When a taxpayer pays more tax than she is liable for in a financial year through excess tax deducted at source (TDS) or miscalculation in income tax, the income tax department refunds the excess amount. The refund is processed after the taxpayer files and verifies her income tax return (ITR). The refund is credited into […]
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By Monica Laliberte, WRAL executive producer/5 on Your Side reporter A heads up for parents with children aged 17 or younger: That tax credit the government sent might need to be paid back. Parents with children in high school and younger probably received a payment last month from the IRS. Those payments will continue monthly […]
Individuals may face challenges regarding the guidelines of tax implementation when preparing for personal use or a business. Avoiding discrepancies is compulsory when it comes to preparing income tax. If you want to keep your record flawless in the process of income tax preparation, you will need to hire a financial advisor who has […]
ORLANDO, Fla. (CW44 News At 10) – U.S. District Judge Wendy W. Berger today sentenced Joseph Amaya to 12 months in federal prison for aiding and assisting in the preparation of false tax returns. The court also ordered Amaya to pay more than $1.6 million in restitution to the Internal Revenue Service. Amaya had pleaded […]
kate_sept2004 | E+ | Getty Images If you haven’t gotten your 2020 tax refund, you are in good company. At the end of the 2021 filing season in May, the IRS had a backlog of 35 million tax returns that still needed to be manually processed, according to a report released Wednesday by the National […]
‘Where Is My Tax Refund?’ Millions of Americans Are Waiting for the IRS to Pay
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KNOXVILLE, Tenn. (WATE) — The Volunteer Tax Assistance program or “VITA” helps those with low to moderate incomes navigate the tax system. VITA offers tax help free to the disabled, the elderly, and limited English speakers. But due to the pandemic, VITA volunteers won’t be able to see as many people as they have in […]
Here’s What You Need to Remember: TurboTax also recommended, “loss harvesting,” where you sell investments such as stocks and mutual funds to realize losses. You can then use those losses to offset any taxable gains you have realized during the year. Time is running out to file your 2020 federal tax return. This year, the deadline […]