Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little relief.…
After a dismal winter made darker by the COVID-19 pandemic, millions of American families are getting a little sunnier disposition thanks to advance payments of the Child Tax Credit.…
Read more about Taxpayers Now Receiving the Advance Child Tax Credit Payments
The IRS Tax Withholding Estimator on IRS.gov does just what it says: help taxpayers determine whether their employer is withholding enough tax or if they need to fill out a new Form W-4.…
The Internal Revenue Service has unveiled a pair of new tools to help families manage and monitor advance monthly payments of the Child Tax Credit, made possible by the American Rescue Plan.…
Read more about New Online Tools Help Families Manage Monthly CTC Payments
Most times, businesses pay their employees for the work they do, and set aside a portion of those wages to in turn, pay Uncle Sam. But what if the business has to pay someone who isn’t technically an employee?…
Read more about IRS Reminds Businesses About Nonemployee Compensation and Backup Withholding
The Internal Revenue Service has rolled out a new online tool that’s built to help families register for monthly Advance Child Tax Credit payments.…
Read more about New Online Tool Helps Low-Income Families Register for Advance CTC Payments
Millions of Americans paid taxes on their unemployment compensation before learning that an exclusion was introduced by legislation a month into filing season. So, the Internal Revenue Service is now sending some of those taxpayers a refund to satisfy the new law.…
Read more about IRS Refunding Tax Paid on Unemployment Compensation
Now that the income tax filing deadline has passed, it’s a good time to take a hard look at whether we have the right amount of taxes withheld from our paychecks.…
Read more about IRS Says It's a Good Time to Fine-Tune Withholding
The deadline for filing income taxes came and went on May 17, but that’s no reason to think the filing door is completely shut.…
Read more about IRS Encourages Taxpayers Who Missed the Deadline to File
With restaurants beginning to open more fully due to a break in the coronavirus pandemic, employees in the food and beverage industry are soon likely to have a lot more to report on their taxes: Tips.…
Read more about IRS to Taxpayers: Don’t Forget to Report Tip Income
