There’s still time to make IRA contributions for 2021

It’s not too late to make contributions to your traditional or Roth IRA for the 2021 tax year. Contributions made up until April 18, 2022, may be deducted from your 2021 tax return. Any contributions to a traditional or Roth IRA made until the April 18 filing date must be designated for 2021 to the […]

Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable […]

IRS to send letters in January about Child Tax Credit payments

Families who received advance Child Tax Credit payments in 2021 will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received with the amount of the credit they can claim on their 2021 tax return. To help taxpayers reconcile the advance payments, the IRS is sending in January […]