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Eligible employers may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan (like a 401(k) plan.) A tax credit reduces the amount of taxes you may owe on a dollar-for-dollar basis.

FS-2023-26, Nov. 2023 ¡ª These FAQs update question 9 to provide that a United States military service member who is a wrongfully incarcerated individual and who receives back pay following the reversal of a court martial conviction may not exclude the payments under section 139F if the payments are merely the restoration of pay and allowances to which the service member is entitled under the law.

Taxpayers face a number of issues due to critical tax law changes that took place in 2022 and ongoing challenges related to the pandemic. The IRS continues to share updated information for people preparing to file their 2022 tax returns as well as anyone who has previous year tax returns awaiting processing by the IRS.

Review exceptions to the 10% additional tax on early retirement plan distributions.?

Tax Tip 2022-61, April 20, 2022 ¡ª The federal income tax deadline has passed for most individual taxpayers. obÌåÓýever, some haven't filed their 2021 tax returns or paid their tax due.

Frequently asked questions about the Tax Year 2021/Filing Season 2022 Child Tax Credit: Basics

Frequently asked questions about the Tax Year 2021/Filing Season 2022 Child Tax Credit: Eligibility Rules for Claiming the 2021 Child Tax Credit on a 2021 Tax Return

Tax Tip 2022-59, April 18, 2022 ¡ª The filing and payment deadline for most 2021 federal tax returns has arrived. Taxpayers should file or request an extension of time to file and pay any taxes they owe by the April 18, 2022, deadline to avoid penalties and interest.

FAQs about eligibility for claiming the Recovery Rebate Credit.

FAQs about correcting issues with RRC after filing a 2021 tax return.