Kemberley Washington
Forbes Advisor Staff
Advisor
Kemberley (@kemcents) Washington, CPA, is a former IRS agent, news contributor, author, and owner of Washington CPA Services, LLC. Check out more of her work at kemberley.com.
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Even If You Usually Don’t, File A Tax Return This Year
Even if you're not required to file a tax return this year, it might be wise to file one because you could be eligible for a refund. Typically, you're not required to file a return if your income is under... -
6 Common Tax Deductions For The Self-Employed
If you’re self-employed, such as if you’re a freelancer or independent contractor, one question is likely top of mind at tax time: How can I reduce my self-employment taxes? Most self-employed people want to use every deduction to which they’re... -
The Best Tax Software Of 2022 For The Self-Employed
If you’re self-employed, you know how much of a challenge filing your taxes can be. The recent tax law changes could make the process even more difficult this year. When choosing online tax software, you should select one that’s easy... -
I’ve Filed My 2021 Taxes. When Will I Get My Refund?
This year, you have until April 18 to file your taxes, but if you’re eager to receive your refund, we don’t recommend waiting until the last minute to file. The IRS says you should file early and electronically—you'll typically receive... -
How To Maximize Your Tax Deductible Donation
Donating to charity can be a life-affirming thing to do—and as a bonus, it can help with your tax bill. Here are a few tips so you can maximize your tax-deductible donations for the 2022 tax season. You Can Deduct... -
5 Overlooked And Popular Tax Breaks You Can Claim On Your Tax Return
When it comes to your taxes, no one wants to pay more than they have to. And while the tax law provides plenty of tax deductions and credits, many go unclaimed at tax time. Whether you are a parent, teacher,... -
Best Tax Software Of 2022
Filing taxes is often the thing on your to-do list that you’re least excited about—but good online tax software can ease the burden. If you opt for online tax filing, you'll want tax software that is easy to use, free... -
Venmo, Cash App And Other Payment Apps To Report Payments Of $600 Or More
If you receive $600 or more payments for goods and services through a third-party payment network, such as Venmo, or CashApp, these payments will now be reported to the IRS. Beginning Jan. 1, 2022, third-party payment network providers will be... -
Capital Gains Tax Calculator 2021
You may have a capital gain or loss when you sell a capital asset, such as real estate, stocks, or bonds. Capital gains and losses are taxed differently from income like wages, interest, rents, or royalties, which are taxed at... -
The IRS Predicts A Frustrating Tax Season. Don’t Wait Until April 18 To File Your Taxes
The IRS announced the 2022 tax season officially kicks off on Monday, Jan. 24, 2022, which is when it will start processing and accepting 2021 tax returns. Unlike the 2021 tax season, when the IRS extended the tax deadline from... -
3 Changes For The 2022 Tax Season
There were several tax law changes in 2021 which will affect most Americans this coming tax season. The expanded child tax credit payments could impact many families’ tax refunds, and for the nearly 90% of Americans who claim the standard... -
All Third Stimulus Payments Issued—What To Do If You’re Entitled To More Money
The IRS has announced that all third stimulus payments have been issued. Some people still might be entitled to more money, but they’ll have to claim it on their 2021 tax return. More than 175 million third stimulus payments, totaling... -
The Monthly Child Tax Credit Calculator
Since July, millions of families have received monthly child tax credit payments of up to $300 per child. However, the monthly payments will end in December if Congress doesn’t pass the Build Back Better plan. Your child tax credit payment... -
2021 Year-End Tax Planning Moves To Make Now
Now is the time to take advantage of year-end moves to cut your tax bill before it is too late. Whether you make a charitable donation, fund your retirement account or review helpful tax deductions, taking these small steps now... -
20 Tax Terms You Need To Know
Filling out your tax form can be like a foray into a foreign language. What’s adjusted gross income? What’s the difference between an above the line and below the line deduction? To help, we put together this glossary of tax... -
Texas State Taxes 2020-2021
Texas is one of nine states that doesn’t have an individual income tax. It generates revenue from sales and use tax, property and corporate income taxes. The other states that don’t charge an individual income tax are: Alaska Florida Nevada... -
Florida State Taxes 2020-2021
Florida is famous for its beaches, gators, retirees—and for not imposing an individual income tax. Also, the state itself does not assess a property tax, although local Floridian governments may administer a property tax. As a result, Florida had the... -
You Have Until Nov. 15 To Sign Up For December Child Tax Credit Payments
Families have until Nov. 15 to sign up for December child tax credit payments, the IRS has announced. This part of the American Rescue Plan began in July and has helped lift three million out of child poverty for the... -
New Jersey State Taxes 2020-2021
The state of New Jersey requires you to pay taxes if you are a resident or nonresident that receives income from a New Jersey source. The state income tax rates range from 1.4% to 10.7%, and the sales tax rate... -
Here Is How Much Your Social Security Payments Will Be In 2022
In October, the Social Security Administration (SSA) announced a 5.9% cost-of-living adjustment (COLA) for Social Security benefits, the biggest increase since 1982. This raise will kick in for 62 million Americans who receive Social Security benefits in January 2022. Americans... -
What You Need To Know About New York State Taxes 2020-2021
The state of New York requires you to pay taxes if you are a resident or nonresident that receives income from a New York source. The state income tax rate ranges from 4% to 8.82%, and the sales tax rate... -
What You Need To Know About California State Taxes 2020-2021
The state of California requires you to pay taxes if you are a resident or nonresident that receives income from a California source. The state income tax rates range from 1% to 12.3%, and the sales tax rate is 7.25%... -
The IRS Sent Unemployment Tax Refunds. Did You Receive Your Payment?
On Nov. 1, the IRS announced it had sent about 430,000 tax refunds to taxpayers who overpaid taxes on their unemployment in 2020. If you claim unemployment and qualify for the adjustment, you don’t need to take any action. You’ll... -
Child Tax Credit Portal Now Allows You To Make Income Changes
You can now adjust your income in the Child Tax Credit Update Portal, but you have to do it by midnight Nov. 29. for changes to reflect on your Dec. 15 payment. For families who have suffered a recent drop... -
October Child Tax Credit Payments Are Here—What You Need To Know
On Oct. 15, the IRS sent the fourth of six monthly child tax credit payments. In a statement, the IRS said that $15 billion of payments were sent to about 36 million families. Families who received their payments by direct... -
Social Security 5.9% COLA Increase Is Biggest In Nearly 40 Years
If you rely on Social Security payments, you’re receiving a much-needed raise. Social Security and Supplemental Security Income (SSI) is increasing benefits by 5.9%, the largest increase in 40 years. This is welcome news for Social Security and SSI recipients... -
You Have Until Oct. 15 To File Your Extended Tax Return
If you filed for a tax extension, you only have a few days left to file your taxes. The extended deadline for most taxpayers is Oct. 15. However some taxpayers, such as military members who serve in a combat zone... -
Your Social Security May Be Taxable. Here’s What You Need To Know
Because you spend your whole working life paying taxes to Social Security, you may hope to avoid a tax bill when you finally retire. But more than half of Americans who receive Social Security benefits owe taxes on that income... -
What Is Adjusted Gross Income (AGI)?
Your adjusted gross income (AGI) is what it sounds like—your gross income minus certain adjustments. You’ll most often come across this term when filing your taxes. Your AGI plays a vital role in determining which tax credits or deductions you... -
Good News: The IRS Is Sending Missing September Child Tax Credit Payments Now
The IRS has resolved a technical issue for thousands of families who didn’t receive their September child tax credit payment on time. Families who recently updated their banking account information and mailing address using the Child Tax Credit Update Portal... -
3 Financial Lessons I Learned From Surviving A Hurricane
Growing up in New Orleans, I grew accustomed to hurricane evacuation trips. While in grade school, I can recall countless times we evacuated for a hurricane for a few days before returning to our homes safe and sound. Therefore as... -
New Child Tax Credit Tool Makes It Easy To Sign Up
The Internal Revenue Service (IRS) has released an online tool, GetCTC.org, to help families sign up for monthly child tax credit payments. The new collaboration with Code for America, an organization that works with government and other agencies to deliver... -
Be On The Lookout For Hurricane Ida Scams And Rumors
As victims of Hurricane Ida evaluate property damage, they should be wary of hurricane-related scams and rumors about financial relief. Hurricane Ida left nearly a million people without power due to strong winds and flooding. The storm made landfall in... -
How Monthly Child Tax Credit Payments Are Impacting Americans’ Finances
The new monthly child tax credit payments have made a significant impact on millions of families. According to the Census Bureau Household Pulse Survey, compared to the prior period before the disbursement of the first child tax credit payments, the... -
How To Prepare Your Personal Finances For A Hurricane
This hurricane season is shaping up to be an active one. This weekend, Tropical Storm Ida is expected to land as a major hurricane toward the Southern parts of the United States. Forecasters are predicting it to be one of... -
Be Wary Of Child Tax Credit Scams
A wealth of taxpayers have fallen victim to tax scams, whether by phone, email, or in person. The Federal Trade Commission (FTC) reported more than 67,000 tax-related scams for the first two quarters of 2021. The IRS is warning families... -
The Next Child Tax Credit Payment Pays Out Aug. 13, Here Is What You Need To Know
The latest monthly child tax credit payment will be delivered on Aug. 13. This is the second of six monthly installment payments which are part of the American Rescue Plan. The law increased the 2021 child tax credit from a... -
Missing a Child Tax Credit Payment, Tax Refund or Stimulus? Request a Payment Trace
Missing a monthly child tax credit payment, economic impact payment (aka stimulus check), or a tax refund? You may need to request a payment trace with the Internal Revenue Service (IRS). You can also do this if you misplaced a... -
Cover Letter, Resume, Vaccine Card? No Shot, No Pay For Some Workers
Covid-19 cases are on the rise again. According to the Center for Diseases Control and Prevention (CDC), Covid-19 cases have surged over the last few weeks. More than 101,000 new cases were reported on Aug. 3, compared to about 16,000... -
Will I Receive The Child Tax Credit in 2022?
The U.S. government disbursed more than $15 billion of monthly child tax credit payments in July to American families. These payments were part of the American Rescue Plan, a $1.9 trillion dollar package meant to provide financial relief from the... -
Do I Need To Repay The Child Tax Credit?
While millions of Americans have begun to receive the monthly child tax credit payments, they might be in for a big surprise. That’s because, unlike the stimulus payments, if you received too much, you may need to repay it. The... -
What To Do If You Still Haven’t Received Your Child Tax Credit Payment
While the Internal Revenue Service (IRS) has sent the first batch of monthly child tax credit payments to 35 million families, some have not yet received their payments. The IRS estimates that more than 36 million families may qualify for... -
How To Claim A Hurricane Loss On Your Tax Return
The 2021 hurricane season is expected to be an active one. Colorado State University predicts up to 17 named storms and expects eight to become hurricanes this season. And with an active hurricane season, you can expect many may incur... -
Where’s My Child Tax Credit? FAQs About The New Monthly Payments
Millions of American families are starting to receive expanded child tax credit payments this month, receiving up to $300 per month per child via direct deposit. The optional monthly payments were authorized by the American Rescue Plan Act, which President... -
Healthcare FSA Vs. HSA—Understanding The Differences
Both a healthcare flexible spending account (FSA) and a health savings account (HSA) can cut your taxes and help you save money on medical, dental, vision and other qualified medical expenses. And while they are alike in some ways, each... -
What Is A Flexible Spending Account (FSA)?
Whether you have out-of-pocket healthcare expenses or dependent care costs, you may want to consider your employer’s flexible spending account (FSA). An FSA may differ from employer to employer but can save you money and cut your taxes. Before enrolling... -
Why You Might Want to Opt Out of the Monthly Child Tax Credit Payments
While more than 36 million families may qualify for the new monthly child tax credit payments, you may want to consider opting out and choosing to receive the full payment when you file your 2021 tax return next spring. The... -
IRS Releases Online Tools to Help Families With Monthly Child Tax Credit Payments
The Internal Revenue Service (IRS) has released two online tools to help families with the new monthly child tax credit payments that are part of the $1.9 trillion third stimulus package. The Child Tax Credit Eligibility Assistant allows taxpayers to... -
IRS Sends Millions Letters About The Monthly Child Tax Credit Payments
You may soon receive a letter from the Internal Revenue Service (IRS), but unlike other notices from the agency, you might be thankful to receive this one. That’s because the IRS announced it has started sending letters to more than... -
3 Ways To Close The Racial Wealth Gap After The Pandemic
While the pandemic has devastated millions of Americans’ financial security, the inequality of the racial wealth gap means that Black people have been hit even harder. And while no single action can help close the racial gap or undo the... -
The IRS To Start Automatically Sending Monthly Child Tax Credit Payments July 15
The Internal Revenue Service (IRS) announced in May it will automatically send monthly child tax credit payments to families who qualify starting July 15. About 39 million households, which covers 88% of children in the United States, will receive the... -
Covid-19 Has Had A Disproportionate Financial Impact On Black Small Businesses
Richard Anderson, 43, experienced Covid-19 not only physically, but also economically. Anderson, a trombone player and owner of Kinfolk Brass Band and Music Group based in New Orleans, tested positive for Covid-19 early in the pandemic. It took him nearly... -
What Should You Do If The IRS Comes Knocking On Your Door?
According to the Internal Revenue Service (IRS), about 850,000 tax returns were audited for 2015, which was the most recent year for which it’s published data. That is about 1% of all tax returns filed. And while those with higher... -
Do You Owe The IRS? Here’s What You Can Do If You Can’t Afford To Pay
If you find out you owe the Internal Revenue Service (IRS) when preparing your tax return, there is no need to panic. While no one wants to pay more taxes, you have options for paying the amount you owe. The... -
The Tax Deadline Is May 17: Make These Moves Before You File
If you have yet to file your taxes, you’re both in luck and running out of time. The Internal Revenue Service (IRS) extended the deadline to file individual income taxes until Monday, May 17, 2021—a full month later than usual... -
IRS To Start Automatically Adjusting Tax Returns For Those Who Qualify For Unemployment Tax Break
The Internal Revenue Service (IRS) announced it will start to automatically correct tax returns for those who filed for unemployment in 2020 and qualify for the $10,200 tax break. On March 11, President Joe Biden signed his $1.9 trillion American... -
Biden’s Tax Plan Calculator: How Might Your Taxes Change?
President Joe Biden campaigned on a promise to raise taxes on wealthy Americans and corporations. His core tax proposals would increase taxes on people earning more than $400,000 per year and raise corporations’ tax rates from 21% to up to... -
How To Deduct Your Home Office On Your Taxes
At the start of the pandemic, the number of people working from home increased significantly—but not all of them will qualify for the home office deduction. If you are self-employed or a partner, which is an owner in a partnership... -
5 Tax Breaks For Parents That Can Make A Big Difference
Raising a child is pricey—to the tune of almost a quarter of a million dollars over the first 18 years, according to the USDA's most recent figures. Luckily, the IRS provides some tax breaks to help families with these enormous... -
When Should I File Taxes In Multiple States?
If you were one of the millions of Americans who relocated during the coronavirus pandemic, you may face challenges when filing your 2020 state taxes. About 9 million people relocated between March and Oct. 2020, according to a National Association... -
Here’s What The May 17 Deadline Means For Your Taxes
On March 17, the Internal Revenue Service (IRS) provided some welcome news to millions of taxpayers by postponing the tax filing deadline from April 15 to May 17. And depending on where you reside, you may have even more time... -
Why Did I Receive Form 1099-NEC Instead Of Form 1099-MISC This Year?
If you were self-employed in 2020, you may have received Form 1099-NEC, Nonemployee Compensation, instead of Form 1099-MISC you may have received in years past. Why the change? In short: the IRS decided to simplify an ongoing issue for businesses... -
Small Business Calendar: Tax Due Dates for the Self-Employed
Whether you’re self-employed, own a small business or work a side gig, you’re responsible for meeting many tax deadlines throughout the year. You’ll need to track your income, estimated tax payments and employment records. If you have employees, you’ll need... -
Tax Season Will Look Different This Year. Here Is What You Need to Know
Tax season officially kicked off on Feb. 12 after being delayed more than two weeks past its regular start date. And beyond a slightly shorter filing window, things are going to look different this year for millions of Americans. From... -
4 Strategies To Minimize Your RMDs
Retirement plans offer a host of benefits, from lower taxes to automated saving. But Uncle Sam makes you pay for these benefits, eventually, by requiring you withdraw money from your account whether you need it or not. When you turn... -
How to Use The Recovery Rebate Credit To Claim Your Missing Stimulus Payment
As of January, the Internal Revenue Service (IRS) has issued a total of 307 million stimulus payments (aka Economic Impact Payments) to eligible Americans, totaling more than $413 billion in financial relief. And while most Americans have received their first... -
Guide To Rule 72(t) And Substantially Equal Periodic Payments (SEPPs)
Tax-advantaged retirement accounts provide you with plenty of valuable benefits. In exchange, you agree to lock up your money for the long term. Need early access to your retirement savings? The Internal Revenue Service (IRS) may charge an early withdrawal... -
Survey: Over Half of Americans Don’t Know Their Stimulus Checks Won’t Be Taxed
Tax season officially kicks off this week, but a new survey finds that many taxpayers don’t understand how the stimulus packages will affect their taxes. A February survey conducted by YouGov for Forbes Advisor asked Americans whether or not they... -
Do You Qualify For The Earned Income Tax Credit? Here Are The 2021 EITC Rules
The earned income tax credit (EITC) was first enacted in 1975 to provide financial assistance to working families with children. Today, the credit has evolved and now helps taxpayers with or without children. For the tax year 2020 (which you... -
Everything You Need To Know About The Child Tax Credit
The child tax credit has helped millions of Americans with the cost of raising children. Enacted in 1997, the credit was established through the Taxpayer Relief Act. If you’re a taxpayer who claims a child as a dependent, you may... -
Biden’s Tax Plans For His First 100 Days—His Stimulus Tax Proposals Are Just The Beginning
This story is part of a series on the new Biden administration and what Biden has planned for his first 100 days—and beyond. President-elect Joe Biden campaigned on a promise to boost Americans’ finances by raising taxes on wealthy Americans... -
6 Tips To Get A Head Start On Your 2021 Taxes
The IRS just announced that it’s extending the tax filing season for individuals to May 17. This year’s tax season comes with a host of changes mostly as a result of the Covid-19 pandemic, from a tax break on unemployment... -
4 Financial Tax Breaks To Help During Covid-19
Many Americans find themselves in big financial trouble as a result of the Covid-19 pandemic. If you’re among them, anxiously awaiting another stimulus check or expanded unemployment benefits, you may be able to squeeze some extra assistance from your taxes.... -
Here’s What Biden’s Win Means For Your Taxes
Joe Biden is now President-elect of the United States. It’s time to learn what he has planned for your taxes. One of President Donald Trump’s most consistent attack lines on Democratic presidential candidate Joe Biden has been “He’s going to... -
Retirement Moves To Help Slash Your Tax Bill
Though many people are building up their retirement nest eggs through retirement plans offered by their employers, only about half of Americans have access to these tax-advantaged retirement savings vehicles, according to the Tax Policy Center. Whether you’re self employed,...
6 Common Tax Deductions For The Self-Employed
The Best Tax Software Of 2022 For The Self-Employed
I’ve Filed My 2021 Taxes. When Will I Get My Refund?
How To Maximize Your Tax Deductible Donation
5 Overlooked And Popular Tax Breaks You Can Claim On Your Tax Return
Best Tax Software Of 2022
Venmo, Cash App And Other Payment Apps To Report Payments Of $600 Or More
Capital Gains Tax Calculator 2021
The IRS Predicts A Frustrating Tax Season. Don’t Wait Until April 18 To File Your Taxes
3 Changes For The 2022 Tax Season
All Third Stimulus Payments Issued—What To Do If You’re Entitled To More Money
The Monthly Child Tax Credit Calculator
2021 Year-End Tax Planning Moves To Make Now
20 Tax Terms You Need To Know
Texas State Taxes 2020-2021
Florida State Taxes 2020-2021
You Have Until Nov. 15 To Sign Up For December Child Tax Credit Payments
New Jersey State Taxes 2020-2021
Here Is How Much Your Social Security Payments Will Be In 2022
What You Need To Know About New York State Taxes 2020-2021
What You Need To Know About California State Taxes 2020-2021
The IRS Sent Unemployment Tax Refunds. Did You Receive Your Payment?
Child Tax Credit Portal Now Allows You To Make Income Changes
October Child Tax Credit Payments Are Here—What You Need To Know
Social Security 5.9% COLA Increase Is Biggest In Nearly 40 Years
You Have Until Oct. 15 To File Your Extended Tax Return
Your Social Security May Be Taxable. Here’s What You Need To Know
What Is Adjusted Gross Income (AGI)?
Good News: The IRS Is Sending Missing September Child Tax Credit Payments Now
3 Financial Lessons I Learned From Surviving A Hurricane
New Child Tax Credit Tool Makes It Easy To Sign Up
Be On The Lookout For Hurricane Ida Scams And Rumors
How Monthly Child Tax Credit Payments Are Impacting Americans’ Finances
How To Prepare Your Personal Finances For A Hurricane
Be Wary Of Child Tax Credit Scams
The Next Child Tax Credit Payment Pays Out Aug. 13, Here Is What You Need To Know
Missing a Child Tax Credit Payment, Tax Refund or Stimulus? Request a Payment Trace
Cover Letter, Resume, Vaccine Card? No Shot, No Pay For Some Workers
Will I Receive The Child Tax Credit in 2022?
Do I Need To Repay The Child Tax Credit?
What To Do If You Still Haven’t Received Your Child Tax Credit Payment
How To Claim A Hurricane Loss On Your Tax Return
Where’s My Child Tax Credit? FAQs About The New Monthly Payments
Healthcare FSA Vs. HSA—Understanding The Differences
What Is A Flexible Spending Account (FSA)?
Why You Might Want to Opt Out of the Monthly Child Tax Credit Payments
IRS Releases Online Tools to Help Families With Monthly Child Tax Credit Payments
IRS Sends Millions Letters About The Monthly Child Tax Credit Payments
3 Ways To Close The Racial Wealth Gap After The Pandemic
The IRS To Start Automatically Sending Monthly Child Tax Credit Payments July 15
Covid-19 Has Had A Disproportionate Financial Impact On Black Small Businesses
What Should You Do If The IRS Comes Knocking On Your Door?
Do You Owe The IRS? Here’s What You Can Do If You Can’t Afford To Pay
The Tax Deadline Is May 17: Make These Moves Before You File
IRS To Start Automatically Adjusting Tax Returns For Those Who Qualify For Unemployment Tax Break
Biden’s Tax Plan Calculator: How Might Your Taxes Change?
How To Deduct Your Home Office On Your Taxes
5 Tax Breaks For Parents That Can Make A Big Difference
When Should I File Taxes In Multiple States?
Here’s What The May 17 Deadline Means For Your Taxes
Why Did I Receive Form 1099-NEC Instead Of Form 1099-MISC This Year?
Tax Season Will Look Different This Year. Here Is What You Need to Know
4 Strategies To Minimize Your RMDs
How to Use The Recovery Rebate Credit To Claim Your Missing Stimulus Payment
Guide To Rule 72(t) And Substantially Equal Periodic Payments (SEPPs)
Survey: Over Half of Americans Don’t Know Their Stimulus Checks Won’t Be Taxed
About
Kemberley (@kemcents) Washington, CPA, is a former IRS agent, news contributor, author, and owner of Washington CPA Services, LLC. Check out more of her work at kemberley.com.