The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment.
The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the rest of 2021.
If you conduct business either partially or in whole at home, you may be entitled to a home office deduction on your taxes. Here are a few things you should know about the home office deduction.
First, the portion of your home you are claiming the deduction must be used regularly and exclusively for business purposes. This area of your home must also be your principal place of business, or a place where you meet clients or customers in the normal course of business. It also applies if the space is a separate structure not attached to your home, like a garage or studio.
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