This article was published by the IRS. Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? The person or business paying the taxpayer doesn't generally withhold taxes from certain payments. They don't do this because it's assumed the [...]
Here are the top five things you can do now to make filing your taxes go smoothly: Set up an online account at IRS.gov/account. It will allow you to make payments, verify the amounts of your economic impact payments, and get information about your Advance Child Tax Credit payments. Gather and organize your tax records. This [...]
This article was published by the IRS. The Internal Revenue Service is reminding retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by December 31. Required minimum distributions (RMDs) generally are minimum amounts that retirement plan account owners must withdraw annually starting with the year they reach [...]
This article was published by the IRS. The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a [...]
This article was published by the IRS. This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people's 2021 taxes. Part 1 is available here. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years. These changes include: [...]
