One of the first things to figure out with your taxes is which filing status to use. What counts is your status as of December 31st, not any other time of year. There are five filing statuses. Which one is yours? Single - If you're single, divorced, or legally separated as of December 31st, you're probably [...]
This article was published by the IRS. The Internal Revenue Service is reminding IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end [...]
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 [...]
