Dunn Bookkeeping & Tax Service

Dunn Bookkeeping & Tax Service

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The incorrect letters also underscore t he challenges the IRS is dealing wi th, including severe understaffing and a backl og of roughly 6 million unprocessed 2020 individu al tax returns as of December.
Tax Season will soon be op en! Be sure to have a ll your paperwork that is received fr om the government. There should be a lett er about your child tax credit advanc es, a stimulus letter for the $1400. 00 which each person should of receiv ed. If not we will cla im it on this year taxes.

I wi ll be in the office full ti me starting January 17, 2022.💚💙💜
Beginning on Jan. 1, 2022, t he standard mileage rates for the u se of a car (also vans, picku ps or panel trucks) will be: 8.5 cen ts per mile driven for business u se, up 2.5 cents from the ra te for 2021,
18 cents per mile driv en for medical, or moving purposes f or qualified active-duty members of the Arm ed Forces, up 2 cents from t he rate for 2021 and
14 cents p er mile driven in service of charitab le organizations; the rate is set by statu te and remains unchanged from 2021.
Beginning on Jan. 1, 2022, t he standard mileage rates for the u se of a car (also vans, picku ps or panel trucks) will be:
58.5 cen ts per mile driven for BUSINESS u se, up 2.5 cents from the ra te for 2021,
18 cents per mile driv en for MEDICAL OR MOVING PURPOSE f or qualified active-duty members of the Arm ed Forces, up 2 cents from t he rate for 2021 and
14 cents p er mile driven IN SERVICE OF CHARTIAB LE PORGANIZATIONS; the rate is set by statu te and remains unchanged from 2021.
Gather and organize tax records
Organized t ax records make preparing a complete a nd accurate tax return easier. They he lp avoid errors that lead to processi ng delays that slow refunds. Having a ll needed documents on hand before taxpaye rs prepare their return helps them fi le it completely and accurately. This includes:

For ms W-2 from employers
Forms 1099 from ban ks, issuing agencies and other payers includi ng unemployment compensation, dividends, distributions from a pensi on, annuity or retirement plan
Form 1099-K, 1099-MI SC, W-2 or other income statement f or workers in the gig economy
Form 1099-I NT for interest received
Other income documents a nd records of virtual currency transactions
IRS reminds business owners to correct ly identify workers as employees or independe nt contractors

WASHINGTON — During National Small Busine ss Week, the Internal Revenue Service remin ds business owners that it’s critical to correct ly determine whether the individuals providing servic es are employees or independent contractors.

An employ ee is generally considered to be anyo ne who performs services, if the busine ss can control what will be do ne and how it will be do ne. What matters is that the busine ss has the right to control t he details of how the worker’s servic es are performed. Independent contractors are normal ly people in an independent trade, busine ss or profession in which they off er their services to the public. Docto rs, dentists, veterinarians, lawyers, accountants, contractors, subcontracto rs, public stenographers or auctioneers are general ly independent contractors.

Independent contractor vs. employee
Whether a work er is an independent contractor or an employ ee depends on the relationship between t he worker and the business. Generally, the re are three categories to examine:

Behavioral Contr ol − does the company control or ha ve the right to control what t he worker does and how the work er does the job?
Financial Control − do es the business direct or control t he financial and business aspects of t he worker's job. Are the business aspec ts of the worker’s job controlled by t he payer? (Things like how the work er is paid, are expenses reimbursed, w ho provides tools/supplies, etc.)
Relationship of the Parti es − are there written contracts or employ ee type benefits (i.e. pension plan, insuran ce, vacation pay, etc.)? Will the relationsh ip continue and is the work perform ed a key aspect of the business?
Misclassifi ed worker
Misclassifying workers as independent contracto rs adversely affects employees because the employer ’s share of taxes is not pa id, and the employee’s share is n ot withheld. If a business misclassified an employ ee without a reasonable basis, it cou ld be held liable for employment tax es for that worker. Generally, an employ er must withhold and pay income tax es, Social Security and Medicare taxes, as we ll as unemployment taxes. Workers who belie ve they have been improperly classified as independe nt contractors can use IRS Form 89 19, Uncollected Social Security and Medicare T ax on Wages (.pdf) to figure a nd report their share of uncollected Soci al Security and Medicare taxes due on the ir compensation.
https://www.msn.com/en-us/money/taxes/still-no-sign-of-your-child-tax-credit-payment-heres-what-to-do/ar-AALVR74?ocid=uxbndlbing

Didn't get your first Child T ax Credit Advance Check. Log on to the Portal and make sure everythi ng is correct.
Every child between the ages of 6 a nd 17 will net their families $2 50 a month, while kids 6 a nd under qualify for $300 each.

Households th at saw a change in family si ze during the first half of 2021 — wheth er that meant welcoming a new ba by, having a teen age out of eligibili ty or even tragically losing a chi ld — will have to wait unt il later this summer to update the ir details with the IRS.

That’s because t he tax agency has yet to laun ch the update feature on the speci al portal it set up for paren ts to track their child tax cred it payments.

Once updating is available later th is summer, parents will have the abili ty to easily make changes to the ir accounts through the IRS website. A nd any money they missed out on or we re overpaid will be applied or recoup ed on their tax refunds next year.

Needi ng more cash right now? You mig ht try a low-stakes way to genera te some returns in the stock mark et, using a popular app that hel ps you invest your "spare change" fr om everyday purchases.
Sigrid Forberg
Sat, July 24, 2021, 5: 00 PM
Your child tax credit payments m ay be wrong — and here's why
Yo ur child tax credit payments may be wro ng — and here's why
After months of anticipati on, the IRS began issuing child t ax credit payments — monthly "family stimul us checks" — on July 15.

But t he tax agency, which is overworked a nd understaffed, is still working its w ay through 2020 tax returns while it continu es to send out stimulus checks a nd surprise tax refunds.

With a backlog of 35 milli on returns left to process as of ear ly July, and now with child cred it payments to issue to 35 milli on families on a monthly basis, t he IRS is bound to make a f ew mistakes.

If you got the first of tho se new checks and the amount seem ed wrong, it could be the IR S' fault. But before you try to conta ct the tax agency (which is plagu ed by painfully long telephone wait time s), here are five sources of payme nt problems that you can address yourself.

T he IRS needs to know your 2020 inco me to help ensure you get enou gh child credit money every month.

To quali fy for the full credit, households head ed by couples who file jointly mu st be earning $150,000 or less. F or single parents, the income cutoff is $75,000.

F or those who haven’t filed taxes f or 2020, the IRS is basing paymen ts on 2019 income. But because ma ny of those households faced sudden unemployme nt or pay cuts due to t he pandemic last year, parents may n ow be receiving less child credit ca sh than they're entitled to.

Though this year 's tax deadline was extended to M ay 17, some stragglers still have y et to file their taxes. If yo ur family has been late with i ts return this year or you typical ly don't have to file, you’ll wa nt to submit your taxes immediately so you' ll get all the money you deser ve.
Sat, July 24, 2021, 5:00 PM
Yo ur child tax credit payments may be wro ng .

Your child tax credit payments m ay be wrong — and here's why
Aft er months of anticipation, the IRS beg an issuing child tax credit payments — month ly "family stimulus checks" — on Ju ly 15.

But the tax agency, which is overwork ed and understaffed, is still working i ts way through 2020 tax returns whi le it continues to send out stimul us checks and surprise tax refunds.

With a backl og of 35 million returns left to proce ss as of early July, and n ow with child credit payments to iss ue to 35 million families on a month ly basis, the IRS is bound to ma ke a few mistakes.

If you got t he first of those new checks a nd the amount seemed wrong, it cou ld be the IRS' fault. But befo re you try to contact the t ax agency (which is plagued by painful ly long telephone wait times), here a re five sources of payment problems th at you can address yourself.

You're late to fi le your taxes this year

Full Service Accounting Solutions with bookkeepi ng, financial statements, business & individual t ax returns, payroll services (including direct deposi t), sales & use tax returns, Sma ll Business Consultations, software training and a Nota ry Public -VA & WV

This office will be closed M ay 1, 2022 for tax preparation. Y ou will have to make an appointme nt to get your taxes prepared. I wi ll be in the office with appointmen ts only. If you get a lett er from IRS or the state. Se nd me a message or call me at 304-753-50 64 or 304-832-6540. Enjoy your summer!!

Operating as usual

05/03/2022

Dunn Tax Service is in i ts off season mode now. We wi ll meet you for appointments only if need ed.
I will be working o ut of my home most of t he time. If you g et a letter from IRS or WV. Just get in touch wi th me. We will get it work ed out.

Enjoy your summer!

04/28/2022

Family emergency. Office closed til Mond ay.

04/25/2022

April 25th - April 29th, 2022.
N ew Hours - 10 am - 3 pm.
Appointmen ts available anytime

Dunn Bookkeeping & Tax Service updat ed their info in the about secti on. 04/25/2022

Dunn Bookkeeping & Tax Service updat ed their info in the about secti on.

Dunn Bookkeeping & Tax Service updat ed their info in the about secti on.

Dunn Bookkeeping & Tax Service updat ed their business hours. 04/25/2022

Dunn Bookkeeping & Tax Service updat ed their business hours.

Dunn Bookkeeping & Tax Service updat ed their business hours.

04/19/2022

Thank you for another successful ye ar at preparing taxes and doing yo ur accounting for the local businesses in Monr oe County. My business have expand ed to Mercer County and Summers Coun ty. I appreciate everyone for givi ng me the opportunity to serve y ou and your business.
Regular tax season is official ly over, now comes the extension ti me and amending tax returns.
It has be en a busy year at the offi ce this year. I have be en doing taxes since 2005 but on ly been in doing business in Petersto wn for 6 tax season so far.
I
have enjoyed preparing your taxes a nd will continue to do so in t he future. I love what I do! I love meeting new clien ts and enjoy talking to the on es that has been with thru t he years.

Have a great summer and rememb er my door is always opened in t he off season. You can conta ct me thru email, leave a messa ge at the office or home or messa ge me thru Facebook.

I am rea dy to help in any tax situati on that might arise during o ff season.

04/18/2022

Dunn Tax Service will close t he office down from April 19, 2022 to Apr il 23, 2022. If you ne ed me give me a call on Apr il 25, 2022. I will be ba ck in the office.

04/18/2022

Dunn Tax Service will be op en today til 5.

04/11/2022

We will be closed on Frid ay, April 15, 2022 in observance of East er. Enjoy your Easter with fami ly and friends.

See you Monday, April 18, 2022.

04/07/2022

Things that can delay a refund:

T he return has errors, is incomplete or is affect ed by identity theft or fraud.
The retu rn needs a correction to the chi ld tax credit or recovery rebate cred it amount.
The return has a claim fil ed for an earned income tax cred it, additional child tax credit, or includ es a Form 8379, Injured Spouse Allocation.
T he time it takes a taxpayer’s ba nk or credit union to post t he refund to the taxpayer’s account.

04/01/2022

REMINDER!!! Tonight at midnight is t he deadline to file your Pet T ax Return, if you have any pe ts. If you need it, he re is the W-K9 form. haha ha Happy April Fool's Day!!! 😆😆😆

03/30/2022

IRS reminds taxpayers an extension to fi le is not an extension to p ay taxes

03/30/2022

For the first time, maximum educat or expense deduction rises to $300 in 20 22; limit $250 for those filing 2021 t ax returns

03/12/2022

We will be closed today d ue to the weather. Sorry f or this inconvenience.

02/19/2022

The PATH Act mandates that t he IRS cannot issue tax refunds on retur ns with Earned Income Tax Credit or Addition al Child Tax Credit until mid-February. The se refunds are historically released over a f ew days. The first such day is th is Tuesday, February 22nd, and billions of dolla rs of these refunds will be processi ng in this short period of ti me. We expect a second PATH payme nt within the following week.

02/15/2022

Filing if your 2020 tax retu rn is still being processed: For peop le whose tax returns from 2020 ha ve not yet been processed, they shou ld still file their 2021 tax retur ns. Those filing electronically in this gro up need their Adjusted Gross Income, or A GI, from their most recent tax retu rn when they file electronically. For tho se waiting on their 2020 tax retu rn to be processed, make sure to ent er $0 (zero dollars) for last year 's AGI on the 2021 tax retu rn. Visit Validating Your Electronically Filed T ax Return for more details.

Status of I RS tax return inventory from prior yea rs: COVID-19 continues to cause delays in t he processing of some prior year t ax returns and amended returns. Please vis it our IRS Operations During COVID-19: Mission-critic al functions continue page to find o ut the current status of the I RS inventory from prior years.

02/12/2022

We will be closing Wednesday Februa ry 23, 2022 at 1pm.

02/08/2022

The incorrect letters also underscore t he challenges the IRS is dealing wi th, including severe understaffing and a backl og of roughly 6 million unprocessed 2020 individu al tax returns as of December.

02/08/2022

A simple error calculating the Chi ld Tax Credit could delay your t ax refund

Mon, February 7, 2022, 10:59 AM

T ax season is off to a bum py start for some of the millio ns of taxpayers who received Child T ax Credit (CTC) payments last year becau se a key tax form from t he Internal Revenue Service has errors.

“When we thi nk about all of the taxpayers w ho are eligible for the Child T ax Credit, I mean, this is a hu ge issue,” Greg Kling, an associate profess or at USC Leventhal School of Accounti ng, recently told Yahoo Finance (video abov e). “This is impacting millions of taxpayers.”

T he agency warned that the 6419 lett er detailing how much in advance paymen ts taxpayers received last year could be incorre ct, potentially delaying their tax refunds if t he wrong figure is used on the ir federal returns.

02/07/2022

If you are showing symptoms of COVID- 19, you should not go to wo rk under any circumstances. You should self-isola te and get a test as so on as possible. COVID-19 symptoms are explain ed on the HSE website.

If you a re sick with COVID-19, you may be entitl ed to sick pay from your employ er. This depends on your contract of employme nt. Your employer does not have to p ay you when you cannot come to wo rk because you are sick with COVID- 19, unless it is part of yo ur contract of employment.

If your employer do es not pay you, you should app ly for COVID-19 enhanced Illness Benefit fr om the Department of Social Protection.

02/05/2022

Awesome news! Tax Refunds a re coming in within 10 days so far!

T ax return processed on February 1, 2022 dire ct deposit will be Feb 9, 2022.
Le ss than 10 days!

02/03/2022

S CORPORATION TAX RETURNS DUE MAR CH 15, 2022

02/03/2022

CORPORATION TAX RETURNS DUE MARCH 15, 2022

02/03/2022

PARTNERSHIP TAX RETURNS - DUE MAR CH 15, 2022

01/27/2022

Purpose of Form Energy Credit f or 2021 Tax year

Use Form 5695 to figu re and take your residential energy
credits. T he residential energy credits are:
• The residenti al energy efficient property credit, and
• T he nonbusiness energy property credit.
Also use Fo rm 5695 to take any residential ener gy efficient
property credit carryforward from 2020 or to car ry the unused
portion of the credit to 2022.

01/27/2022

Nonrefundable tax credits

A nonrefundable tax cred it can only be worth as mu ch as your tax liability. For examp le, if you owed $1,200 of t ax for the year and qualified f or a nonrefundable tax credit worth $1,6 00, only $1,200 of the credit wou ld apply to your tax return.

Most feder al tax credits are nonrefundable, but so me of them do allow you to car ry over any unused credit onto ne xt year’s tax return.

Here are 10 comm on nonrefundable credits:

Child tax credit (CTC)

Credit f or other dependents (ODC)

Adoption credit

Lifetime learning cred it (LLC)

Saver’s credit

Child and dependent care t ax credit

Foreign tax credit

Credit for the elder ly or the disabled

Energy tax credits

Credit f or electric plug-in vehicles

01/27/2022

Refundable tax credits

A refundable tax cred it will pay you a refund if t he amount of credit you qualify f or is greater than the amount of inco me tax you actually owed for t he year. More technically, refundable credits p ay a refund if they bring yo ur tax liability below zero.

Not all refundab le credits are fully refundable, so y ou may only qualify to get a refu nd up to a certain value. As an examp le, let’s say your tax liability w as $1,000 and you qualified for a t ax credit worth $1,500. If the cred it is fully refundable, you will g et a $500 refund (the credit pa ys off the first $1,000 in t ax liability and you get the res t). However, let’s say the credit is on ly partially refundable, up to $300. Y ou will get a refund of $3 00, even though it means you aren ’t getting the full value of t he credit you qualified for.

Here are fi ve refundable tax credits you may quali fy for:

Earned income tax credit (EITC)

Premium t ax credit (PTC)

American opportunity tax credit (AOTC)

Addition al child tax credit (ACTC)

Health coverage t ax credit (HCTC)

01/25/2022

First glitch of the tax seas on is here: That IRS child t ax credit letter may be inaccurate

01/24/2022
01/22/2022

Monday - Friday 10 am - 5 pm
Saturda ys by appointments only.
Later evening hours a re available.

01/22/2022

My office hours are Monday - Frid ay 10 am to 5 pm.
I wi ll be open on Saturdays by appointmen ts only.
If you need a lat er appointment.
Just give me a ca ll or email me. I wi ll work with you.

Dunn Bookkeeping & Tax Service updat ed their business hours. 01/22/2022

Dunn Bookkeeping & Tax Service updat ed their business hours.

Dunn Bookkeeping & Tax Service updat ed their business hours.

Dunn Bookkeeping & Tax Service updat ed their info in the about secti on. 01/22/2022

Dunn Bookkeeping & Tax Service updat ed their info in the about secti on.

Dunn Bookkeeping & Tax Service updat ed their info in the about secti on.

Dunn Bookkeeping & Tax Service updat ed their business hours. 01/22/2022

Dunn Bookkeeping & Tax Service updat ed their business hours.

Dunn Bookkeeping & Tax Service updat ed their business hours.

01/22/2022

Major changes last year to t he tax code — especially to t he Child Tax Credit — could me an that some Americans may get smaller-than-expect ed refunds this year, according to sever al tax experts.

Tax Season 2020 for T ax year 2019

Appointments can be made f or any day Monday - Frid ay from 10-5 and in February on ly Saturday hours are 10-1. Ju st give me a call at 304-753-50 64. Walk-ins and new clients a re welcomed.

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Telephone

Address


110 Market St
Peterstown, WV
24963

Opening Hours

Monday 10am - 3pm
Tuesday 10am - 3pm
Wednesday 10am - 3pm
Thursday 10am - 3pm
Friday 10am - 3pm
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