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Here’s how a Taxpayer’s Custody Situation May Affect Their Advance Child Tax Credit Payments

This article was published by the IRS. Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Understanding how the payments work [...]

Extension of Time to File

The due date for personal income tax extensions is just around the corner. All those who filed Form 4868 to request an automatic six-month extension will need to file their taxes by October 15, 2021. Don't forget - the extension only applies to filing the tax return itself. It does not apply to any taxes owed. [...]

An Overview of Excise Tax

This article was published by the IRS. In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco, and other goods [...]

Estimated Tax Payments

Income taxes are a pay-as-you-go system. That means you pay your taxes as you earn income during the year. Either your employer withholds taxes from your pay, or you pay quarterly estimated taxes on your own. If you have income that's not subject to withholding, you may need to make quarterly payments. This includes income such [...]

Taxpayers Should Know and Understand Their Correct Filing Status

This article was published by the IRS. Taxpayers need to know their correct filing status and be familiar with each option. Generally, the taxpayer's filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain [...]

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