Many taxpayers forfeit sizable tax refunds because they are not required to file a tax return. If you have skipped filing tax returns in the last few years, watch this video to see what you may be missing out on.
The Inflation Reduction Act signed into law by President Biden on August 16, 2022, gives new life to the federal tax credit for the purchase and installation costs of residential solar-power systems and battery systems.
With the passage of the Inflation Reduction Act of 2022 the Home Energy Improvement Credit once again becomes a meaningful incentive for taxpayers to make energy-saving improvements to their homes. The new legislation did away with the minimal $500 lifetime limit by replacing it with a $1,200 annual limit and increased the credit rate from 10% to 30%.
Scammers can pose as IRS representatives in order to extract money from unsuspecting victims. Learn the different methods that the IRS uses to contact taxpayers to protect yourself.
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or filed certain 2019 or 2020 returns late.
In 2022, the tax deduction for educators who invest in classroom supplies will be increased. Watch the video to learn more and take advantage of this tax opportunity.
How much did Aretha Franklin owe to the IRS and what eventually became of the situation? Learn more.
