Your taxes probably weren’t part of your decision to get married—but if you’re married, why not use that to your advantage on your taxes? You have the opportunity to file your taxes jointly as a couple, which could come with some benefits. Make sure you understand the implications of filing jointly and what it could... Read More
Many people make mistakes on their tax returns each year. Some forget to include income, while others don’t claim credits they’re entitled to. Don’t worry: you can correct your tax return after filing—and we’ll show you how. In This Piece What Happens if I File My Taxes Wrong? How to Amend Your Tax Return Common... Read More
In 2020, the IRS processed more than 3.5 million compliance activities. These are activities that occur when the IRS thinks something might be wrong with a tax return. They include: Math error notices. The IRS sends a letter noting that someone made a math error on a tax return and the IRS corrected it. Automated substitute for... Read More
Note: The following is for informational purposes only and should not be considered tax advice. Please contact a tax adviser for questions about your personal tax situation. With the holidays officially over, tax season will be here soon—whether you’re ready or not. Your 2021 federal tax return must be electronically filed or postmarked by April 18,... Read More
Unemployment taxes are the taxes you pay on unemployment income. Find out more about these taxes below and whether you might have to pay them. Do You Pay Taxes on Unemployment Income? Yes, you have to pay federal taxes on unemployment benefits. This makes sense if you think about it. Unemployment payments are a type of income. They... Read More
Millions of Americans provide part or full-time care for loved ones—and don’t get paid for this work. In fact, more than 1 in 6 adults in the country who work at a paid job say they also help with the care of an elderly or disabled loved one. On top of other work and family obligations, it... Read More