Who is required to file a tax return? is a very common question among people earning less or having a casual income. Well, legally speaking, filing a tax return is obligatory not just for a person having total income exceeding a specified limit but also a person who may not have income but satisfying certain …
The standard deduction is the hassle-free deduction under the Internal Revenue Code that is available to almost every taxpayer who does not choose itemized deduction. So, the standard deduction is a flat amount of deduction based on your filing status. You have the option of claiming the standard deduction or itemizing your deductions. However, you …
Read moreStandard deduction: When to claim more & when you can’t claim a penny?
W9 purpose ? W9 Form aptly named as Request for Taxpayer Identification Number and Certification is for collecting basic information about every freelancer or contractor or self-employed person’s earning an income from another person or entity. So, if you hire a nanny for your child, you must collect information about child-caregiver on W9 form if …
2021 Tax filing season is starting 12th February, but the online allotment of IP PIN (Identity Protection Pin) through IRS website started from 15th January 2021.IRS sends CP01A notices from mid-December through early January all taxpayers eligible to receive an IP PIN. This shows how much importance IRS attaches to this process that helps taxpayers to …
Tax filing season when IRS will begin accepting and processing 2020 tax year returns is set on February 12, 2021, as per the announcement made today by the IRS. The tax season announced from 12th Feb is for Individual taxpayers only. This means that your tax refund will be late a bit as the turnaround …
The IRS is mandated to dispatch the second stimulus check of $600 to all eligible Americans by 15th January 2021. Therefore, your economic impact payment or EIP 2 check could arrive a few days after the Jan as a paper check or EIP debit card in the mailbox. So, you may want to start watching your mailbox …
Read moreHow to Know if Stimulus Check is Arriving in Your Mailbox?
If you received any stimulus check or got a direct deposit of economic impact payments (EIP ) or through a stimulus EIP Debit card, a question may hover if the payment will actually increase your tax or reduce your expected tax refunds during the year 2021. The plain and simple answer to that question is …
Read moreWill Stimulus Payment Reduce Your Tax Refund in 2021?
IRS will start mailing Economic Impact Payment or EIP as stimulus payment debit cards to approximate 8 million Americans. So keep an eye on the mailbox without a doubt as some sort of scam or junk mail. The EIP debit card is being sent to only people who don’t have bank information on file with …
Read more2nd Stimulus Payment as Debit Card to 80 Million Americans
