AM TAXRX

07/20/2022

07/20/2022

Gains
Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may be able to exclude up to $500,000. Homeowners excluding all the gain do not need to report the sale on their tax return unless a Form 1099-S was issued.

3hme #

04/25/2022

Check refund status DO NOT ask your tax preparer
Taxpayers can check on their refund using the Where's My Refund? tool. It is available on IRS.gov and the IRS2Go app. To use this tool, taxpayers need their Social Security number or ITIN, tax filing status and the exact amount of the refund claimed on their tax return. The tool updates once daily, so there's no need to check more often. Taxpayers without access to a computer can call 800-829-1954.

03/02/2022

It’s tax season! [email protected]

Taxpayers who are paying someone to take care of their children or another member of the household while they work, may qualify for child and dependent care credit regardless of their income.

01/27/2022

01/27/2022

Parents of a child born in 2021 – or parents and guardians who added a new child to their family in 2021 – did not receive a third-round Economic Impact Payment for that child and may be eligible to receive up to $1,400 for the child by claiming the Recovery Rebate Credit.

01/21/2022

Filing too early. While taxpayers should not file late, they also should not file prematurely. People who don’t wait to file before they receive all the proper tax reporting documents risk making a mistake that may lead to underreporting penalties.

12/28/2021

12/28/2021

Tip income: Students who earn tips as part of their summer income should know tip income is taxable. They should keep a daily log to accurately report tips. They must report cash tips to their employer for any month that totals $20 or more.

12/28/2021

Reserve Officers' Training Corps pay: If a student is in an ROTC program, and receives pay for activities such as summer advanced camp, it is taxable. Other allowances the student may receive like food and lodging – may not be taxable. The Armed Forces' Tax Guide on IRS.gov provides details.