Trout James & Associates P.C.

02/14/2023

It's the most wonderful time of the year!

The 2022 Tax season is underway! Like in previous years, there were some new tax changes to keep track of, such as inflation adjustments, child tax credits, and more.

Here's a rundown of issues to keep in mind as you prepare to file your 2022 tax return.

Filing taxes for 2022 will soon be underway. And, like in previous years, there were some new tax changes to keep track of, such as inflation adjustments. Here's a rundown of issues to keep in mind as you prepare to file your 2022 tax return. KEY TAKEAWAYS The deadline for filing your 2022 tax retur...

02/25/2022

2022 IRS Tax Refund Dates: When to Expect Your Refund:

The article below shows an estimated timeline for when a taxpayer is likely to receive their refund, based on the information we have now; using projections based on previous years; and depending on when a person files their return.

More:

The estimated refund date chart is below if you just want to scroll down. Most Americans who are expecting an income tax refund receive it by direct deposit in as little as 2 weeks after filing electronically. Will the 2022 tax filing season be normal? Covid-19 is still a concern, several stimulus t...

01/10/2022

The Internal Revenue Service stated that it will begin accepting 2021 individual income tax returns on Jan. 24 – and administration officials are already warning of a "frustrating" season for taxpayers as the agency grapples with a backlog of returns from previous years.

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The Internal Revenue Service said Monday that it will begin accepting 2021 individual income tax returns on Jan. 24 – and administration officials are already warning of a "frustrating" season for taxpayers as the agency grapples with a backlog of returns from previous years. "In many areas, we ar...

11/11/2021

Tax Brackets Will be Higher in 2022 Due to Surging Inflation.

On Wednesday the IRS announced 2022 inflation adjustments for a slew of different tax provisions, including federal income brackets and the standard deduction, that reflect a months-long surge in consumer prices.

Most tax bracket cut-off points rose about 3% compared to the 2021 filing season due to a recent inflation surge, marking the largest increase in four years. The changes will apply to 2022 tax returns that are filed in 2023.

For more information and to find out what the new federal income tax brackets will be in 2022 click the link below...

The IRS on Wednesday announced 2022 inflation adjustments for a slew of different tax provisions, including federal income brackets and the standard deduction, that reflect a months-long surge in consumer prices. Because of a spike in the cost of most consumer goods, the majority of the tax bracket....

09/28/2021

So will the 2022 tax filing season be normal? Not likely.

In addition to lasting health concerns, a number of new tax law provisions will create complications for some filers, as well as potential pitfalls to avoid. Plus, drums are beating louder in Washington for tax increases that might be enacted before the end of the year.

So don’t think that things are back to “normal” quite yet...

We break it down below.

So will the 2022 tax filing season be normal? Not likely. In addition to lasting health concerns, a number of new tax law provisions will create complications for some filers, as well as potential pitfalls to avoid. And maybe new tax laws by year's end. The upcoming 2022 tax return season for filing...

08/25/2021

Trout James & Associates Firm Announcement. 08/25/2021
https://www.troutjames.com/single-post/trout-james-firm-announcement

07/20/2021

The latest $1.9 trillion Covid-19 relief package expands and enhances the child tax credit.

Under the new provisions, families are set to receive a $3,000 annual benefit per child ages 6 to 17 and $3,600 per child under 6 in the tax year 2021.

There are some requirements and other factors that may affect how much money each individual family will be entitled to under this program.

To help estimate how much families stand to gain under these new rules, we have found a calculator to do the math for you!

Check out this week's post for the details!

When Joe Biden signed the $1.9 trillion "American Rescue Plan" into law on March 11, headlines heralded the third wave of stimulus checks that recently hit American bank accounts. Families with children got some good news in the form the Child Tax Credit. The latest $1.9 trillion Covid-19 relief pac...

06/30/2021

The Internal Revenue Service has kicked off its “Dirty Dozen” list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams.

The IRS urges all taxpayers to be on guard, especially during the pandemic, not only for themselves, but also for other people in their lives.

We break down the list in this week's blog post. Check out the list for 2021 and some tips to protect you and your family by clicking the link below....

This year’s “Dirty Dozen” will be separated into four separate categories: pandemic-related scams like Economic Impact Payment theft; personal information cons including phishing, ransomware and phone ‘vishing’; ruses focusing on unsuspecting victims... The Internal Revenue Service has kic...

06/01/2021

ARE YOU STILL WAITING ON A STIMULUS CHECK?

The Internal Revenue Service says it has now disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan.

The announcement covers the most recent two weeks of the effort brings the total disbursed so far to nearly $167 million payments.

They represent a total value of approximately $391 billion since these payments began rolling out to Americans in batches on March 12.

If you are still waiting on a payment or are unsure whether or not you qualify we have included all the resources and links you need to figure it out in this article.

You can review the information and contact us if you have any questions we would be glad to help!

The announcement covers the most recent two weeks of the effort brings the total disbursed so far to nearly 167 million payments. They represent a total value of approximately $391 billion since these payments began rolling out to Americans in batches ... The Internal Revenue Service says it has now...

05/19/2021

The Internal Revenue Service and the U.S. Department of the Treasury say that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15.

Roughly 39 million households—covering 88% of children in the United States—are slated to begin receiving monthly payments without any further action required.

Find out if you are eligible below!

Roughly 39 million households—covering 88% of children in the United States—are slated to begin receiving monthly payments without any further action required. The Internal Revenue Service and the U.S. Department of the Treasury say that the first monthly payment of the expanded and newly-advanc...

04/30/2021

In the year since the COVID-19 Pandemic began impacting all facets of American life, new data shows young adults are three times more likely to say they are experiencing pandemic financial stress compared to older adults.

Three in four younger Americans ages 18 through 34 (75 percent) say they have been at least somewhat stressed about their financial situation since the pandemic began, compared with about 1 in 4 (27 percent) older Americans ages 65 and up. This according to new research conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA).

Read the findings and get tips on how to improve your financial situation below...

In the year since the COVID-19 Pandemic began impacting all facets of American life, new data shows young adults are three times more likely to say they are experiencing pandemic financial stress compared to older adults. Three in four younger Americans ages 18 through 34 (75 percent) say they have....

04/26/2021

Homeless Americans Can Get Coronavirus Stimulus Payments...

Homeless Americans who don’t have a permanent address or a bank account may still qualify for the Coronavirus stimulus payments, also known as Economic Impact Payments, and other tax benefits, according to the IRS.

While Economic Impact Payments continue to be made automatically to most people, the IRS can’t issue a payment to eligible Americans when information about them isn’t available in the tax agency’s systems.

If you or someone you know is experiencing homelessness and you would like more information on how to claim this money check out the article below for help!

Homeless Americans who don’t have a permanent address or a bank account may still qualify for the Coronavirus stimulus payments, also known as Economic Impact Payments, and other tax benefits, according to the IRS. While Economic Impact Payments continue to be made automatically to most people, th...