IRS Reference Code 2016 – Savings bond request denied – total offset
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 2015 – Savings bond request denied – partial offset – more than 3 weeks from refund date
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 […]
What Does The Inflation Reduction Act Mean To You?
Article Highlights: Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and Increased Credit For Energy Efficient Home Modifications Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Credit For Qualified Commercial Clean Vehicles Research Credit On […]
Twists and Turns of the Education Tax Credits
Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Refundable Credit Which Credit to Take Post-secondary Education 3-month Rule Maximizing the Credit Qualified Expenses Who Claims the Credit Qualified Educational Institutions Gift Tax Issues If you have a child or children in college, or perhaps you or your spouse is a student, it can be […]
Highlights of College Savings Plans (Sec 529 Plans)
Article Highlights: Benefits of College Savings Plans Contributions Plan Modifications by Recent Tax Acts Prudence in Using the Funds Gift Tax Twist The Qualified State Tuition Plan, often referred to as the Sec 529 Plan, is a tax-beneficial incentive for parents, grandparents, and others to save money for an individual’s future college tuition and fees. […]
IRS Providing Penalty Relief to 1.6 Million Taxpayers
Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or filed […]
Student Loan Debt – Paying and Avoiding It, Plus Tax Benefits
Article Highlights: Tax Advantaged Repayment of Student Loans Employer Provided Educational Assistance Qualified Tuition Programs The Deductibility of Student Loan Interest Student Loans Forgiven in 2021 through 2025 Avoiding Student Loan Debt Section 529 Plans Coverdell Education Savings Account Education Tax Credits The American Opportunity Credit The Lifetime Learning Credit Despite recent rounds of forgiveness […]
Will You Benefit from Biden’s Student Loan Relief?
Article Highlights: Relief Amounts Income Limitations Dependents of Another Pell Grant Recipients Repayment Pause Monthly Payment Reduction Cancellation of Debt Income On August 24, President Biden announced a three-part plan to deal with student loan debt which includes, among other things, $20,000 in loan relief to borrowers with loans held by the Department of Education […]
Electric Vehicle Credit Undergoes Major Overhaul
Article Highlights: Assembly Requirement August 15 Deadline Transition Rule The New Law Income Limit Manufacturer’s Suggested Retail Price Limitation New Vehicle Definition Transfer of Credit to the Dealer Credit for Used Vehicles With the recent passage of the Inflation Reduction Act of 2022, the electric vehicle credit has undergone some major changes. Although most of […]
Solar Tax Credit Gets New Life
Article Highlights: Effective Years Credit Percentage Batteries Worth the Cost? Non-Refundable Credit Maximum Credit Qualifying Property Who Gets the Credit? When is the Credit Available? Multiple Installations Installation Costs Basis Adjustment Association or Cooperative Costs Mixed-Use Property Newly Constructed Homes Utility Subsidy Leased Installations The Inflation Reduction Act signed into law by President Biden on […]