With year-end approaching, it is time to think about moves that may help lower your business’s taxes for 2021 and 2022. 2021 is more challenging than usual due to the uncertainty surrounding pending legislation that could increase corporate tax rates plus the top rates on both business owners’ ordinary income and capital gain starting in… Read More
Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments COVID Tax Tip 2021-147, October 5, 2021 Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit… Read More
Things people do during the summer that might affect their tax return next year IRS Tax Tip 2021-102, July 15, 2021 It’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how… Read More
With the recently enacted American Rescue Plan, there were changes made to the child tax credit that may benefit many taxpayers, most notably: The amount has increased for certain taxpayers The credit is fully refundable The credit may be partially received in monthly payments The qualifying age for children has been raised from 16 to… Read More
If you’re one of the millions of Americans waiting patiently for your 2020 federal tax refund, I sympathize with you. This tax filing season has been one like never before and I am hearing from many of you wondering why you haven’t received your payment yet. There are several reasons for the delays, but I… Read More
Here Is How the Third Economic Impact Payment Is Different From Earlier Payments The third Economic Impact Payment is different from the first and second payments in several ways. The third Economic Impact Payment is an advance payment of the 2021 recovery rebate credit. The two earlier payments are advance payments of the 2020 recovery… Read More
The recently passed American Rescue Plan Act has made substantial changes to issues concerning your business. The following represents items that not only require your attention, but most importantly, your planning for these changes. They include: Payroll tax credits. The paid sick leave and family leave credits are extended to apply to wages paid through September… Read More
The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. As tax law is moving very quickly in 2021, we wanted to make you apprised of these changes. Individuals Recovery… Read More
Students and teenagers often get summer jobs. This is a great way to earn extra spending money or to save for later. The IRS offers a few tax tips for taxpayers with a summer job: Withholding and Estimated Tax. Students and teenage employees normally have taxes withheld from their paychecks by the employer. Some workers… Read More
Attention last minute savers! There’s still time to reduce your tax burden for 2016. Have you funded a traditional IRA, Roth IRA, or SEP this year? The deadline for contributions to IRAs is April 18, 2017 — this year’s filing deadline. For self-employed taxpayers, contributions to a SEP may be postponed until October 16, 2017… Read More