American Tax Service

Helping Americans File Their Taxes

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When Can You File Taxes?

filing taxes online

2021 is coming to an end, and you may be wondering when you can file taxes in 2022?

While you may be looking forward to the holiday season, keep in mind that tax season officially kicks off soon after it ends.

So, When Does Tax Season Start in 2022

The Internal Revenue Service has set the opening day for the 2021, 2022 filing season as Monday, Jan. 24, 2022. That’s when the IRS will start accepting and processing 2021 tax year returns.… Read the rest

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What is Capital Gains Tax on Sale of a Business?

Year in and year out, as a business owner, you pay taxes on what’s called “ordinary income”. When you sell your business, the tax on the increased value of your business is called capital gains tax. This article discusses the definition, calculation, and ways to minimize or eliminate capital gains taxes on the sale of a business.

capital gains tax sale business

What Are Capital Gains Taxes?

When you earn a salary, commissions or business income, you get taxes on the income as it is received.… Read the rest

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How to Figure Out How Much Your Tax Refund Will Be

figure how much is my tax refund?

Are you trying to figure out how much your tax refund will be from the IRS this coming season?

While there’s a few ways to tell, you can get a pretty accurate estimate by using an online tax refund calculator.

By getting a rough idea of the size of your tax refund, you can start making plans as to how you’ll spend that tax refund.

Where to Find a Tax Refund Calculator

Tax refund calculators are available from most major tax preparation services, allowing you to estimate your tax refund for free.… Read the rest

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New Tax Credits and Deductions

Do you want to reduce your tax bill this year? You can maximize your tax savings by checking to see if you’re eligible to claim any of the new expanded tax credits.

The difference between a tax credit and a deduction is a deduction reduces your taxable income, whereas credits reduce the amount of tax you pay directly. Refundable credits are even better because they can reduce your tax bill even if the credit is worth more than you owe. Non-refundable credits are only valid up to the amount you owe.… Read the rest