A rental property can be a fantastic source of income and offers great tax breaks. Landlords can significantly reduce their tax liability by claiming specific rental property tax deductions, such as deductions for mortgage interest, depreciation, and maintenance. If you are a landlord, then knowing the available deductions and the rules for claiming them can…
Updated September 21, 2022 In March of 2020, the benchmark interest rates were decreased to nearly zero to mitigate the financial impact of the coronavirus outbreak. Since then, the Federal Reserve has been reluctant to increase rates while the U.S. economy is still reeling from its effects. In addition, the economy is currently struggling with…
The Where’s My Refund? tool makes tracking the progress of a tax refund quick and easy. It can be accessed at any time by visiting IRS.gov or downloading the IRS2Go App. After the return is completed and a refund is approved the Where’s My Refund? tool will give you an estimated date for when the…
The Employee Retention Tax Credit (ERC) is a refundable payroll tax credit created to provide relief to business owners affected by the pandemic and help keep their employees on payroll. Generally, eligible businesses can claim the credit for tax years 2020 and 2021. ERC credit can be claimed retroactively for 2020 and 2021 credits ERC…