IRS Reference Code 1521
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 […]
Is there a Tax Break for Tuition Paid to Special Schools?
Article Highlights: Medical Deduction Tuition To Treat Learning Disabilities is Deductible Special Teaching Techniques Private Letter Rulings A component of itemized deductions is the cost of medical care. The total of eligible medical expenses paid during the tax year is reduced by 7.5% of the taxpayer’s adjusted gross income (AGI). While you are undoubtedly familiar […]
IRS Reference Code 1502
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 […]
Is Interest Paid on Borrowed Money Tax Deductible?
Article Highlights: Interest Categories Category Deductibility Interest Tracing Rules If you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and essentially depend on what the […]
IRS Reference Code 1501
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 […]
Important Enhancements to the Earned Income Tax Credit For 2021
Article Highlights: Largest Antipoverty Program Taxpayers Not Required to File Earned Income Filing Age Threshold Investment Income Childless Workers Maximum Credit and Phase-out Ranges Qualifying Children 2019 AGI Separated Spouses Child Does Not Have an SSN Refunds Delayed Active Military Disabled Individuals The earned income tax credit (EITC) is regarded as one of the government’s […]
IRS Reference Code 1481
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 Stops Using Facial Authentication Software for Access to Online Accounts
Article Highlights: Prior Article ID.me Treasury Decision IRS Third-Party Authentication A prior blog article posting included an article about the IRS’ plans to use ID.me facial recognition software for taxpayers and others to authenticate access to their online accounts. Under pressure from privacy activists and several members of Congress, the Treasury Department has directed the […]
If You Have a Side Hustle, Be Advised: The IRS is Cracking Down
Article Highlights: Form 1099-K Reporting Threshold Marketplaces Payment Processors (credit and debit cards) Online Service Providers Airbnb and VRBO Delivery and Other Personal Services Business Expenses Record Keeping For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to […]
IRS Reference Code 1461
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 […]