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The IRS is revealing its “Dirty Dozen” Tax Scams for 2021. Here are some of them: Be on the lookout for scammers who set up fake charitable organizations to take advantage of the public’s generosity, especially after tragedies and disasters, such as the COVID-19 pandemic. Watch out for scammers targeting immigrants with limited English proficiency,

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might

New interest rates apply to tax refunds and overpayments in Texas. The interest rate used to calculate these amounts is the lesser of the annual rate of interest earned on deposits in the state treasury during November of the previous calendar year as determined by the Texas Comptroller of Public Accounts, or the rate set

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible

Huge Changes are Coming.  Are you Ready? The Biden administration recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic

Taxpayers who rehabilitate a historic structure may qualify for a rehabilitation tax credit. To help interested parties gain a basic understanding of the rehab credit, the IRS has issued a series of frequently asked questions on the topic. For example, who can claim a rehab credit? Taxpayers that own an interest in the building directly

With the 2021 tax year nearly half over, it’s a good time to review your eligibility for tax deductions and tax credits. To help you minimize your tax bill, the IRS is offering tips for year-round tax planning. Tax deductions lead to reduced taxable income. To find out if you can itemize deductions (rather than

Texas gives an exemption for certain land owned by religious organizations. Effective Jan. 1, 2022, the provisions governing the taxation of land owned by religious organizations for the purpose of expansion are amended. A tract of land that is contiguous to the organization’s place of regular religious worship cannot be exempt for more than 10