James C. Blackadar, CPA

02/04/2022

As Tax Season starts, here are a few important documents you want to gather for your Tax Preparer:

• Social Security numbers of everyone listed on the tax return. Many taxpayers have these numbers memorized. Still, it's a good idea to have them on hand to double check that the numbers on the tax return are correct. An SSN with one number wrong or two numbers switched will cause processing delays.

• Bank account and routing numbers. People will need these for direct deposit refunds. Direct deposit is the fastest way for taxpayers to get their money and avoids a check getting lost, stolen or returned to IRS as undeliverable.

• Forms W-2 from employer(s).

• Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, distributions from a pension, annuity or retirement plan.

• Form 1099-K, 1099-MISC, W-2 or other income statement for workers in the gig economy.
• Form 1099-INT for interest received.

• Other income documents and records of virtual currency transactions.

• Forms 1095-A, Health Insurance Marketplace Statement. Taxpayers will need this form to reconcile advance payments or claim the premium tax credit.

• Letter 6419, 2021 Total Advance Child Tax Credit Payments, to reconcile advance child tax credit payments.

• Letter 6475, Your 2021 Economic Impact Payment, to determine eligibility to claim the recovery rebate credit.

Forms usually start arriving by mail or are available online from employers and financial institutions in January. Taxpayers should review them carefully. If any information shown on the forms is inaccurate, the taxpayer should contact the payer ASAP for a correction.

05/14/2020

Anyone looking to check the status of their stimulus checks can do so here:

Use Get My Payment to get information about your payment status and payment type.

03/28/2020

Massachusetts has also extended their Tax Due Date to July 15th!!!

03/27/2020

Stimulus Check Update! *** Update ** Thanks to Theresa Gordon!!!!!

All, looks as though the $1200 stimulus checks many Americans will be getting is actually an advance on a 2020 tax Credit!.

INDIVIDUAL TAX RELIEF

Recovery Rebates

The most well-publicized provision is the $1,200 recovery rebates for individual
taxpayers. The rebate amounts are advance refunds of credits against 2020
taxes, and equal to $1,200 for individuals, or $2,400 for joint filers, with a $500
credit for each child. The amount of each rebate is phased out by $5 for every
$100 in excess of a threshold amount. This threshold amount is based upon 2018 adjusted gross income (unless a 2019 return has already been filed), and the phaseout begins at $75,000 for single filers, $112,500 for heads of households, and $150,000 for joint filers. Thus, the rebates are completely phased out for single filers with 2018 (or 2019, if applicable) adjusted
gross income over $99,000, heads of household with
$136,500, and joint filers with $198,000.
In order to be eligible for a recovery rebate, the
individual must not be: (1) a nonresident alien, (2) able to
be claimed as a dependent on another taxpayer’s return,
(3) an estate or trust, and (4) must have included a Social
Security number for both the taxpayer, the taxpayer’s
spouse, and eligible children (or an adoption taxpayer
identification number, where appropriate). The bill
includes additional rules for the application of the credit.

I will update a I get more information!!!

03/23/2020

In case you haven’t heard, the filing date for taxes has been extended to July 15th!!!

01/08/2020

I’ve been preparing taxes for 30 years and have been a licensed CPA in the State of New Hampshire since 2000. I will be taking on a few new clients this year in the local area (Atkinson, Plaistow, Hampstead). I meet with clients nights and weekends usually right at their home or business to make it as simple as possible for them, but can also make other arrangements as needed. You can reach me at 603-498-5678 and I typically get back to clients within 24 hours.