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Blog posts concerning Federal Income Tax tips, changes, updates, news and more
Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses. Here are some key things people should know about these accounts. Annual contribution limit The limit remains $15,000 in 2020. Certain employed ABLE account beneficiaries may make …
There are steps people can take now to make sure their tax filing experience goes smoothly in 2021. First, they can visit the Get Ready page on IRS.gov. Here are a few other things people can do now: Check their withholding and make any adjustments soonSince most taxpayers typically only have a few pay dates …
The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A …
specific employment categories and eligible educators. Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form 2106, Employee Business Expenses to take the deduction. If someone falls into one of these employment categories, they are considered a qualified employee: …