Sold or Thinking of Selling Your Home?
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. […]
IRS Reference Code 1021
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 […]
Take Advantage of the Education Tax Credits
Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Who Gets the Credit? Qualified Tuition and Related Expenses Eligible Educational Institutions Form 1098-T Scholarships Tax Fraud As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many […]
IRS Reference Code 1102
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 […]
Cutting the IRS Out of Your Gifts
Article Highlights: Gift Tax Rule Annual Exemption Lifetime Exemption Medical and Tuition Exemptions Gift Splitting Gifts of Property If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware […]
IRS Reference Code 9001
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 1545 for 2018 Tax Returns
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. Where’s My Refund? The IRS established the “Where’s My Refund?” […]
Above-the-Line Education Tax Deduction Reinstated
Article Highlights: Appropriations Act of 2020 History of the Deduction Other Education Expense Benefits Which Tax Break Provides the Best Benefit On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, among them retroactive extension of certain tax provisions that expired after 2017 […]
Sun Setting on Home Solar Power Tax Credits
Article Highlights: Non-Refundable Tax Credit Other Incentives Qualifications Financing Who Gets the Credit Credit Timing Newly Constructed Homes Batteries If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out. Unless Congress extends the credit, it will no longer be […]
How Can I Look Up Reference Code on Where is My Refund
How Can I Look Up Reference Code on Where is My Refund If you check Where’s My Refund (WMR) and see you have a reference code, you should identify the code and see if any action is required. In many cases, no action is required on your part. One of the most common codes is 9001, which, […]