If you're in the Armed Forces, there are several special tax benefits that apply to you: First, you may be eligible for a combat zone exclusion, which means some or all of your combat pay could be tax-free. However, you may choose instead to include tax-free combat pay in your earned income when you file your [...]
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 [...]
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 [...]
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 [...]
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 [...]
