The Internal Revenue Service allowed taxpayers to claim an income exclusion for unemployment compensation received in for the tax season. The unemployment tax break provided an exclusion of up to $10,200. This essentially worked as a deduction. Even though it was announced after the tax season started, the IRS took it into effect immediately, and … Read more
The child tax credit has been the biggest helper to taxpayers with qualifying children under 18. The advanced payments of the credit will continue in as Build Back Better Act has been extended for an additional year. Initially, the advanced payments and the increased amount of the credit from $2,000 to $3,000/$3,600 were going to … Read more
Form 1042-S is the tax form that tax withholding agents file. Whether you’re a business, school, institution, or any other entity, you must file Form 1042-S for the income paid to a nonresident alien. It’s similar to information returns like Forms W-2 and 1099. You must file 1042-S with the Internal Revenue Service and the … Read more
The electric vehicle tax credit has been around for some time now, but with the introduction of the Build Back Better Act, it has seen a significant improvement. Prior to the new changes, taxpayers could claim an average of $4,000 in EV tax credit. This number has been increased to a maximum of $12,500. While … Read more
Form 461, Limitation on Business Losses, is the tax form used for calculating the excess business lost to report on a noncorporate tax return. When you’re trying to figure out the excess business loss, use Form 461 to compute it and enter it on your federal income tax return. Although Form 461 doesn’t serve any … Read more
Preparing a paper federal income tax return is a choice for many, but at the same time, it’s an obligation for many. Specific tax forms can’t be filed electronically, and in that case, you must paper file your tax return and mail it to the Internal Revenue Service. Although it should be your priority to … Read more
The EV Tax Credit is a great way to offset some costs of driving a hybrid or electric vehicle. But there are some limitations to how much you can claim and how you can do it. Here’s some information to help you get the most out of this tax credit. Inflation reduction act EV tax … Read more
With 40 million people, California is the most populous state in the United States. This means thousands of businesses and millions of workers. When you have this many people, you need to have more government buildings to make everything run smoother. In California, some Internal Revenue Service office buildings are closed due to COViD-19. Here … Read more
The Internal Revenue Service has ten offices in Ohio. The location of the offices is spread evenly throughout the state. Without a doubt, you can go to any of the IRS offices quickly, but sometimes, you don’t need to. You can call the IRS offices in Ohio and get the information or update you need. … Read more
With over 42 million Americans currently holding a student loan balance, there are many questions that go around them. From its relation to taxes to pay them back, student loans can easily get confusing, especially with all the misconceptions and wrong answers. Contrary to what some might think, there is a clear connection between student … Read more