IRS Reference Code 8002
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Tax Treatment of Reverse Mortgages
Article Highlights: Reverse Mortgages Reverse Mortgage Terms Who Deducts the Interest? When Is the Interest Deductible? Home Equity Loan and Reverse Mortgage Issues Compared With inflation on the rise and medical care costs escalating, what options do seniors have for keeping up, especially if they have a mortgage on their home and their retirement income […]
IRS Reference Code 8001
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
IRS Reference Code 2009
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
Article Highlights American Rescue Plan Advance Payments Payment Reconciliation IRS Letter 6419 Refund May Not Be as Expected Unusual CTC Circumstances Economic Impact Payment Letter 6475 Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, […]
IRS Reference Code 2007/2008
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Another Rough Tax Season for IRS and Taxpayers?
Article Highlights: Rough tax season ahead? Avoiding processing delays IRS processing time Don’t procrastinate IRS customer service problems This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the […]
Don’t Think You Have to File a Tax Return? You May Be Missing Out!
Article Highlights: Withholding Other Prepayments Tax Credits Earned Income Tax Credit Child Tax Credit American Opportunity Tax Credit Recovery Rebate Credit These days the tax return is used for more than just collecting taxes. It has also become a tool for the government to provide social benefits. This article discusses the various reasons and resulting […]
IRS Reference Code 1522
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Costs for Installing Medically-Related Home Improvements Have Tax Benefits
Article Highlights Aging Population Home Improvements for Medical Care or Treatment Improvements That Increase the Home’s Value Improvements That Do Not Increase the Home’s Value Medical AGI Limitations According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 16% of Americans were age 65 or […]