How the Internal Revenue Service defines and calculates different types of income affects the taxes you owe. Modified adjusted gross income (MAGI) is one of them. MAGI also decides...
Posted by Pat Raskob on 08/11/2022
Tax refunds are issued a few weeks after returns have been filed. But due to Covid-19, it takes much longer than a few weeks now. IRS says tax refunds are issued within 21 days. But...
Posted by KLSM CPA Firm PLLC on 05/31/2022
The EITC is an important tax credit directed at millions of families across the US. It is one of the most substantial tax credits, making it important for people to access the credit...
Posted by Pat Raskob on 06/18/2021
There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...
Posted by KLSM CPA Firm PLLC on 02/09/2021
The Health Coverage Tax credit is a program funded by the Federal Government to assist people classified as displaced workers by the Department of Labor, US, and people benefiting...
Posted by Taxes Made EZ Inc on 01/31/2021
The government recently agreed on the details of a $900 billion coronavirus bill attached to a $ 1.4 billion omnibus that will fund the government for fiscal 2021. Congress also voted...
Posted by KLSM CPA Firm PLLC on 01/12/2021
The child tax credit is a credit that can give you up to $2,000 for each qualifying child while a qualifying dependent gets $500. It is a refundable tax credit that diminishes when...
Posted by Rosovich & Associates, Inc. on 12/19/2020
Since preparing your tax return hasn't been intimidating enough, there may be times when you need to amend a pre-filled tax return. While filling out a correct return may seem...
Posted by Tucker Accounting Services LLC on 03/15/2021
Almost everyone is eager to know when they will have their refunds from the IRS. Thanks to technology, you can track this online and know its status. The IRS' 'Where's...
Posted by Elliot Kravitz, ATP on 07/23/2020
