Tax Laws

  • More Unemployment Tax Refunds Coming, IRS Says

    The Internal Revenue Service says it’s not done issuing refunds for tax paid on COVID unemployment benefits. Another 1.5 million taxpayers are now slated to get refunds averaging over $1,600 as part of the IRS adjustment process in the wake of recent legislation. It all started with passage of the American Rescue Plan Act of…

  • IRS Highlights Tax Resources for College Students

    With summer comes the prospect of a summer job for college students. Many times, their top priorities are twofold: Get some valuable work experience that can help them snag a choice position once they’ve graduated Make some spending money while they’re at it It’s during this time these working students get to know one of…

  • What Taxpayers Need to Know About Higher Education Credits

    Let’s face it: higher education is expensive, whether it’s community college, a trade school, a four-year university or an advanced degree. That’s where higher education tax credits come in. Credits reduce the amount of tax owed by qualified taxpayers. Some credits are refundable, that is, if a refundable credit reduces tax owed to less than…

  • IRS Explains Educator Expense Deduction

    The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little relief. The deduction is available for teachers,…

  • New Tax Pro Account, Other Services Launch on IRS.gov

    The Internal Revenue Service is continuing to move individual income tax features into the digital age. The agency’s latest move gives taxpayers digital control over who can represent them or view their tax records. The new feature is one of the recent upgrades to the Online Account for individuals. It allows taxpayers to designate their tax…

  • Using the IRS Withholding Estimator

    We’ve all been there before: We got a new job, and on the first day, our new boss puts a Form W-4 on our desk and tells us to fill it out for withholding. It takes a bit of math and what feels like a good helping of guesswork to figure out just how much…

  • Update Bank Info for Advance Child Tax Credit Payments on IRS.gov

    Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued. The Internal Revenue Service announced a new feature for…

  • New Online Tools Help Families Manage Monthly CTC Payments

    The Internal Revenue Service has unveiled a pair of new tools to help families manage and monitor advance monthly payments of the Child Tax Credit, made possible by the American Rescue Plan. The new tools join the Non-Filer Sign-up Tool that helps families who aren’t normally required to file an income tax return to file…

  • Refunds Could Be Issued for Overpayment of Tax on Unemployment

    It’s said that the early bird gets the worm. Some early-bird taxpayers could see a real benefit from their promptness to file their taxes, and it’s worth more than mere worms. The legislative package known as the American Rescue Plan of 2021 was passed into law in March of this year. Normally, unemployment benefits are…

  • Q2 Estimated Taxes Due June 15

    It may seem that we just got through with the 2021 income tax season, but there’s already another tax deadline waiting in the wings. The Internal Revenue Service is reminding taxpayers who pay estimated taxes about their second-quarter installment deadline: June 15. People generally pay estimated taxes when they have income that isn’t normally subject…