2021 Tax Changes Keep Us “Smiling”

As the year progresses, changes have been made and are taking place.¬† Here are some of the 2021 tax changes that we will be facing as we enter the ring for the 2021 tax season… Advance Child Tax Credits: ¬†Monthly advance payments began 7/15/21. Any amount paid will need to be reported on your 2021 […]

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Paycheck Checkup

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 […]

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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 […]

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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, […]

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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 […]

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