If you qualify and beat the tax return deadline, you can take an above-the-line deduction for an IRA contribution. Thus, the contribution may effectively reduce your 2020 tax liability.
Contributions to a traditional IRA are usually tax deductible, and distributions are generally taxable. There is still time to make contributions that count for a 2020 tax return, if they are made by April 17, 2021. Taxpayers can file their return ...
The IRS announced on Tuesday that it has extended the tax deadline by one day to April 18, 2018. The move comes as many tax professionals and individuals encountered difficulties with the IRS website, particularly its Direct Pay system, which allows ...
The IRS has announced that taxpayers with the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) will likely see delays in receiving their income tax refunds in 2018. This is due to extra fraud prevention measures the agency is implementing, which means that taxpayers with those credits will likely not see […]