President Biden and his party appear to have reached an agreement on a big social spending plan after months of discussions and brainstorming. In addition, the White House's Build Back Better framework includes a $5,000 increase in the electric vehicle tax credit, for a total of $12,500. There's An EV Tax Credit Increase? As of Oct. 28, the answer appears to be yes. President Biden's Build Back Better plan includes a $12,500 electric vehicle tax credit, up from the $7,500 now

The last tax extension filing deadline for the tax year 2020 was October 15th, and although some of you may have rushed to meet the deadline, others may have missed it and are unsure what to do. If you missed the deadline for submitting a tax extension, review these 5 key questions and answers to help you figure out what to do next. Do I Still File? Yes, you should submit your taxes as quickly as possible. Even if your income was below the IRS filing threshold of $12,400 for

Tax season is approaching, and for many people, it may be a stressful time. One of the reasons why many put off doing their taxes is that they appear to be difficult. One of the main sources of concern is a misunderstanding of terminology. In your daily life, how often do you mention vested benefits or accelerated depreciation? However, one way that families can empower themselves and start winning big with their money is to ensure that their finances, including taxes, are ha

You may be wondering if you need to file taxes as an unemployed person. You might not even know what kind of taxes you need to pay or how much those taxes will cost you. We want to address these frequently asked unemployment tax questions, as a record number of taxpayers are receiving unemployment compensation as a result of COVID-19. Is it necessary for me to file taxes if I am unemployed? The short answer; it depends. This is determined by your income and filing status. To

As a parent, it's important to know the details of advance child tax credit payments. The IRS provides help in understanding these types of payments and how to be eligible. On July 15, about 60 million children's families got the first installment of the increased Child Tax Credit payments. We're here to dispel some of the most common conceptions about these payments. 1. These payments are yours to keep. Many families have voiced worry about retaining the money, believing the

Breast Cancer Awareness Month is celebrated in October. Because breast cancer is the most frequent cancer among women in the United States, becoming engaged in the battle against it may have a huge influence. You may help the community by informing people about available services and treatments, assisting individuals who are already through treatment, and contributing donations for more research. Impacts On Contributions While there has been significant progress in terms of p

Gambling is a common pastime for many people, but few are aware of the taxes that they owe on their winnings. If you win money, whether it's small or large amounts, the IRS expects to be paid their share. So what does this mean for gamblers? It's All About How Much Most individuals don't consider taxes while driving to a racetrack or casino, but what may appear to be nothing more than a chance to earn some additional cash has tax implications. Casino profits are typically sin

The last thing you need after a natural disaster is to worry about your taxes. If you are a victim of Hurricane Ida, there are tax relief options available for you. It is crucial to be informed on the options offered to you so you can make an informed decision on how to handle your situation in light of this event. The IRS has declared that victims in the state of Louisiana and parts of Mississippi can begin receiving payments. To do so, take the following steps: Make a claim

The end of the year is coming up fast and it's time to start preparing for all that tax-related paperwork. If you're like most people, you procrastinated until this point. That's okay because there are still many things you can do now to minimize your stress in April and save your behind from all of that procrastinating. Here are some last minute tips that will help save your behind when taxes come around again next year! E-file your taxes online. You don't need to worry abou

As the end of the tax year approaches, many taxpayers are scrambling to fill out their taxes. This is because there are so many different things that can happen to disrupt the process and create issues for your taxes. Tax season is always an exciting time for many individuals, but it can also be a stressful one. With so many people filing their taxes this year, there are bound to be some common mistakes that most taxpayers face. Every year, the IRS releases their Data Book in