Although a tax deduction and a tax credit both help lower the taxpayer’s tax, there’s a difference between them, and there are distinct types of deductions and categories of credits. This article explains these terms.
The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021 due to the continuing Covid-19 pandemic. If you could not complete your 2020 tax return … Read More
This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for at least 3 years after the … Read More
Taxpayers often wonder what is the statute of limitation for a tax assessment? Or, they ask, “How long does the IRS have to question and review my tax returns?” For most taxpayers who reported all their income, … Read More
By: Alex Franch, BS EA Most married taxpayers know that they have the option to file jointly or separately for tax filing. The Federal income tax system prods taxpayers toward joint filing. This results in the … Read More