Tag: 2023

During the COVID pandemic years of 2020 and 2021, the American Rescue Plan (ARPA) included legislation that provided a “lookback” rule that allowed tax filers to use prior year income levels to calculate qualification for many of the expanded tax credits and stimulus programs. This was done to allow the…

The Texas Workforce Commission (TWC) manages the states’ unemployment compensation program. This includes payments under many of the federally funded enhanced benefit programs which have been extended several times after enactment last year. See more on the relevant extensions/ unemployment stimulus programs, including an early end to these programs, in…

When it comes to filing your taxes, there are now a lot of free options that allow eligible low- and middle-income Americans to avoid expensive tax filing fees. Most leading tax software providers provide options via the IRS’ free file program which provides free or discounted federal income tax preparation…

[Updated with latest IRS limits] A year or so after starting my small business and completing my first annual tax return that showed a slight profit, my accountant advised that I start looking into a retirement account/plan for my business in order to lower my overall tax bill and also…

Tax return processing and refund payments continue to be bumpy this year given IRS budget cuts and introduction of several tax changes under Trump’s One Big Beautiful Bill. With over 160 million returns expected to be filed this tax season, many tax filers can expect processing delays beyond the standard…