Editorial team of TFX
Articles
IRS Letter 6475 and 6419: What You Need To Know Before Filing Your 2021 Tax Return
Nobody likes getting mail from the IRS, but here's one letter that you do not want to accidentally toss out: In the coming weeks, the revenue services will begin sending out correspondence about the third stimulus checks and advance child tax credit, which was distributed in 2021. Do not throw away any IRS letter you may receive....
Lookout for Advance Child Tax Credit Letter
There have been important changes to the Child Tax Credit that allowed families to receive advance payments in 2021. Families with qualifying children received financial assistance during the year rather than waiting for 202...
IRS Announced a New $600 Charitable Contribution Deduction for Couples Filing Jointly for 2021
The Internal Revenue Service (IRS) is teaming up with several prominent nonprofit organizations to draw attention to a special tax exemption that allows individuals to deduct donations to qualifying charities on their 2021 IRS tax return. The IRS, the Independent Sector, and the National Council of Nonprofits collaborated to highlight t...
IRS Announces New Tax Brackets and Deductions for 2022
The IRS has recently announced inflation adjustments for tax year 2022, affecting over 60 tax provisions including federal income tax brackets, standard deductions, and tax breaks. The adjustments come into ...
The ‘Math Error’ IRS Notice 2021
11 Million Americans Received Math Error Notices Over 11 Millions of Americans received a confusing letter from the IRS in 2021 saying they owe more taxes. For most taxpayers, this letter was sent erroneously. In 2019, about 2 million “Math Error” notices were sent to taxpayers. The surge in math-error notices in 20...
Google to Begin Deducting Taxes From YouTube Creators
In a move that will affect the income of millions of content creators, YouTube has announced that it will soon begin withholding federal income taxes on creator earnings generated from viewers in the United States. The policy change is set to kick in as early as 1 June 2021. The video streaming giant has asked creators in the YouTube Pa...