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Category: Reporting your income

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Will 2021 Child Tax Credit pre-payments affect my 2021 return?

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The short answer is, yes.  If you received advance CTC payments in 2021, the amounts paid were estimates based upon your most current tax filing (from either your 2020 or 2019 return). Taxpayers will reconcile the Child Tax Credit Advance Payments to the total  allowable CTC determined using schedule 8812 on their 2021 return. The […]

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What is a Schedule C and do I need to complete one?

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If you are self-employed, it’s likely you will need to fill out an IRS Schedule C to report how much money you made or lost in your business. This form, headlined “Profit or Loss from Business (Sole Proprietorship),” must be completed and included with your income tax return if you had self-employment income. In most […]

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