by taxPRO Websites Staff | Nov 12, 2021 | Tax Tips and News
The Internal Revenue Service is pushing out more information for taxpayers interested in the Child Tax Credit and its advance payments. The IRS has updated its online list of frequently asked questions, or FAQs, for the 2021 Child Tax Credit and the Advance Child Tax...
by taxPRO Websites Staff | Nov 10, 2021 | Tax Tips and News
Taxpayers contributing to a 401(k) plan for their retirement have gotten some good news from the Internal Revenue Service: they can now put more money into their plan for 2022. New instructions from the IRS raise the 2022 annual contribution limit on 401(k) plans from...
by taxPRO Websites Staff | Nov 6, 2021 | Tax Tips and News
A new provision in the tax code lets more taxpayers deduct up to $600 in donations to qualified charities—even if they don’t itemize. Itemizing is ordinarily the key that unlocks the charitable donation deduction; taxpayers choosing the standard deduction...
by taxPRO Websites Staff | Nov 5, 2021 | Tax Tips and News
Taxpayers in Connecticut are getting a little extra time to file their taxes, courtesy of Hurricane Ida and the IRS. Ida tore up coastal areas in the southern U.S., and went on to batter the Northeast with flooding and other damage. The Internal Revenue Service...
by taxPRO Websites Staff | Nov 3, 2021 | Tax Tips and News
Families who have significant income changes to report for the advance Child Tax Credit payments are running out of time to pass those changes on to the Internal Revenue Service. The IRS says the changes must be entered on the Child Tax Credit Update Portal (CTC UP)...
