civics and society
Is mortgage insurance a tax deduction?
Yes, through tax year 2020, private mortgage insurance (PMI) premiums are deductible as part of the mortgage interest deduction. Why can’t I deduct mortga...
Latest Headlines
education and learning
What does Schedule M-2 tell you?
Schedule M-2, Analysis of Partner’s Capital Accounts is the section in Form 1065, U.S. Return of Partnership Income where the partnership reports to the I...
media and communication
How long after I file my tax return can I check the status?
You can check the status within 24 hours after we’ve received your e-file return or 4 weeks after you’ve mailed a paper return. It has the most up to date...
news
Do I have to pay taxes on a signing bonus?
Signing bonuses, like other types of bonuses, often appear to be a major windfall, but because the money is taxed at the recipient’s marginal tax rate, mu...
civics and society
Does IRS notify when you move?
It’s important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer’s last known address is the one that appears o...
media and communication
What happens if you retire early from teaching in Texas?
If a member leaves TRS-covered employment before meeting the criteria for retirement with either full or reduced benefits, the member may withdraw the mon...
civics and society
Does refinancing count as buying a house on taxes?
You can deduct the full amount of interest you pay on your loan in the last year if you did a standard refinance on a primary or secondary residence. You ...
culture and society
How long does it take to get tax refund after verification?
As per the procedure, Income Tax Department processes the refund only after you have filed and verified the Income Tax Return. Generally, it takes 20-45 d...
data and analysis
Can I claim my children for the Earned Income Credit EIC but not as dependents so my ex spouse can claim them as dependents?
Your child must meet the age, relationship, and residency tests (see below). Your qualifying child cannot be used by more than one person to claim the EIC...
data and analysis
How long do you have to pay the IRS for short term payment plan?
Taxpayers who qualify for a short-term payment plan option may now have up to 180 days to resolve their tax liabilities instead of 120 days. The IRS is of...
global affairs
Can you send a tax refund by email?
HMRC will never send notifications by email about tax rebates or refunds. Fraudsters may spoof a genuine email address or change the ‘display name’ to mak...
environment and climate
Does capital gains affect SSI?
Capital gains and Social Security benefit taxes have a circular relationship. If your capital gains and income from other sources is low enough, your Soci...
education and learning
Can S Corp have negative retained earnings?
S corporation shareholders receive distributions, and C corporation shareholders obtain dividends. Contrary to popular perception, business owners can pos...