ITP Taxes LLC, Income Tax Preparation

03/26/2021

Changes to the Child Care Tax Credit -- Here's what you need to know: https://mailchi.mp/2b4141dec0f1/a-new-year-at-itp-taxes-4875641

03/01/2021

Pssst... It's Tax Season! We know it's your favorite time of year. - https://mailchi.mp/30d78394e6d7/a-new-year-at-itp-taxes-4857685

01/29/2021

If you've been perplexed when it comes to the stimulus checks & whether they'll affect your taxes, we've just published a blog on how to track your payment(s) as you'll need the amount(s) for your Tax Preparer. Hope it helps!

We make our clients’ lives easier by helping them navigate their individual tax situations.

12/14/2020

As 2020 comes to an end, many individuals are thinking about their finances. There are several steps that you can take now to ensure that you are ready to file your taxes in 2021.

IR-2020-272, December 8, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.

12/12/2020

For 2021 coverage, PA residents need to switch to Pennsylvania’s own state-based healthcare exchange program called Pennie as HealthCare.gov is no longer available. The open enrollment period ends Tuesday, December 15 for coverage starting January 1. For help getting enrolled into the new program before the upcoming deadline, visit pahealthadvocates.com.

11/13/2020

Due to Covid-19 layoffs, many individuals have been forced to file for unemployment benefits. Read more about how unemployment compensation will affect your income taxes.

Unemployment benefits are a form of government aid and are considered taxable income, but the amounts of tax responsibilities vary per state.

10/08/2020

Effective November 1, 2020, for next year's coverage, PA residents will need to switch to Pennsylvania’s own state-based healthcare exchange program called Pennie as HealthCare.gov is no longer available. To learn more about these changes visit:
https://www.pahealthadvocates.com/post/no-more-healthcare-gov-in-pennsylvania-meet-pennie

09/08/2020

President Trump has issued an executive memorandum that allows employers to be able to choose to defer employee social security tax from September 1 to December 31, 2020. Employees who receive this tax deferral will see a 6.2% increase in their take-home pay from September to December 31 of this year. However, in the first 4 months of 2021, they will see an additional 6.2% decrease in their take-home pay.

This tax deferral may or may not affect you. The social security tax deferral is optional for employers and it is unknown which organizations will choose to participate. Also, any employees that make more than $4,000 bi-weekly are not eligible.

There are still many unanswered questions regarding this tax deferral. If you have any questions or concerns about this, we encourage you to reach out to us.

08/18/2020

"The IRS said roughly 12 million taxpayers will receive interest payments through direct deposit to the same bank accounts used for their 2019 refunds. The remaining taxpayers will receive the interest payments through a check."

The IRS will pay interest to roughly 14 million taxpayers on refunds they received after April 15, the agency announced on Tuesday.

07/11/2020

Are you unable to pay your taxes this year due to COVID-19? It is still very important that file your taxes before the July 15 deadline to avoid penalties. If you need tax assistance today, our team is happy to help you.
https://itptaxes.com/cant-pay-your-taxes-due-to-covid-19/