What’s the earliest day to file federal income taxes? The Internal Revenue Service starts accepting tax returns as soon as the tax season begins. The tax season usually starts on the last Monday of January. Update: tax season will begin on February 12, . Those who want to file their taxes earlier than that can … Read more
The advanced premium tax credit or shortly known as the APTC is a tax credit that was introduced with the Affordable Care Act. This isn’t a tax credit that aims to lower tax liability or increase tax refund. Instead, it’s there to cover a portion of your monthly premiums for health coverage. Generally, most people … Read more
Taxpayers can contact the Internal Revenue Service for a number of reasons. Regardless of why you’re calling, you must contact the IRS within the hours of operation. As for the office hours, most local IRS offices are open between 8 AM to 5 PM. Generally, the IRS hours of operations are between 7 AM to … Read more
Form W-4 is a tax form that employees fill out to adjust how much tax needs to be withheld from their income. Form W4 example for single filers can be found in the rest of this article. First and foremost, if you don’t file Form W4, your employer will consider you as a single filer … Read more
The contributions to a 401(k) have limits. The contribution limit for is $19,500. If you’re 50 or older though, you get an additional $6,500 to contribute towards your 401(k) account. This is known as the catch-up contribution. This helps those who are close to withdrawing money from their 401(k) to contribute more. Since the withdrawal … Read more
The tax credits reduce the amount owed to the IRS. Claiming any tax credit on your federal income tax return will cut your tax liability. This surely fantastic but what’s even better is that some of them can even contribute to your tax return. This is basically like the government is basically giving you a … Read more
The FUTA (Federal Unemployment Tax Act) tax is what employers pay when filing Form 940. For the tax year, the FUTA tax is the same as it was at 6 percent. However, there is more to this rate than meets the eye. Although the FUTA tax rate is 6 percent, you may pay less. First … Read more
DA Form 71 fillable — Oath of Office is the Army personnel form that documents an officer or a soldier accepts a new appointment. The purpose of DA 71 is to allow a member of the Army to accept a new rank and take an oath. The form will detail what branch of the U.S. … Read more
When will the deferred Social Security tax start to be collected? For the last quarter of 2020, the Social Security taxes deferred by employers that participated in the payroll tax deferral obligations. After President Trump signed the executive order for the payroll tax deferral, when it was going to be collected was already states. The … Read more
How to deduct car expenses for business? The cost of operating a vehicle for your business is a business expense, there, it’s deductible. The Internal Revenue Service allows the car expenses to be deducted in two ways. A taxpayer can either claim the standard mileage deduction or deduct the actual expenses. Both of these deductions … Read more