Antaeus Tax & Business Services, LLC

11/01/2023

Please join Antaeus, along with three industry professionals,
as we discuss the events of 2023 and explore what’s next.

A moderated panel discussion: Reflections on 2023 and Expectations Going Forward

02/12/2023

It’s that time of year again!

07/26/2021

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Tax Tip 2021-107, July 26, 2021

06/23/2021

More changes!! Pre-tax dependent care has increased for 2021. Be sure to check out the below link and reach out to your HR Department.

IR-2021-105, May 10, 2021 — The Internal Revenue Service today issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable.

06/23/2021

It's time for those of you that want to opt out of the advance child tax credit payments! In order to not receive a payment starting in July you AND, your spouse if you file jointly, must opt out by June 28, 2021. Please follow the link to the FAQ's on the IRS website or call with questions.

Frequently asked questions about the Advance Child Tax Credit Payments in 2021 — Topic J: Unenrolling from Advance Payments

06/17/2021

Big changes in 2021 for dependent care expenses!! Keep track of all those camps/pre-schools/daycares/etc.

IR-2021-128, June 11, 2021 — The Internal Revenue Service today posted two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers in claiming credits under the American Rescue Plan (ARP).

05/26/2021

IMPORTANT CHANGES TO THE CHILD TAX CREDIT FOR 2021 ONLY!

The Advance Child Tax Credit for 2021, is a one-year tax credit, that is based on your 2020 tax return (or 2019 if you have not filed 2020). For children ages 5 and under, the child tax credit for 2021 will be $3,600 (up $600 from 2020). For children ages 6 to 17, the credit is now $3,000 (up $1000 from 2020).
Families claiming one child under the age of 5 in 2021, and are within their income limits, will receive a $3,600 child tax credit. Half of which will be distributed monthly ($300 per month) from July through December, while the other half will be claimed on the 2021 tax return next year.
The flip side is if a family files in 2021 and took the credit, but found they were not eligible due to a higher income limit, the credit must be paid back to the IRS at the time the 2021 taxes are filed.
The income limits are:
• joint filers with an adjusted gross income of $150,000 or less,
• head-of-household with an adjusted gross income of $112,500 or less and
• all other taxpayers with an adjusted gross income of $75,000 or less.
To verify how much one is eligible to receive, please click on this link: https://www.kiplinger.com/taxes/602334/2021-child-tax-credit-calculator, the calculator will be available on the IRS website very soon.
For anyone who believes their income for 2021 will be higher than 2020, we recommend you opt out now. Remember, if you are found not to be eligible, the credit must be paid back to the IRS when filing your 2021 taxes. Should one choose to opt out of the credit, please go to https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. Changes can be made beginning July, 2021.
For more information about the temporarily increase to the Advance Child Tax Credit for 2021, please click here: https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021 This link updates regularly when more information becomes available, so check back often.
Please take the time to read the articles to understand the temporary changes to the Advance Child Tax Credit for 2021. Distributions will begin July 15, 2021.

Information for taxpayers who may receive advance Child Tax Credit payments in 2021.

04/25/2021

IRS Free File is a free way to claim your full amount of tax benefits, including the Recovery Rebate Credit, It also helps make sure that eligible people get the refund they’re owed, even if they don’t normally file a tax return. To learn more, click here: https://go.usa.gov/xHj2z

03/29/2021

03/23/2021

No need to call or visit the IRS seeking your prior-year tax transcript, which is a record of your tax return. Get your tax transcript online, click here: www.irs.gov/transcript

03/19/2021

You can now access the Get My Payment tool to address key FAQs about the third Economic Impact Payment. Get started at www.irs.gov/getmypayment

01/16/2021

The form of payment for the 2nd Economic Impact Payments may be different than for the 1st. Some people who got a check last time might get a prepaid debit card now. IRS urges you to check your mail: EIPcard.com