by MTS Tax Preparation, Planning, and Financial Literacy | Jan 12, 2022 | Tax Tips and News
The Internal Revenue Service is updating its Frequently Asked Questions to reflect changes on two fronts important to a lot of taxpayers. The changes, in the form of revamped and increased guidance, are focused on the unemployment compensation exclusion for 2020, and...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 11, 2022 | Tax Tips and News
It’s official: The Internal Revenue Service says it will start accepting 2021 tax year returns on January 24, kicking off tax season. The somewhat late start for individual tax filers allows the agency the extra time needed to get their computer systems programmed and...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 8, 2022 | Tax Tips and News
Their lifeline comes in the form of a quarterly estimated tax payment, as long as it’s made for the fourth quarter of 2021 and gets to the IRS by Tuesday, January 18. The IRS sees income taxes as a pay-as-you-go proposition, meaning Americans need to pay most of their...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 6, 2022 | Tax Tips and News
No doubt about it: The future for the IRS is electronic. The agency is putting more and more formerly paper-only functions on its electronic platform, speeding up transmission and improving service as a result. Form 1024, Application for Recognition of Exemption under...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 5, 2022 | Tax Tips and News
Victims of the New Year wildfires in Colorado now have one less thing to worry about. The Internal Revenue Service has given individual and business taxpayers affected by the disaster until May 16 to file and pay an array of federal taxes. The fires started December...
by MTS Tax Preparation, Planning, and Financial Literacy | Dec 30, 2021 | Tax Tips and News
If taxpayers get a letter from the Internal Revenue Service relating to either the Advance Child Tax Credit or Economic Impact Payments, they need to file the letters for safekeeping. Those taxpayers will need the letters when they file their 2021 income taxes next...
