by TallyPage Accounting and Bookkeeping | Jul 30, 2021 | Tax Tips and News
The Internal Revenue Service says it’s not done issuing refunds for tax paid on COVID unemployment benefits. Another 1.5 million taxpayers are now slated to get refunds averaging over $1,600 as part of the IRS adjustment process in the wake of recent legislation. It...
by TallyPage Accounting and Bookkeeping | Jul 29, 2021 | Tax Tips and News
With summer comes the prospect of a summer job for college students. Many times, their top priorities are twofold: Get some valuable work experience that can help them snag a choice position once they’ve graduated Make some spending money while they’re at it It’s...
by TallyPage Accounting and Bookkeeping | Jul 28, 2021 | Tax Tips and News
Live long enough, and we all come to realize there are still a few universal truths: Everybody likes to save a little time. Everybody likes options. Everybody likes things to be easy. When it comes to dealing with yearly income taxes, the Internal Revenue Service...
by TallyPage Accounting and Bookkeeping | Jul 24, 2021 | Tax Tips and News
Let’s face it: higher education is expensive, whether it’s community college, a trade school, a four-year university or an advanced degree. That’s where higher education tax credits come in. Credits reduce the amount of tax owed by qualified taxpayers. Some credits...
by TallyPage Accounting and Bookkeeping | Jul 23, 2021 | Tax Tips and News
The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little...
by TallyPage Accounting and Bookkeeping | Jul 21, 2021 | Tax Tips and News
The Internal Revenue Service is continuing to move individual income tax features into the digital age. The agency’s latest move gives taxpayers digital control over who can represent them or view their tax records. The new feature is one of the recent upgrades...
by TallyPage Accounting and Bookkeeping | Jul 20, 2021 | Tax Tips and News
The Internal Revenue Service is welcoming the newest member of its Spanish-language features into the clan. The Child Tax Credit Eligibility Assistant that helps families determine if they qualify for the Child Tax Credit and its special advance payments is now...
by TallyPage Accounting and Bookkeeping | Jul 20, 2021 | Tax Tips and News
Every year, the Electronic Tax Administration Advisory Committee (ETAAC) sends a report to Congress that includes recommendations for improving tax administration. This year, the committee’s report followed a second filing season defined by the challenges of a global...
by TallyPage Accounting and Bookkeeping | Jul 20, 2021 | Tax Tips and News
The IRS is reporting a rise in successful scams targeting tax professionals. This news comes on the heels of a second filing season defined by the pandemic: Preparers and taxpayers again relied on digital communication and file exchange, and legislators passed...
by TallyPage Accounting and Bookkeeping | Jul 20, 2021 | Tax Tips and News
After a dismal winter made darker by the COVID-19 pandemic, millions of American families are getting a little sunnier disposition thanks to advance payments of the Child Tax Credit. Millions of the advance payments are now showing up as electronic deposits in...