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Each year, the IRS processes roughly 150 million individual tax returns. Yours may be one of them—if you have to file a tax return. Not everyone has to file a tax return, and whether you need to file depends on your age, filing status, income level, and the source of that income. Here’s what you […]

Unemployment benefits can be a financial lifeline when you lose a job, but you should know that the IRS considers them taxable income. As such, you may need to have income taxes withheld from your benefits, make estimated payments, or create a plan for paying the amount you’ll owe when you file your federal income […]

There were several tax law changes in 2021 which will affect most Americans this coming tax season. The expanded child tax credit payments could impact many families’ tax refunds, and for the nearly 90% of Americans who claim the standard deduction, they will see a small but positive change. The IRS has yet to announce […]

When you file your federal income tax return, one of the first decisions you need to make is selecting your filing status. Choosing the right one is crucial because it affects your standard deduction (assuming you don’t itemize), your tax bracket, and the types and amounts of other tax credits and deductions you claim. Selecting […]

It’s not uncommon to make a mistake on your federal tax return or leave out important information such as a tax deduction or credit that you’re entitled to—but the IRS has a process that gives you a second chance. “An amended tax return is filed when a taxpayer realizes a mistake was made on the […]

Technology has limitations, especially when you’re facing a money situation that’s complex or involves judgment calls. Consider consulting a human expert in these situations.