Harris-Raasch CPA "The Tax Crusader"

04/15/2026

01/06/2024

https://www.parentalchoice.ok.gov/

Nearly half of Oklahoma families that have applied for the state’s new private-school tax credit are from lower-income or middle-class backgrounds. And…

12/20/2023

TAX ASSISTANT

I am looking for some sharp people to join my Team for the upcoming Tax Season. I need a fulltime person or 2 part time. Primary qualifications are Personality, Computer Literacy, Detail Oriented, Dependability and Willingness to Learn. While Experience in a Tax Prep Office is desirable, experience in accounting, bookkeeping, data entry, accounts receivable along with Customer Service skills would be useful. Students enrolled in an accounting program with daytime hours availability would be perfect for the part time position. Duties will include information gathering for client intake, file management and basic data entry. Team Members must be in compliance for their personal taxes as they will be required to obtain a Preparer Tax Identification Number from the IRS (a simple registration process with no test required. We reimburse the $19 fee.). Our office is located at 12612 NE 23rd, Choctaw OK. Please call for the FAX number or E-Mail address to submit a resume. 405-390-8292.

05/24/2022

WEDDING PLANNING CHECKLIST: Cake, Rings, Flowers … Tax forms?
The summer wedding season is fast approaching. Wedding planning is often overwhelming but figuring out how marriage will affect a couple’s tax situation doesn’t have to be. Here are a few things couples should think about as they prepare for the big day.
Name and address changes
People who change their name after marriage should report it to the Social Security Administration as soon as possible. The name on a person's tax return must match what is on file at the SSA. If it doesn't, it could delay any tax refund. To update information, taxpayers should file Form SS-5, Application for a Social Security Card. It is available on SSA.gov, by calling 800-772-1213 or at a local SSA office. DO NOT WAIT until tax time, OR wait until After tax time to File for the Name Change. It takes time for the change to show up in the SSA data base and create that delay.
If marriage means a change of address, the IRS and U.S. Postal Service need to know. To do that, people should send the IRS Form 8822, Change of Address. Taxpayers should also notify the postal service to forward their mail by going online at USPS.com or their local post office.
Double-check withholding
After getting married, couples should consider changing their withholding. Newly married couples must give their employers a new Form W-4, Employee's Withholding Allowance within 10 days. If both spouses work, they may move into a higher tax bracket or be affected by other income driven tax consequences. They can use the Tax Withholding Estimator on IRS.gov to help complete a new Form W-4. Don’t forget the STATE. One of the most common phrases we hear is “We Always owe the State!” Oklahoma has a new Withholding Form as well. A shotgun way to deal with it is for both spouses to instruct the employer on the forms to hold out at the higher Single Rate with no exemptions.
Filing status
Married people can choose to file their federal income taxes jointly or separately each year. For most couples, filing jointly makes the most sense, but each couple should review their own situation. If a couple is married as of December 31, the law says they're married for the whole year for tax purposes.
Your Fiancé’s Tax History
Knowing Everything about one another’s Financial affairs is a critical factor before the I Do. This includes knowing the status of their tax account with the IRS and the State. Unfiled Tax Returns and Unpaid Tax Bills will compromise refunds on the Joint Return. This also includes delinquent Child Support Payments and delinquent debts owed to State & Federal Government Agencies.
Shannon A Raasch CPA, The Tax Crusader.

01/14/2022

This year's tax-filing season officially begins on Monday, Jan. 24. That's the first day the agency will start accepting and processing 2021 federal tax returns.

This year, the IRS must make sure that eligible taxpayers receive the correct amount of the Child Tax Credit.

The American Rescue Plan not only increased the amount qualified taxpayers can receive, but it also made the credit fully refundable, meaning taxpayers get the full credit amount even if that exceeds how much they owe in taxes. Additionally, the legislation allowed half of the Child Tax Credit to be distributed in advance monthly payments that started in July of last year and concluded in December. Taxpayers will receive the remaining half after filing their 2021 tax return.

The IRS also must calculate if any taxpayers should receive the $1,400-per-person stimulus payment distributed in March and April as part of the American Rescue Plan. Eligible taxpayers who didn't receive the payment can claim it on their 2021 federal tax return.

The agency encouraged taxpayers to file electronically with direct deposit to receive their tax refunds as soon as possible. Taxpayers should receive their refunds within 21 days of filing their return electronically if they use direct deposit and as long as there are no issues with the return.

By law, the IRS cannot issue tax refunds to taxpayers claiming the Earned Income Tax Credit or Additional Child Tax Credit before Feb. 15.

The deadline for filing your 2021 tax return is Monday, April 18, for most taxpayers.

12/22/2021

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Stimulus Payments; Taxpayers should hold on to these letters to help the 2022 Filing Season experience. Be sure to bring them in with you.

10/05/2021

IF THIS IS NOT YOUR YEAR TO CLAIM YOUR CHILD AND YOU ARE RECEIVING THE MONTHLY ADVANCE PAYMENTS, HERE'S THE SCOOP - YOU WILL HAVE TO PAY THAT BACK!!

Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments

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 that taxpayers expect to claim on their 2021 tax return. Understanding how the payments work will parents to unenroll, if they choose, and possibly avoid a possible tax bill when they file next year.

Here are some of the most common questions about shared custody and the advance child tax credit payments.

If two parents share custody, how will the IRS decide which one receives the advance child tax credit payments?
Who receives 2021 advance child tax credit payments is based on the information on the taxpayer’s 2020 tax return, or their 2019 return if their 2020 tax return has not been processed. The parent who claimed the child tax credit on their 2020 return will receive the 2021 advance child tax credit payments.

If a parent is receiving 2021 advance child tax credit payments and they shouldn’t be, what should they do?
Parents who will not be eligible to claim the child tax credit when they file their 2021 tax return should go to IRS.gov and unenroll to stop receiving monthly payments. They can do this by using the Child Tax Credit Update Portal. Receiving monthly payments now could mean they have to return those payments when they file their tax return next year. If their custody situation changes and they are entitled to the child tax credit for 2021, they can claim the full amount when they file their tax return next year.

If parents alternate years claiming their child on their tax return, will the IRS send the 2021 advance child tax credit payments to the parent who claimed the child on their 2020 tax return even though they will not claim them on their 2021 tax return?
Yes. Because the taxpayer claimed their child on their 2020 tax return, the IRS will automatically issue the advance payments to them. When they file their 2021 tax return, they may have to pay back the payments over the amount of the credit they’re entitled to claim. Some taxpayers may be excused from repaying some or all of the excess amount if they qualify for repayment protection. If a taxpayer won't be claiming the child tax credit on their 2021 return, they should unenroll from receiving monthly payments using the Child Tax Credit Update Portal.

If one parent is receiving the advance child tax credit payments even though the other parent will be claiming the child tax credit on their 2021 tax return, will the parent claiming the qualifying child still be able to claim the full credit amount?
Yes. Taxpayers will be able to claim the full amount of the child tax credit on their 2021 tax return even if the other parent is receiving the advance child tax credit payments. The parent receiving the payments should unenroll, but their decision will not affect the other parent’s ability to claim the child tax credit.

IRS.gov has additional information and answers to frequently asked questions about custody situations and how they may affect advance payments of the child tax credit.

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