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 [...]
Are you putting off filing your tax return because you owe money but can't pay? You shouldn't. The IRS can help you if you're having trouble paying all the taxes you owe at once. But YOU must take action. Here's what you need to do: First, before the tax deadline, either file your tax return or [...]
Under the broker information reporting rules, brokers must report transactions in securities to both the IRS and the investor. These transactions must be reported on Form 1099-B. Legislation enacted in 2021 extends these broker information reporting rules to cryptocurrency exchanges, custodians, or platforms (e.g., Coinbase, Gemini, or Binance), and to digital assets such as cryptocurrency (e.g., [...]
This article was published by the IRS. The Internal Revenue Service has issued frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit. Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 [...]
