IRS Economic Impact Payments and the Recovery Rebate Credit

The 2020 Recovery Rebate Credit was paid in advance to most people in the first two rounds of Economic Impact Payments. If you're like most people who were eligible, you've already received the full amount. If you received the full amount for the first two Economic Impact Payments, do not include any information about your payments [...]

IRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May

This article was published by the IRS. To help taxpayers, the Internal Revenue Service has announced that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows [...]

Refund: Claim It or Lose It

Each year, millions of taxpayers miss out on getting money - in some cases, several hundred dollars - because they were due a refund but didn't file a tax return, and their time to claim a refund ran out. If you don't file a return claiming a refund within three years, you lose it, and the [...]

What Taxpayers Need to Know to Claim the Earned Income Tax Credit

This article was published by the IRS. The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax someone owes but may give them a refund even if they don't owe any taxes [...]

Taxpayers Should Find Out if They Can Benefit from the Earned Income Tax Credit

The following article was published by the IRS. The earned income tax credit benefits working individuals and families with low to moderate incomes. EITC can lower a taxpayer's taxes, and even result in a refund. To take advantage of this credit, taxpayers must file a tax return and claim the credit. They should do so even [...]

Go to Top