file on time may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is late, up to 25%. If an individual taxpayer owes taxes, but can't pay in full by April 18, 2022, deadline, they should: File their tax return or request an extension of time to fil
IRS wants more individual taxpayers to get identity-protection PINS as extra protection from tax identity theft. The IP PIN is a six-digit number assigned by IRS to help verify a taxpayer's identity on returns filed either on paper or electronically. Getting an IP PIN is entirely voluntary. Taxpayers who want one must apply for it each year. To apply, go to www.irs.gov/IPPIN, select "Get an IP PIN," and verify your identity. See IRS Publication 5367 for the complete details.
Low-incomers needn't pay back credit overpayments. But others will have to. Families with 2021 modified adjusted gross incomes at or below $40,000 for singles, $50,000 for household heads, and $60,000 for couples needn't repay any overpayments. Those with 2021 modified AGIs of at least $80,000, $100,000, or $120,000, respectively, will need to repay the full amount of any overpayment when they file their 2021 1040s. Families with 2021 modified AGIs between the thresholds need
By now you should have received all of your tax forms from your employers, schools, banks, and other institutions! It is a great time to schedule an appointment to prepare and file your taxes! This year the tax filing deadline is April 18th, but do not wait until the last minute. The earlier you file, the earlier you get your refund! Appointments are filling up quickly, call us to schedule yours today! Contact us: United States Tax Services: Tax Preparation, Payroll, Account
The monthly child credit payments aren't taxable. On your 2021 Form 1040, which you file next year, you'll reconcile the payments you got with your actual credit. If the child credit exceeds the payments that you received, you can claim the excess. If the credit is less than what you got, you may or may not have to repay the excess. IRS will mail a notice by Jan. 31, 2022, showing the total amount of payments made to you. Keep the letter with your tax records to help you fill
Let's take a look at the 2021 filing season. Millions of individuals still await refunds from timely filed 2020 tax returns. As of Sept. 18, IRS had a backlog of 7.8 million individual returns that require manual processing. Some need further review because of mistakes with refundable credits or math errors. About 9 million math error notices were mailed to taxpayers from June 1 through July 15, compared with 628,997 for the same period last year. Others are paper returns fil
It is now mid-January and you should be receiving all of your tax forms shortly or you may already have them. If you have everything you need, don’t wait to book an appointment to finalize your taxes! The earlier you file them, the earlier you can receive your refund from the IRS. We are here to help make your tax filing as easy and stress-free as possible. Schedule an appointment with us today! We can do your taxes online in 24 hours. Click here for more details: #UnitedStat
Tax pros support a bill to change the due dates for estimated tax payments CONGRESS by individuals. Currently, estimated payments are due in April, June, Sept., and Jan. of the following year. For example, for 2021, the first payment was due on April 15, 2021; the second, on June 15, 2021; the third is due Sept. 15, 2021; and the fourth, on Jan. 18, 2022. The proposal would have the payments due 15 days after the end of each quarter: April 15, 2022 / July 15, 2022 / Oct. 15