Things taxpayers should know when choosing between standard and itemized deductions
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.Most taxpayers have a choice of either taking the standard [...]
As required by law, all first and second Economic Impact Payments issued; eligible people can claim Recovery Rebate Credit
The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing [...]
Avoid pandemic paper delays: Use e-file with direct deposit for faster refunds as IRS prepares to open 2020 filing season
With filing season opening on Feb. 12, the Internal Revenue Service urged taxpayers to take some simple steps to help ensure they file accurate tax returns and speed their tax refunds to avoid a variety [...]
Common and costly errors taxpayers should avoid when preparing a tax return
Electronically filing a tax return reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions. Using a [...]
The first step of tax preparation is gathering records
As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax [...]