The Form 1040, also known as the “U.S. Individual Income Tax Return,” is the primary form used by taxpayers to report their annual income and tax liability to the Internal Revenue Service (IRS). Every year, the IRS releases updated versions of the Form 1040 and its associated schedules and instructions, to reflect any changes in […]
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The Internal Revenue Service reminds taxpayers who receive income from the sale of goods and/or services that they might receive Form 1099-K, Payment Card and Third-Party Network Transactions, in the early part of 2023 if their total payment card and third-party network transactions for the 2022 year exceeded $600. Form 1099-K, has undergone modifications and […]
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Don’t be alarmed if you receive a letter from the Internal Revenue Service; it may indicate that money is owed to you and has to be claimed. Over 9 million Americans are still owed stimulus payments, the Earned Income Tax Credit, or the Child Tax Credit, according to a 2022 IRS announcement. The IRS wants […]
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A rule announced by the Biden administration will make it simpler for families with at least one member who receives health insurance from a job to qualify for Affordable Care Act subsidies that lower monthly rates. If a person qualifies for affordable employer coverage that complies with minimum coverage requirements, they are not eligible for […]
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The Inflation Reduction Act contains a number of different modifications that affect the cost of EVs, including income restrictions and car price constraints. The choice of whether to purchase an electric vehicle right away or wait a few months might cost buyers thousands of dollars. The Inflation Reduction Act, a significant tax, healthcare, and environmental […]
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The Affordable Care Act, also known as Obamacare, included the premium tax credit at its inception to assist Americans of lower and middle incomes in paying for health insurance obtained through the healthcare marketplace, HealthCare.gov or a state exchange. By using the credit to reduce the cost of health insurance, more people are able to […]
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Millions of taxpayers who owe $5 or more in back taxes have already received CP14 warnings from the IRS politely reminding them that the IRS needs their money. Immediately following tax season, the IRS is not very active in collecting. They have a lot of work to do, after all. But by the end of […]
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Use Form 9465 to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return, or if the IRS determines that you cannot pay any of your tax debt, they may report your account as currently not collectible and temporarily delay collection until your financial condition improves. […]
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An estimated 1.5 million taxpayers who did not file a 2018 Form 1040 federal income tax return may be owed about $1.5 billion in unclaimed income tax refunds, but they must act by the April tax deadline, according to the Internal Revenue Service. There’s just a three-year window to seek these returns under the law, […]
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The IRS has issued all first, second and third Economic Impact Payments. Most eligible people already received their stimulus payments and won’t be eligible to claim a Recovery Rebate Credit. The IRS is no longer issuing third Economic Impact Payments. People who are missing a third stimulus payment or got less than the full amount […]
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