Each notice or letter contains a lot of valuable information, so it’s very important that you read it carefully. If the IRS changed your tax return, compare the information they provided in the notice or letter with the information in your original return, explained Daniel Ahart, chief tax officer at the tax preparation company Daniel… [Read More]
Every year the IRS mails letters or notices to taxpayers for many different reasons [Infographics]
What to Do if I Receive a Letter from the IRS? Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If you agree with the information, there is no need to contact the IRS. Note: As explained on the IRS website, you can… [Read More]
More than 2.3 Million Payments Have Gone Out From the IRS
Even if you already got your third stimulus check, it’s possible that you can get an additional check. The IRS is sending out additional payments to people who didn’t get quite as much of the stimulus payment as they were meant to. About 1395 billion in payments have been made overall since the American Rescue… [Read More]
Disaster Financial Assistance for Workers and Small Business Owners [Infographics]
Get financial help from the government if you qualify. If you are a worker or a small business owner, and you’ve been affected by the COVID-19 pandemic, you may also qualify for additional disaster financial assistance. Related: Small Business Services.
Disaster Financial Assistance with Food, Housing, and Bills [Infographics]
What Disaster Financial Assistance is available? During the COVID-19 pandemic, you may qualify for additional help with food and bills. Learn about mortgage and rental relief. Related: Virtual Tax Prep
You May Qualify for Additional Help with Food and Bills
Disaster Financial Assistance with Food, Housing, and Bills During the COVID-19 pandemic, you may qualify for additional help with food and bills. Learn about mortgage and rental relief. What Disaster Financial Assistance is available? If you are a worker or a small business owner, and you’ve been affected by the COVID-19 pandemic, you may also… [Read More]
Stimulus Payments Aren’t Taxable [Infographics]
You don’t have to pay income tax on the economic impact payments. That’s right, the stimulus payment is technically a tax credit. However, they could indirectly affect what you pay in state income taxes in a handful of states, where federal tax is deductible against state taxable income. You don’t need to report the payments… [Read More]
Taxable Events from your Crypto Investing Activity [Infographics]
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world economy transaction, has tax consequences… [Read More]
New $3,000 Child Tax Credit to Start Payments in July, 2021
The $1.9 trillion aid package that President Joe Biden signed into law in March temporarily expands the child tax credit. For the 2021 tax year, the credit is upped to $3,000 per child age 17 or younger and $3,600 for children under the age of six. That’s up from the original $2,000 child tax credit… [Read More]
Third Stimulus Checks: $1,400 Payments Update
Here’s the latest timeline on when you might see the money and what to do if you haven’t received it yet. The IRS has started processing and sending out stimulus checks for millions of Americans after President Joe Biden signed the $1.9 trillion coronavirus relief package. Refer to Third Economic Impact Payment. But it could take… [Read More]
How Do I Set Up Daniel Ahart Tax Service® As Accountant in My QuickBooks Online?
QuickBooks Online allows you to invite different users through the Manage Users page. If you’d like to give us, Daniel Ahart Tax Service®, access to your company, see the steps below. What does this mean to you? Choose the QuickBooks Online plan that is right for your business. If you need help choosing, chat with us online… [Read More]
Will I Owe the IRS Tax on My Stimulus Payment?
The stimulus payment is technically a tax credit The economic impact payment, as the IRS calls it — reduces your income, which reduces the amount of tax you owe. To illustrate this, if you had $50,000 in income and had a $5,000 tax deduction, your deduction would reduce your taxable income by $5,000. Do I… [Read More]
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