The Main Reasons Your Tax Refund Could Be Delayed A tax refund can make a big difference in your wallet. It can cover bills, help you save for a vacation or help you boost your credit score. But you can’t really predict how long it will take the IRS to process your return or issue your refund. Here are some of the main reasons your refund could be delayed: 1. Early Filing There are a variety of reasons why your tax refund could be delayed. These can include making a mistake on your return, entering the wrong bank account information for... View Article
Identity Protection PIN – Do I Need One? Whether you’re filing an electronic or paper tax return, an identity protection PIN helps verify that you are the taxpayer. An IP PIN also protects your Social Security number (SSN) from unauthorized use by fraudsters. That means if someone steals your SSN and files a false return in your name, you won’t be able to claim a refund for the period of time when they were trying to file a fake return in your name. What Is An Identity Protection PIN? An Identity Protection PIN (IP PIN) is a six-digit number that... View Article
Child Tax Credit 2023 – What You Need To Know Many families take advantage of tax credits and deductions when they file their annual returns. The Child Tax Credit is a popular one that could be worth up to $2,000 per qualifying dependent under 17 this year. Millions of American families took advantage of an expanded credit in 2021 that boosted the amount of money parents received for each child under six or 17-year-old. That enhancement has now expired, and the credit will revert back to its former value and rules in 2023. Child Tax Credit 2023 The child tax credit... View Article
Reasons Why You Should Hire a Tax Consultant This Year A tax consultant can help you save money, avoid taxes and make sure that you file your taxes correctly. They also provide you with peace of mind and a high level of confidence in your financial situation. Save Time & Money Taxes can be a confusing and onerous process, which is why many taxpayers turn to professional tax preparers. They can save you both time and money by reducing the amount of taxes you owe while also making sure that you’re not missing out on any deductions or tax credits... View Article
Tax season is upon us again, so now is the time to start preparing your business taxes. Make sure you have the information you need to file accurately and on time so you can avoid penalties and interest. Tax Inflation Adjustments If you are a small business owner, there are a few important 2023 tax changes that you should know about. These include tax inflation adjustments and a new limitation on business losses. The IRS typically adjusts income thresholds, deduction amounts, and credit values each year to reflect inflation. This helps prevent what’s called bracket creep, which occurs as people... View Article
