Checking withholding can help taxpayers decide if they need to give their employer a new W-4
IRS Tax Tip 2021-75, May 26, 2021 All taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help...
IRS, Treasury announce families of 88 percent of children in the U.S. to automatically receive monthly payment of refundable Child Tax Credit
IR-2021-113, May 17, 2021 WASHINGTON — The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July...
Don’t believe everything you hear: 3 Social Security myths that could ruin your retirement
Unless you're really planning to save a heaping pile of money for retirement, you may end up relying on Social Security quite heavily to pay your bills as a senior. And if that's the case, the more you read up on the program, the easier it'll be to make the most of...
More than 1.1 million additional Economic Impact Payments disbursed under the American Rescue Plan; payments total approximately 164 million
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan....
2 million more Economic Impact Payments disbursed under the American Rescue Plan; total reaches approximately 161 million as payments continue
Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the sixth batch of Economic Impact Payments from the American Rescue Plan. Today’s announcement...
Eligibility and Qualification for the NC Extra Credit Grant Program
The extra credit grant is a $335 payment to you from the State of North Carolina. If you qualify, you will receive a $335 payment. The payment is to help families with qualifying children in North Carolina by providing economic support to assist with virtual schooling...
NCDOR Extends Individual Income Filing and Payment Deadline to May 17
The North Carolina Department of Revenue (NCDOR) announced today that it will extend the April 15 tax filing and payment deadline to May 17, 2021, for individual income tax to mirror the announced deadline change from the Internal Revenue Service. “In order for...
For many, tax refunds are like a second Christmas, but is this the right mindset to have with your taxes?
A majority of people would agree, there is nothing like getting a refund at the end of filing your taxes, but from a smart financial standpoint this isn’t the best way to approach your taxes. The financially savvy would say, “why would you give the government an...
Taxpayers should still file their tax return by deadline even if you can’t pay the tax
Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. If an individual taxpayer owes taxes, but can't pay in full by the May 17, 2021 deadline, they should:File their tax return or request an extension of time to file by...
Sale of Residence
If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).