Money Today That Matters Tomorrow
Like many other tax credits, the child and dependent care tax credit (CDCTC) saw a significant reduction after a pandemic induced legislative expansion. The CDCTC has now returned to a maximum credit amount of $2,100 instead of the pandemic expanded $8,000. Income thresholds and the percentage of child care expenses …
[2023 Tax Season Update] The IRS has announced that they will be delaying the introduction of the new $600 reporting threshold for 1099-K forms. This was to be introduced this tax season. This means the existing $20,000 and 200 transactions thresholds will remain in place through the current tax season …
With rising prices and variable weather conditions, many households continue to struggle when it comes to paying for home energy costs. Fortunately, for those on the lower end of the income scale, there are several federally-funded state assistance programs. Many may not be aware of these programs and so don’t …
After submitting your tax return you may see the following message with reference to code 1242 and Tax Topic 151 when you check your IRS refund status. Naturally when seeing this many taxpayers may get stressed and worried about what’s going to happen next. Read on to see what this …
The Internal Revenue Service (IRS) generally receives over 150 million individual returns over the tax season with more than 95% of those returns filed electronically and over 80% of those returns resulting in refunds. Over the last few years, thanks to plenty of pandemic related stimulus payments and funding for …
In these tough economic times with rising inflation and high interest rates, many of us may feel quite poor. But feeling poor, versus being poor according to the government are two different things. In fact, the Census Bureau and Department of Health and Human Services (HHS) provide actual numbers to …
With higher than normal inflation, many seniors on fixed incomes are looking for help to make ends meet and ensure they have access to healthy and nutritious food. There has been talk of a “grocery stimulus” or additional coverage under the Food stamp/SNAP program (Commodity Supplemental Food Program), but it …
There are several ways you can maximize your tax refund in the coming year, including the following ways: Contribute to a retirement account: Contributions to certain types of retirement accounts, such as 401(k)s and traditional IRAs, can be deducted from your taxable income. This can reduce your tax bill and …
I see many readers on this site and across various social media channels post questions around their tax transcript in hope of getting help or an answer on their adjusted/amended tax return and/or to find out more with what is happening with their refund. In this article I’ll summarize some …
The Kentucky Career Center (KCC) Unemployment manages the states’ unemployment insurance program, systems and benefit processing/payments. With the expiry the pandemic unemployment programs, only traditional/regular state unemployment is available for full or partial unemployment claims. The table below provides key details on the latest unemployment benefits and qualifying wage requirements. …
Education choice is an important topic for a lot of American families. And over the last few years there has been a debate about putting more educational choice (and financial support) back in the hands of parents versus balancing the needs for adequate funding of public schools. This has manifested …
While the IRS provides several online tools and options to get information on your personal tax (1040) return, business owners have to instead call the IRS to get help with questions related to corporate refunds. The IRS have themselves stated that for any business related tax returns and refund information, …
Much to my disappointment I ended up owing taxes when I filed my tax return this year. Or said another way I had a tax liability to the IRS. While paying taxes I legally owe is not itself a bad thing, after all I did not give an interest free …
Transaction codes are used on IRS tax transcripts to provide information for individual and business filers into what is or has happened with their tax return processing, reasons for potential delays, when a refund will be paid or why it is delayed. Given the long delays in IRS processing over the …