What you need to file your taxes varies depending on your situation. For example, if you’re a self-employed college student, you may need 1099 and 1098-T forms to file your taxes. However, if you weren’t in college and only received a W-2, you could skip those tax...
In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021. Please keep this letter regarding your advance Child Tax Credit payments with your tax records. You may need to...
As part of the Consolidated Appropriations Act signed into law on December 27, 2020, the deductibility of meals is changing. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. Here are some examples: Fully deductible meals and...
Governor Ned Lamont today announced that he is directing the Connecticut Department of Revenue Services to retroactively enhance the 2020 Connecticut Earned Income Tax Credit (EITC) from 23% of the federal credit to 41.5%. The additional state tax refund will provide...
Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. What...
Giving a few bucks to your favorite charity in time for the holidays? You can finally collect a tax break for it. The CARES Act, which was signed into law this spring, included a “partial above the line deduction” for charitable contributions. This allows people who...