01/24/2022
FINALLY GETTING TO POST THE TAX CHANGES FOR 2021 and there are LOTS OF GOOD CHANGES MY FRIENDS BUT I WILL JUST GO AHEAD AND SAY THAT “THIS IS GOING TO BE ONE DOOZY 😜 OF A TAX SEASON FOR US ALL (clients/taxpayers & tax preparers)” meaning even though there are good changes, it is a lot of COMPLICATED FORMS AND CHANGES-WOW!!! AND Like I always tell you guys, WE WANT YOU TO COMPLETELY KNOW & UNDERSTAND THE TAX LAWS THEY SET BEFORE US EACH YR, we also *ALWAYS WANT TO BE HONEST* WITH U GUYS & EXPLAIN IT TO YA’LL IN NORMAL ENGLISH UNDERSTANDABLE WORDS & NOT IN A CRAZY TAX CODE TALK, ha 🤪! So PLEASE feel free to SHARE WITH EVERYONE you know even if we do not do their taxes, they are more than welcome to pass this information along to others! Oh, and go and like our NELSON/SIMS & ASSOCIATES page TOO❤️!
(1) 1st day for tax returns to be sent in ELECTRONICALLY to the IRS this YEAR IS earlier than the last couple of years so it is JANUARY 24th & the last day to file your returns this year is April 18th unless something changes! 🙏🏻
(2) ONE OF THE BIGGEST CHANGES this yr is due are for those with CHILDREN (LOOK FOR FORM 6419 MAILED TO YOU FROM THE IRS, AND IF YOU ARE MARRIED BOTH SPOUSES WILL RECEIVE A FORM 6419, DO NOT THROW THIS AWAY, THIS IS VERY VERY IMPORTANT AND IS NEEDED TO PREPARE WITH YOUR TAX RETURN)…The CHILD TAX CREDIT has now changed for the 2021 tax return, it is now completely refundable and has went up to $3600 for ages 0-5 and $3000 for ages 6-17 and before 2021 we were not allowed to get the child tax credit on OUR CHILDREN THAT WERE AGE 17 so this is a GREAT LAW-WOO-HOO! 🙌🏻 Now the IRS gave us the choice for the last 6 months of last yr 2021 to take the ADVANCED CHILD TAX CREDIT early in increments of $250 per month for those from ages 6-17 and $300 for ages 0-5 due to the economy being so bad, so if u DID NOT OPT OUT u would have gotten this money deposited into your account or sent to your home address on your dependent children of these ages! So the way this will work on your 2021 tax return is if u did take the ADVANCEMENT THEN THE AMOUNT u received in 2021 for those last 6 months will come off of your child tax credit amount on your return (pretty much this will leave your refund around the same as the yr before unless u had some major changes in income, etc.)….But if u OPTED OUT OF THE ADVANCED PAYMENTS then u will get the full amount on your 2021 tax return making your refund go WAY UP-YAY! ****VERY IMPORTANT please look for this form from the IRS that they have mailed out to every taxpayer with children called a “FORM 6419”, DO NOT THROW THIS AWAY, this form is needed to prepare your taxes with and has vital information that is needed for the ADVANCED CHILD TAX CREDIT THAT HAS TO BE MATCHED ON THE 2021 TAX RETURN, IF IT IS NOT MATCHED THEN THIS COULD CAUSE A HUGE DELAY IN YOUR REFUND THIS YEAR, so please take this form to your tax preparer!***** If you have not received this form by Jan. 31st you can go to IRS.gov/ctcportal or call 1-800-908-4184 to get your information! 💌
(3) Also look for FORM 6475 from the IRS (DO NOT THROW THIS AWAY) which is a form the IRS IS SENDING OUT TO ALL TAXPAYERS WHO RECEIVED THE 3RD STIMULUS which was the $1400 per taxpayer and dependents on your previous tax return and this amount would have been deposited into your acct or mailed to u in March-July last yr. , so for example if the year before your return had yourself, your spouse, 2 children, and 1 of your parents on your return then you would have had 5 people on your return which would have been $1400 x 5 people = $7000 u would have received… We must put the amount you received for the 3rd STIMULUS CHECK ON YOUR TAX RETURN FOR 2021, ***Note: They are not taxable NOR do we have to pay those back NOR will they reduce our refunds, the IRS just wants to make sure we got the entire amount we were supposed too and if not then we tax preparers will fill out a RECOVERY REBATE CREDIT to get you the stimulus or the rest of your stimulus if you did not (this also includes dependents who were claimed last year on their parents returns and are claiming themselves this year-they would be eligible for $1400 on this credit-WOWZA so let your preparer know if your dependent is claiming themselves this yr)...This would also include those that had a baby in 2021 and never received their stimulus for that child-this could be worth $1400 for that extra child making your refund jump that much more! **Note: If u don’t receive this notice FORM 6475 in the mail YOU CAN ALSO CHECK ON YOUR STIMULUS ON THE IRS WEBSITE under “GET MY ECONOMIC IMPACT PAYMENT if u have an account set up with the IRS, IF NOT CALL 1-800-908-4184 or 1-800-829-1040!📬
(4) ANOTHER GREAT LAW THAT I AM REALLY EXCITED ABOUT BECAUSE I HAVE WISHED FOR THIS FOR YEARS and this is for 2021 ONLY: For those who have children under age 13 and PAY CHILD CARE EXPENSES OUT, it is now up to 50% REFUNDABLE as long as you or your spouse have a principal place of abode in the U.S. for more than half the year of 2021 & it has not been refundable in the past (Instead it just knocked down tax so if you were already zeroed out in tax you couldn’t even use your child care-ugh)…The limit you can pay and get the 50% back is $8000 on 1 child meaning a credit of $4000 and $16,000 for 2 or more children meaning a credit of $8000-WOWZA WOWZA! So for those whose AGI is under $125,000 you will get back 50% then as your income raises the % will go down but it is still an excellent CREDIT! So everyone please get your forms from your child care provider or after school care providers if you have not already! 👶🏻
(4) For those who took out retirement in 2021 there is not a COVID RULING like there was in 2020 letting you split your retirement over 3 years, that stopped Dec. 31, 2020 but there are some exceptions to the rules that your tax preparer can ask u about to be able to override the early withdrawal 10% penalty on it if you meet those exceptions…If u did split your retirement over 3 yrs on last years 2020 return make sure to tell your tax preparer about it so you don’t get a letter from the IRS.😡
(5) THERE IS STILL NO FORM 1040EZ OR 1040A, EVERYONE WILL BE FILING ON THE SAME FORM 1040 or 1040-SR for seniors THEY PUT INTO EFFECT IN 3 yrs ago PLUS IT’S still ACCOMPANIED BY OTHER SCHEDULES THAT MUST BE FILLED OUT WITH IT-WOWZA! 🤔
(6) What do u need to file with this year? You STILL will need your W-2's (ABSOLUTELY NO PAY STUBS DUE TO ALL THE CODES THEY NOW PUT ON THE W-2’S AS WELL AS AMENDMENTS & AUDITS BEING CAUSED BY USING PAYCHECK STUBS), also 1099's or if self employed a record of your income and expenses (also note 1099-Misc forms have changed and are now on 1099-NEC forms) which was put into effect in 2020, for those with health insurance through the market place form 1095-A, Form 6419 for ADVANCED CHILD TAX CREDIT, FORM 6475 for the 3rd STIMULUS PAYMENT, your drivers license for u and your spouse, IF WE ALREADY HAVE YOUR SOCIAL SECURITY CARDS & BIRTH CERTIFICATES ON FILE WE “DO NOT” NEED THEM AGAIN...If u get Earned Income Credit or Child Tax Credit or College Credits on your children we still need some sort of proof of residency on your children (school, medical, pharmacy, health insurance papers, just something showing their address matching yours)...If you or your child is in college we also need form 1098-T, receipts for books, supplies, equipment for college students, student loan interest form if you are paying on your college, and any other legal forms u receive like any other income forms or mortgage interest forms, etc..* 💜
(7) For **ONLY THOSE** WHO HAD THE MARKETPLACE HEALTH INSURANCE LAST YR IN 2021 we have to have your form 1095-A you either received in the mail, by email, or is on the Marketplace website for u to print out! **There were THOUSANDS OF TAXPAYERS last yr when filing their 2020 returns that did not include that form on their tax returns or did not tell their tax professional about it and it HELD UP their TAX REFUNDS FOR MONTHS! 🥺
(8) ANOTHER GOOD CHANGE IS THAT OUR STANDARD DEDUCTIONS WENT UP A BIT VERSES DOWN…Our STANDARD DEDUCTIONS ARE THE AMOUNTS WE GET TO TAKE OFF OF OUR INCOME ACCORDING TO OUR FILING STATUS WHICH HELPS LOWER OUR TAX so for Married Filing Joint it went UP to $25,100 for Single & Married Filing Separate it went to $12,550, and for Head of Household it went to $18,800! 👏🏻So by these going up it can lower your tax and if you couldn’t itemize before or were real close to itemizing then this will help u!👏🏻
(9) So we all are USED TO THE IRS DELAYS IN OUR REFUNDS BY NOW (due to the past few years of this happening), well this YEAR MAY BE NO DIFFERENT, according to the IRS they are saying FOR ALL TAXPAYERS DO NOT expect refunds TO COME OUT UNTIL ATLEAST MID FEBRUARY, THEY HOPE TO GET ALL REFUNDS OUT IN 21 business days though…And for TAXPAYERS WITH CHILDREN the IRS states that some of those will be delayed because they will be checking those who get child tax credit, earned income credit, they will also be cross matching FORM 6419’s for ADVANCED CHILD TAX CREDIT PMTS, and checking to make sure our 3rd stimulus amounts we claim and they sent out to us match! So IT IS SO IMPORTANT THAT ALL INFORMATION MATCHES or your refund could be delayed up to 2 months or more-ugh! Those who are single with no children may get theirs quicker like usual but we won’t know this for awhile...So we're just gonna keep our fingers crossed that they are on top of things this year🤑👌🏻And u can check for your refund on the IRS.gov's WHERE'S MY REFUND page or app!
(10) Another credit that came out a couple of yrs ago and stayed is called The NEW FAMILY CREDIT which is $500 for each qualifying dependent that is age 18 or over AND THEY KEPT THIS THE SAME FOR 2021-YAY! So what does this mean IN NON-TAX TALK is this: If u have a child that just turned 18 last year u will lose your child tax credit-UGH but u will still get a $500 credit for them, before the tax yr 2018 we got ZERO CREDITS FOR THEM (u still got to claim them ofcourse which helped but no credits)...This ALSO APPLIES TO OTHER QUALIFYING DEPENDENTS BESIDES OUR CHILDREN THAT ARE AGE 18 & UP. (example: PARENTS, GRANDPARENTS, NEICE, NEPHEW, ETC. WHO LIVED WITH YOU AND YOU SUPPORTED LAST YEAR)—-AWESOME💙!
(11) ONE OF THE MOST EXCITING & GREAT CHANGES THAT STAYED AROUND IS THANKS TO “THE CONSOLIDATED APPROPRIATIONS ACT 2021” ***DUE TO THE COVID-19 AND OUR ECONOMY BEING SO BAD THE LAST COUPLE OF YEARS and some TAXPAYER’S INCOME DROPPING DOWN (or even getting UNEMPLOYMENT ALL YR LONG which reduces your credits on your children making your refund go WAYYYYYY ⬇️ DOWN the IRS is allowing us preparers to use your 2019 (PRIOR YEAR EARNED INCOME) instead of your 2021 income to make sure you are still getting the same EARNED INCOME CREDIT & ADDITIONAL CHILD TAX CREDITS on your children making your refund STAY HIGHER-YAY! So if your income dropped or u just drew unemployment all yr DO NOT be afraid to FILE, this is a GREAT LAW, HELPED SO MANY LAST YEAR, and will STILL HELP SO MANY THIS YR! 🤑❤️
(12) Let’s talk about UNEMPLOYMENT! Everyone who drew unemployment last yr in 2021 will receive what’s called a form 1099-G which must be filed on your 2021 tax return…You will either receive this by mail, email, or you can go to the TN unemployment website and print it out yourself by entering in your username and password or if you don’t have access to a printer and we do your taxes then let us know and we can print it out for you! In 2020, unemployment of up to $10,200 was excluded from Income on our 2020 tax returns, this is NO LONGER IN EFFECT FOR 2021, it will all be taxable, so make sure you turn in your unemployment! 🖨
(13) MEDICAL/DENTAL/PRESCRIPTIONS/EYE/MEDICAL MILES/HEALTH/DENTAL/VISION INSURANCE/ETC. ON THE ITEMIZED FORM remained the same and is now permanent, ONLY HAVING TO GO OVER 7.5% of our income-YAY!🚑 (For a list of what all is deductible feel free to call our office and ask the girls at 931-372-0764 and we can get u a copy of all that are deductible)!
(14) COLLEGE EXPENSES ARE STILL DEDUCTIBLE-YES! AMERICAN OPPORTUNITY TAX CREDIT (for those in their 1st 4 years of college) is still available for max credit of $2500 & LIFETIME LEARNING CREDIT (for those who already got the other credit for 4 yrs) is still up to $2000-WOOHOO!👨🎓Note: You MUST receive a form 1098-T to take this credit! They are supposed to mail these forms out to you by Jan. 31st but if they do not then most of the time they have them available for u to print out from your STUDENT ONLINE WEBSITE OR PORTAL by typing in 1098-T in the search box or if we do your taxes we can help u get them as well!
**Also note those who are just taking classes to get CONTINUING EDUCATION to further their education u now can take the TUITION AND FEES DEDUCTION AGAIN in 2021 so let your tax preparer know this!
(15) EARNED INCOME CREDIT- still PERMANENT and WENT UP A BIT, THE MAX THIS YEAR FOR SINGLE PEOPLE WITH NO KIDS THAT MAKES UNDER $11,650 is $1502 single people can make up to $21,400 to get some EIC but it dwindles down the more u make towards that max figure)...FOR PEOPLE WITH 1 CHILD THE MAX THIS YEAR IS $3618 (depending on your income and Filing status), THE MAX FOR 2 KIDS IS $5980 (depending on your income and Filing status), & THE MAX FOR 3 KIDS OR MORE IS $6728 (depending on your income and Filing status)-WOOHOO!🤑
(16) EDUCATORS, TEACHERS, AIDES, INSTRUCTORS, COUNSELORS, & PRINCIPALS CAN STILL TAKE the max $250 tax deduction for expenses in the classroom!📚And can still take off SUPPLIES FOR COVID THEY HAVE HAD TO BUY FOR THEIR CLASSROOM AS WELL (so this is included in the $250 max deduction), this would include face masks, hand sanitizers, cleaning supplies, air purifiers, and etc...-YAY!
(17) Student Loan Interest paid on student loans is still deductible and the max you can take is $2500 on this deduction so please check your mailbox or your email for a form from your student loan company with the amount u paid for the tax yr of 2021 on it!🤑
(18) DEDUCTION of STATE & LOCAL GENERAL SALES TAX---This one has always one of my favorites so my clients know I'M STILL JUMPING FOR JOY on this one because I ask all of my clients about this one! This DEDUCTION I GLADLY CAN ANNOUNCE IS STILL DEDUCTIBLE-YAY! The only thing they changed on it and couple of years ago and still is the same for 2021 is they PUT A MAX ON ALL OF OUR TAXES WHAT WE CAN DEDUCT OFF WHICH IS A COMBINED TOTAL OF $10,000 for everyone except for Married Filing Separate people and their max is $5000, but $10,000 is still more than plenty & we spend 50% more than what the govt. thinks we do in SALES TAX, especially in TN at 9.75%, and this applies for SALES TAX ON AUTOMOBILES WE BUY TOO---LOVE IT!😍
(19) So Mortgage Interest, Land Taxes, Personal Property Taxes ARE STILL DEDUCTIBLE ON YOUR SCH A (Itemized Deductions)-THANK GOD! AND THEY ALSO HAVE BROUGHT BACK US BEING ABLE TO CLAIM OUR MORTGAGE INSURANCE PREMIUMS IF YOU ARE PAYING PMI INSURANCE which should appear on your MORTGAGE INTEREST FORM 1098.💗
(20) CASH & CHECK DONATIONS/CONTRIBUTIONS ARE STILL DEDUCTIBLE but a NEW LAW THEY PASSED FOR 2020 that is still in effect for 2021 IS THAT YOU DO NOT HAVE TO ITEMIZE to take CASH/CHECK DONATIONS, they are trying to encourage everyone to give more to places in need...So if we do your taxes let us know of any donations at all that u made or we will be asking you, the limit on that deduction would be $300 for SINGLE PEOPLE AND $600 for MARRIED FILING JOINT EVEN IF U DO NOT ITEMIZE and that amount would come straight off of your income...Note: you still need a written stmt from the non-profit organization, or cancelled checks, bank stmt, text message receipt, or credit card receipt for this deduction). 💰
Note: For those who do itemize and go over your standard deduction in taking all itemized deductions(mortgage interest, land taxes, PMI insurance, sales tax, medical, and including your charitable donations), u will also still need a written stmt from the non-profit organization, or cancelled checks, bank stmt, text, or credit card receipt)...
ALSO CHARITABLE TRAVEL STILL AVAILABLE (miles, lodging, etc.) as long as it was not for PLEASURE! NON-CASH DONATIONS LIKE CLOTHING, FURNITURE dropped off at GOODWILL OR other non-profits ARE STILL DEDUCTIBLE-YAY! Note: YOU MUST HAVE GOOD DOCUMENTATION ON THIS MEANING U NEED TO ASK FOR A DROP OFF SLIP OR REGISTER IT ONLINE WITH GOODWILL, & BE VERY DESCRIPTIVE ON HOW MANY ITEMS U DROPPED OFF & THE CONDITION OF THEM MEANING GOOD OR EXCELLENT CONDITION! This deduction can save u HUNDREDS OR EVEN THOUSANDS IN TAXES thus causing YOUR REFUND TO GO WAY UP! 💵 💰
(21) STANDARD MILEAGE RATE went down this yr from the previous amount of 57.5 cents per mile to 56 cents per mile for those who have business miles, medical miles is now 16 cents per mile, and charitable miles is still 14 cents per mile-WE SURE WILL TAKE IT! 💴
(22) RETIREMENT SAVERS CREDIT IS STILL AROUND FOR INDIVIDUALS WHO CONTRIBUTE TO THEIR retirement plan and the credit is between 10-50% of your total contributions according to your income which means a max of an extra $2000 off your tax for Married Couples or a max of $1000 for others. NOTE: Usually THE AMOUNT YOU CONTRIBUTE is on your W-2 FORMS unless u contribute to another outside plan and if so just be sure to tell your preparer about this! IT’S AN EXCELLENT CREDIT!🥳
(23) Section 179 expensing for 2021 on things like business equipment, farming equipment, etc. has went up to expensing off $1,050,000 DOLLARS WORTH & THIS VERSES $500,000 we seen back in 2017 (probably won’t see that much around here but still a big improvement for those who have bigger businesses/farms & really need that write-off!)🚜
(24) ANOTHER GREAT THING THAT PASSED in 2020 AND WAS EXTENDED FOR 2021 & THIS ONE IS IMPORTANT FOR THOSE WHO OWN BUSINESSES & GOT PPP LOANS OR SBA LOANS LAST YR IN 2021 DUE TO COVID-19 AND THE ECONOMY BEING SO BAD—The FUNDS you received from the PPP LOAN OR SBA LOAN is not taxable and is not to be included in your income—-YAY! But the expenses that you accumulated and used THE FUNDS from your PPP LOAN & SBA LOAN to pay for these with are all FULLY DEDUCTIBLE-WOO-HOO! The IRS is aware that this will cause many losses for taxpayers in 2021 and we are so thankful that this LAW WAS PASSED! Note: If u received any taxable grants due to COVID THOSE WILL WORK DIFFERENTLY so please bring us those forms when u receive them! 💵
(25) Also still available is for BUSINESSES (sole proprietors, partnerships, trusts, and S-Corps), as well as FARMERS, there is a 20% deduction off your income called a QBI deduction as long as u made under $329,800 for Married Filing Joint filers or under $164,900 for all other filers, this is an AWESOME CHANGE THAT HAS SAVED LOTS IN TAXES for these individuals or entities and will continue to save even more until 2025! 🤑
(26) THE BIGGEST THING THEY TOOK AWAY FROM US 3 YRS AGO AND UNFORTUNATELY REMAINS THE SAME THIS TAX YR IN 2021 IS UNREIMBURSED WORK EXPENSES on our SCH A or our ITEMIZED FORM (and PLEASE NOTE THIS IS ONLY FOR PEOPLE WHO GET PAID BY A W-2 FORM, NOT THOSE WHO ARE PAID ON A 1099-NEC FORM OR RUN YOUR OWN BUSINESS). What these deductions consisted of was all things your employer requires u to have or pay for yourself and does not reimburse u back for them so things like UNIFORMS/CLOTHING, CLEANING of UNIFORMS/CLOTHES, BOOTS/SHOES, SAFETY GLASSES, UNION DUES, PHONE, MILEAGE OR OTHER VEHICLE EXPENSES, OFFICE SUPPLIES/SUPPLIES, JOB EDUCATION, TRAVEL & HOTEL, & MEALS & ENTERTAINMENT(which is going to super hurt OUR TRUCK DRIVERS, PIPELINERS, SALESPEOPLE, ANYONE WHO TRAVELS FOR WORK AND THAT ARE PAID BY W-2 FORM BECAUSE THEY NO LONGER GET THEIR PER DIEM DEDUCTION-UGH!) PLEASE NOTE: Their is an exception to this rule for employees who have physical, mental, or impairment disabilities, & also people who are in the armed forces, as well as govt or state officials! NOTE: IF WE DO YOUR TAXES then when u come in or drop off your taxes we will give u some tax advice to help WITH YOUR FUTURE RETURNS!🙂
(27) FOR BUSINESSES/SELF EMPLOYED WORKERS/OWNER OPERATOR TRUCK DRIVERS WHO ARE PAID BY A 1099-NEC & U FILE A SCH C or other business forms (like K-1’s, Form 1065, etc..) the only deduction that is still gone for 2021 is the entertainment/recreation/club dues deduction that was included with your meals deduction, but to be honest a lot of people didn’t even take entertainment to begin with) so the GOOD THING HERE is that they still kept ALL THE OTHER DEDUCTIONS INTACT & the MEAL DEDUCTION or PER DIEM INTACT FOR these taxpayers at 50% of their meals total, 100% for office holiday or party events, or 80% for truck drivers-YAY!💪🏻
***SPECIAL NOTE for THOSE WITH BUSINESSES (that I don’t usually put on here) but we try to tell each and every client we have every year, some listen and some don’t BUT THIS IS SUPER IMPORTANT: If a PROFIT IS NOT SHOWN IN ATLEAST 3 OUT OF 5 YEARS, IRS may QUESTION OR AUDIT if the activity is REALLY A FOR-PROFIT ACTIVITY & then they could call it a HOBBY INSTEAD WHICH MEANS THAT YOUR LOSS IS NOT ALLOWABLE, now NOTE: we’re not sure how COVID is effecting this since there will be a lot more losses for 2021 due to the economy being so bad so just make sure u keep good records and receipts-AHHH!😮
(28) MOVING EXPENSES FOR YOUR JOB ARE STILL GONE UNLESS: (1)U ARE MEMBERS OF THE MILITARY ON ACTIVE DUTY, (2) Moving back to the U.S. from abroad to retire, (3) When u no longer can work at your job due to disability or death, & (4) You are laid off from work for any reason besides misconduct!🚚
(29) CHANGES FOR NEW DIVORCEES WHO HAVE TO PAY ALIMONY AND WHO GET DIVORCED AFTER Dec. 31, 2018...Alimony has always been taxable to the person who recieves it and deductible to the person who pays it, well no more for new divorcees who pay and receive alimony (it will be like child support, not reportable and non-deductible)...Those who have been receiving it and paying it for years before 12/31/18 STILL HAVE TO CLAIM IT AS INCOME IF U RECIEVE IT AND IF U PAY U STILL GET TO DEDUCT IT! Crazy I know! 🤷♀️
(30) ANOTHER GREAT CHANGE is that usually earned income credit is only allowed if u have a child or if u are single or married with no kids and over age 25 and under age 65 and make under a certain amount (lower income), well this has been revised so now TAXPAYERS THAT ARE NOT FULL TIME STUDENTS AND AGE 19 AND UP (meaning it does not stop at age 65 now) and u make under $21,430 for Single and under $27,380 for Married Filing Joint u can now get some EARNED INCOME CREDIT so everyone needs to make sure to file even if u have ZERO WITHHOLDING! ❤️
(31) ENERGY CREDITS ARE BACK for Energy efficient windows, heating/cooling units, doors, roofs, hot water heaters, etc.., but the credit is limited to a lifetime credit of $500 so if u have gotten this full credit in the past then u are not eligible and $200 lifetime. Reddit for windows! So please let us know if u did anything like this in 2021….Also there is still a credit available for qualified solar electric property, solar water heating property, small wind energy property, geothermal heat pump property,and fuel cell property!👏🏻
(32) The ADOPTION CREDIT Is still around and the Max credit is $14,440 which is not refundable but does work against your tax making your refund go higher, talk to your tax professional about this if u adopted in 2021 or before that! 💵💰🤑
I know again this year this is super lengthy & there’s probably even more I could’ve posted but I just wanted to list the ones that I felt were most important or applied to our clients! There are SOME AWESOME DEDUCTIONS on here that can really help all TAXPAYERS get back more of a REFUND or save you from PAYING IN so I super hope u guys found this helpful! And even though it takes me awhile to get all this out to u guys, it still helps me to refresh what we’ve learned from studying our new law books every year, so I am thankful to u all that u look for me to post these every yr! Thanks ya'll for READING my TAX JABBER once again or AS I ALWAYS SAY THIS “TAX BOOK” I WROTE 😆and also thanks for SHARING IT WITH OTHERS TO GET THE WORD OUT ON THE CHANGES! Don’t forget to go & LIKE OUR NELSON/SIMS PAGE if u like this post! Our business hours at Nelson/Sims & Associates are Monday-Saturdays from 9 am to 9pm so if you have any questions you can comment here, private message me or call our office at 931-372-0764 or 931-372-0759. Peace, Love, Health, & Happiness to all of our precious friends always!!!😘
