by MTS Tax Preparation, Planning, and Financial Literacy | Nov 22, 2021 | Tax Tips and News
A new provision in the tax code lets more taxpayers deduct up to $600 in donations to qualified charities—even if they don’t itemize. Itemizing is ordinarily the key that unlocks the charitable donation deduction; taxpayers choosing the standard deduction...
by MTS Tax Preparation, Planning, and Financial Literacy | Nov 22, 2021 | Tax Tips and News
Taxpayers contributing to a 401(k) plan for their retirement have gotten some good news from the Internal Revenue Service: they can now put more money into their plan for 2022. New instructions from the IRS raise the 2022 annual contribution limit on 401(k) plans from...
by MTS Tax Preparation, Planning, and Financial Literacy | Nov 22, 2021 | Tax Tips and News
The Internal Revenue Service is pushing out more information for taxpayers interested in the Child Tax Credit and its advance payments. The IRS has updated its online list of frequently asked questions, or FAQs, for the 2021 Child Tax Credit and the Advance Child Tax...
by MTS Tax Preparation, Planning, and Financial Literacy | Nov 22, 2021 | Tax Tips and News
As the economy warms up in recovery mode, inflation starts to raise its ugly head. Everything—from baby food to new cars—costs more. To keep up, the Internal Revenue Service has to update its tax processes and forms to adjust for inflation. So, the IRS has released...
by MTS Tax Preparation, Planning, and Financial Literacy | Nov 22, 2021 | Tax Tips and News
The Internal Revenue Service is doing a little extra to help those taxpayers who have suffered from the wildfires in California. The agency is pushing back the deadlines for filing and paying various individual tax returns to January 3. The deadlines were originally...
