TaxPoint

09/09/2021

https://www.forbes.com/sites/robertwood/2021/09/08/irs-extends-oct-15-tax-filing-deadline-for-ida-victims-in-ny-nj/?sh=73e240a9c0c9

Victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

06/01/2021

The new monthly child tax credit payments expanded by The American Rescue Plan in March are expected to begin July 15. In 2021, the maximum enhanced child tax credit is $3,600 for children under age 6 and $3,000 for children between 6-17. How much can your family expect?

https://www.cnet.com/personal-finance/child-tax-credit-calculator-how-much-can-your-family-expect-on-july-15/

04/27/2021

In most cases, the IRS generally has three years after the due date of your return (or the date you file it, if later) to initiate an audit of your return. Therefore, it’s best to retain documents that support any income, deductions and credits claimed on your tax return at least until that time has passed. In some cases, documents need to be retained even longer.

Make sure you keep either an electronic or paper copy of your filed tax returns. They help in preparing future tax returns and making computations for amended returns if necessary.

04/20/2021

Haven’t filed yet? No worries! Contact us and we will get you started the right way!

04/08/2021

Did you know the amounts paid for personal protective equipment (PPE) to prevent the spread of coronavirus are deductible medical expenses? The payments may also be made by a taxpayer for a spouse or dependents. PPE includes masks, hand sanitizer and sanitizing wipes.

The PPE purchases are also eligible to be paid or reimbursed under health flexible spending arrangements (FSAs) and health savings accounts (HSAs).

04/05/2021

The best way to check the status of your tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Taxpayers can start checking their refund status within 24 hours after an e-filed return is received.

Make sure you have your Social Security Number, Filing Status, and Refund amount handy!

03/17/2021

IRS tax filing and payment deadlines have been posted to May 17, 2021.

The IRS is pushing back the deadline for the tax filing season about one month, to May 17 from April 15.

03/11/2021

Next stimulus check could start hitting bank accounts this weekend:

White House press secretary Jen Psaki said payments to eligible Americans will continue over the next several weeks.

03/11/2021

March 15th –

Employers – If the monthly deposit rule applies for Social Security, Medicare and withheld income tax, deposit tax for payments in February.
Partnerships – 2020 calendar year income tax returns are due. Provide each partner with a copy of their Schedule K-1.
S Corporations – 2020 calendar year income tax returns and any tax payments are due. Provide each shareholder with a Schedule K-1.
S Corporation Election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S Corporation beginning with calendar year 2021. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2022.

March 31st –

Electronic Filing of Forms – Forms 1097, 1098, 1099 (except Form 1099-MISC), 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically. The due date for giving the recipient these forms generally remains February 1.
1094-C, 1095-C, 1094-B, and 1095-B – if you’re an Applicable Large Employer, file electronic forms 1094-C and 1095-C with the IRS. For all other providers of minimum essential coverage, file electronic Forms 1094-B and 1095-B with the IRS.

03/02/2021

The has already issued all first and second Economic Impact Payments. You may be eligible for a Recovery Rebate Credit when you file your 2020 tax returns if you did not receive the amounts that should have been allocated to you. A credit will either increase your tax refund or reduce the balance you owe.

03/02/2021

https://www.cbsnews.com/news/third-stimulus-check-when-will-you-get-1400-2021-03-01/

Congress could pass the $1.9 trillion relief bill by mid-March, experts say. Here's what you need to know.

02/26/2021

Yes, paying tuition for yourself, child or spouse is deductible up to $4,000. You should receive a Form 1098-T, Tuition Statement, reporting the amount of qualified education expenses paid by you or the student during the tax year.