by Pierre Philantrope | Feb 1, 2022 | Tax Tip
The earned income tax credit (EITC) is not for every taxpayer. As your income increases, the credit is reduced and it is phased out at an income threshold. Be more alert by looking for any schedule A or schedule C on your tax return if you are not self employed and...
by Pierre Philantrope | Jan 26, 2022 | Tax Tip
Taxpayers could alleviate the challenges that will continue during this tax season because of the Covid-19 pandemic that tremendously affects tax processing at the Internal Revenue Service. This advice is shared by the IRS, the National Taxpayer Advocate office and...
by Pierre Philantrope | Jan 18, 2022 | Tax Tip
Many temporary tax laws that were enacted to alleviate taxpayers’ burden during the pandemic have expired. Some of the temporary tax laws were expected to continue through the Build Back Better Act. However, the Build Back Better Act hit an impasse in Congress. There...
by Pierre Philantrope | Jan 12, 2022 | Tax Tip
Tax-advantaged retirement accounts such as IRAs are a great way to save for retirement. However, when you establish a traditional IRA with a bank, a brokerage, or a trust company, you are ordinarily limited to a narrow range of investment options, such as CDs,...
by Pierre Philantrope | Jan 4, 2022 | Tax Tip
Taxpayers should only prepare their tax return when they have all their required tax documents. However, the return cannot be sent to the IRS before the official start date of the tax season. Taxpayers who receive early payments for their tax refund get a high...
by Pierre Philantrope | Dec 22, 2021 | Tax Tip
In this final part of consideration to lower taxpayers’ tax liabilities, we highlight some other savings items. The list is not exhaustive. Taxpayers are encouraged to consult with their tax professionals to discuss their specific tax situation. Major tax...
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