Many people will be filing federal tax returns for the first time this year. This includes people who don’t normally file and now need to file a 2021 return to claim a recovery rebate credit or reconcile advance payments of the child tax credit. For these taxpayers, IRS Free File may be the perfect solution.
For eligible individuals who want to prepare their own taxes, IRS Free File features electronic tax preparation software providers. This program provides free tax preparation, free electronic filing and free direct deposit, which is the fastest way to get a refund. People can also directly access IRS Free File from their mobile device using the IRS2Go app.
Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 and carefully complete the form to avoid mistakes.
Using a reputable tax preparer including a certified public accountant, enrolled agent or other knowledgeable tax professional can also help avoid errors. Mistakes can result in a processing delay or a balance due notice, which could mean additional delays or require filing an amended return.
Here are some important things employers should remember when preparing tax returns or claiming credits.
Imagine you wake up at 3 am. to a fire alarm in your hotel room on the 15th floor. The announcement from the loudspeaker instructs everyone to exit the building immediately, without using the elevator. What do you do?
This recently happened to me, and after trudging down the flights of stairs and being guided to a parking lot across the street, I was not in a good mood. At least I had pulled on my jeans and grabbed a jacket, as some people were still in their pajamas and were shivering in the chilly morning air.
As you can imagine, we were all relieved, but irritated to learn it was a false alarm. The waiting line for the (very slow) elevators was long, so I decided to walk back up the stairs to my room. Later, I asked a companion how many stairs he had to maneuver and he told me he had just gotten into the shower and decided to take a chance that there was no fire and it was only a false alarm. Continue reading