Federal Tax | Cg

21 Jul

Opt Out of Advance CTC Payments

Posted by cgadmin
July 16, 2021

The advance child tax credit (CTC) payments began July 15 and recipients still have the chance to opt out even if they start receiving payments. The IRS announced that families can use its Child...

12 Jul

Federal Tax

More Info From IRS on Child Tax Credit

Posted by cgadmin
July 12, 2021

The IRS is providing more information about the advance payments of the Child Tax Credit (CTC) that will begin being made on July 15 to eligible families. On its website, the IRS explained that...

10 Jul

Federal Tax

Qualified Plug-in Electric Drive Motor Vehicles

Posted by cgadmin
July 8, 2021

The tax code provides a credit (of up to $7,500) to purchasers of qualified plug-in electric-drive passenger vehicles and light trucks. The IRS has added Ford, Hyundai and Porsche models to the list of...

09 Jul

Federal Tax

Taxes on Hobby Activities

Posted by cgadmin
July 7, 2021

Do you have a hobby that’s a source of income? If so, that income must be reported on your tax return. The extent to which you can deduct expenses related to the activity depends...

03 Jul

Federal Tax

IRS Online Account

Posted by cgadmin
July 1, 2021

The IRS recently posted a round of frequently asked questions (FAQs) that focus on its “Online Account” system. In a nutshell, the IRS’s Online Account is a portal that allows individual taxpayers to access...

19 Jun

Federal Tax

Marriage & Taxes

Posted by cgadmin
June 15, 2021

It’s wedding season. While taxes may be the last thing on the minds of the happy couples, the IRS is reminding newlyweds of important details that could be overlooked. If there’s a name change,...

18 Jun

Coronavirus Stimulus Bill, Federal Tax

IRS FAQs for ARPA’s Sick & Family Leave Credit

Posted by cgadmin
June 15, 2021

The IRS has released a series of FAQs regarding the American Rescue Plan Act’s (ARPA’s) sick and family leave credit. The ARPA extended and changed payroll tax credits for qualifying sick leave and family...

11 Jun

Federal Tax

IRS Tips to Protect Against Identity Theft

Posted by cgadmin
June 9, 2021

Tax-related identity theft occurs when stolen data, such as a Social Security number, is used to claim a false refund. To protect yourself and prevent tax crimes, consider tips offered by the IRS....

05 Jun

Coronavirus Stimulus Bill, Federal Tax

EIP Update

Posted by cgadmin
June 3, 2021

The IRS and the U.S. Department of the Treasury recently announced that an additional 1.8 million Economic Impact Payments (EIPs) have been disbursed under the American Rescue Plan Act (ARPA). So far under the...

02 Jun

Federal Tax

Review Federal Withholding Annually

Posted by cgadmin
May 27, 2021

To avoid a surprise when you file your tax return, review your federal withholding each year to make sure you’re not having too little (or too much) tax withheld from your paychecks. In general,...

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