Many people rely on their tax refunds to purchase larger expenses or pay off debt. Others look forward to placing the lump sum return in their savings account for a bit of a financial cushion. Unfortunately, your ability to do any of these things with your 2023 refund may be hindered since the amounts received…

Online security is important for keeping your private information out of the hands of people who shouldn’t have access to it. One way that the IRS is planning to protect your tax information is with facial recognition. IRS Reveals New Facial Recognition Tool On November 17, 2021, the IRS revealed that it is launching a…

The current version of President Biden’s Build Back Better plan includes several changes, some of which include increasing Medicaid availability in certain states, limiting childcare costs for families with young children, and providing free schooling for pre-K students. If enacted, it would also result in a few tax-related changes for the 2022 tax year and…

The W-4 form tells your employer how much it should withhold from your check for federal income tax purposes. Filling it out correctly can prevent you from paying too little or too much throughout the year. Here’s what you need to know when completing your W-4. Step 1 Enter your first name and middle initial,…

There are only two months left to prepare and plan for your 2021 tax filings. At Sherman & Associates, we want to make this process as simple and painless as possible. So, here’s what you need to know as you are getting ready to finish up the 2021 tax year. The Child Tax Credit Has…