This article was published by the IRS. The Internal Revenue Service is reminding retirees who turned 72 during the last half of 2021 that, in most cases, Friday, April 1, 2022, is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans. The payments, called required minimum distributions [...]
Many workers with low-to-moderate income may be eligible for the Earned Income Tax Credit, also called EITC. To get the credit, you must meet some basic requirements, but if you qualify, it can mean a bigger refund. The amount of the credit you can get depends on your income and family size. Families with at least [...]
This article was published by the IRS. One way people can get this tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov. This online tool helps employees avoid having too much or too little tax withheld from their wages. [...]
If you're in the military, you have various tax options available to you. First, there's the Department of Defense's MilTax. It's free and there are no income limits. MilTax includes tax preparation and electronic filing software, as well as personalized support from tax consultants. It's designed to address the realities of military life, including deployments, combat [...]
This article was published by the IRS. The IRS' tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes, are as follows. Revenue Procedure 2021-45 provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2021-45: The tax year 2022 adjustments described below [...]
