This article was published by the IRS. The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Eligibility A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a major disaster area [...]
This article was published by the IRS. Taxpayers have two options when completing a tax return: take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in the recent years, including increases to the standard deduction, people who itemized [...]
It's important to file your tax return by the due date. Avoid penalties and interest by filing and paying on time. If you're having trouble, the IRS has options to help. Here are some tips: Even if you can't pay in full, it's better to file on time and pay as much as you can. If [...]
This article was published by the IRS. People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it's important for people working in these areas to understand important details involving tips. What are tips? Tips are optional cash or noncash payments [...]
The IRS conducts audits by mail to verify a taxpayer's eligibility for child-based refundable credits, such as the Earned Income Tax Credit. Typically the IRS holds the refund until the audit is complete. For Earned Income Tax Credit audits, you'll usually need to provide documentation verifying your relationship to the children claimed and that they lived [...]
