With the tax reform implemented by the Tax Cuts and Jobs Act and all of the upcoming changes for 2021, it would be a good time to conduct a “paycheck checkup”. The IRS suggests that all taxpayers use the tax withholding estimator to make sure they are withholding the correct amount from their paychecks for...
Paid Leave Tax Credits
On 7/29/21 it was announced by the Treasury Dept. and IRS that eligible employers who extend paid leave to employees who need to take certain individuals to receive their COVID-19 vaccine or care for certain individuals or household members while they recover will receive a tax credit equal to the wages paid for providing the...
What’s The Holdup?
If you are wondering why your tax return is delayed; it has been reported that there are approx. 35M backlogged returns; approx. 16M paper and now 19M electronic returns too. With the pandemic, there has been a shortage of staff, returns are now being held for manual processing for review of stimulus payments and unemployment,...
Advance Child Tax Credits – Don’t Take the Bait!
The Advance Child Tax Credit has been expanded for 2021. Many taxpayers may think of this as an advantage, however, for some, it has the potential to be harmful! While the advantage to be enrolled or unenroll is determined on an individual basis, taxpayers should consider unenrolling if any of the following conditions apply: Child...
What Is Gusto Cashout?
Gusto has added a new benefit for employees. Gusto Cashout allows employees access to cash in between paydays if needed for an emergency bill or unexpected expense. Employees can get a free of charge advance of up to 40% of their paycheck. Money can be deposited to their bank account within one business day or...
The “Dirty Dozen”
The latest IRS “Dirty Dozen” was recently released providing the top 12 scams for 2021… Phishing: Creating fake emails or websites in order to steal personal information. Fake Charities: Exploiting the current pandemic or other natural disasters by posing as a fake charity and taking money from well-intentioned people. Impersonator Phone Calls: Calls come from...
What Can Dext Do For You?
The two most common excuses that keep people from reaching their goals are time and money. While money can be generated, time is a non-renewable resource and should be spent wisely. Have you ever caught yourself saying, I wish I could do that, but I’m just to busy? Or, I just need a little more...
What To Know About Crypto
Confused about cryptocurrencies? You’re not alone. Before you use or invest in cryptocurrency, know what makes it different from cash and other payment methods, and how to spot cryptocurrency scams or detect cryptocurrency accounts that may be compromised. Cryptocurrency, commonly referred to as crypto, is a type of digital currency that generally only exists electronically unless...
Possible IRS Delays
The IRS is holding up approx. 29 million tax refunds for manual processing! Additionally, their systems were not able to process many of the quarterly payments that needed to be sent by 4/15/21. You can try to track your return via the IRS website (www.irs.gov/refunds) but you would be absolutely correct to expect some delays....
That’s a Wrap….Almost
We did it! Tax Day has come and gone and the majority of returns made it to the IRS on time. That said, we still have a few extended returns to complete. For those who had to extend, we must receive your information before 9/24/21 in order to meet the 10/15/21 extended filings deadline. Please...