"Did You Know?" #1

DID YOU KNOW…

• You might be asked to prove residence, relationship, and support for EITC.

• It’s not too late to claim your stimulus payments from 2020 and 2021?

• Even if you’re not required to file a tax return, it still might be a good idea.

• If you can’t pay the full balance of what you owe, both the IRS and the Indiana Department of Revenue will allow you to create an installment plan.

• VITA sites prepare income tax returns for free.

• The Low-Income Taxpayer Clinics (LITCs) offer free help with tax controversies.

• Some income tax credits are “refundable,” meaning you can get paid even if you didn’t pay that much in tax.

• The IRS is requiring 1099-Ks to be sent for $600.

• You can calculate your estimated withholdings on IRS.gov.

• Some companies misclassify employees as independent contractors.

• Self-employment taxes are owed on all income – the standard deduction doesn’t apply.