Parker, Ware & Associates

02/23/2022

Waiting on your Income Tax Refund?

There are some caveats about the 21-day window to get a refund.
CBS published this information today 2/23/2022:

The IRS already faces a huge backlog of unprocessed returns, creating challenges as the new tax season begins.

01/19/2022

HOW SMALL BUSINESS owners can deduct their home office from their taxes

The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business.

Here are some details about this deduction to help taxpayers determine if they can claim it:

Employees are not eligible to claim the home office deduction.

The home office deduction, calculated on Form 8829, is available to both homeowners and renters.

There are certain expenses taxpayers can deduct. These may include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent.

Taxpayers must meet specific requirements to claim home expenses as a deduction. Even then, the deductible amount of these types of expenses may be limited.

The term "home" for purposes of this deduction:
Includes a house, apartment, condominium, mobile home, boat or similar property.
Go to: www.IRS.gov for more tips and questions.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

01/10/2022

INDIVIDUALS:
Find filing information for you and your family, review electronic filing options including IRS Free File, and access your tax account.

Get tax information and tools for individuals to plan, file and pay your taxes.

01/10/2022

ADVANCED CHILD TAX CREDIT (CTC) PAYMENTS IN 2021:

The first monthly payment of the expanded and newly-advanceable CTC will be made on July 15. Eligible families are slated to begin receiving monthly payments without any further action required.

Normally, the IRS will calculate the payment based on a person's 2020 tax return. If that return is not available because it has not yet been filed or is still being processed, the IRS will instead determine the initial payment amounts using the 2019 return or the information entered using the Non-filers tool that was available in 2020.

For people who don’t normally file a tax return, the IRS offers the Non-filer Sign-up tool. It’s for people who did not file a tax return for 2019 or 2020 and who did not use the IRS Non-filers tool last year to register for Economic Impact Payments. The tool enables them to provide required information about themselves, their qualifying children age 17 and under, their other dependents, and their direct deposit bank information so the IRS can quickly and easily deposit the payments directly into their checking or savings account.

To help people understand and receive this benefit, the IRS has created a special Advance Child Tax Credit 2021 webpage to provide the most up-to-date information about the credit and the advance payments. The page features links to the Non-filer Sign-up Tool, the Child Tax Credit Eligibility Assistant, and the Child Tax Credit Update Portal.

02/17/2021

Just a few facts regarding the
Internal Revenue Service-IRS

Agency overview

Formed : July 1, 1862; 158 years ago[1] (though the name originates from 1918)

Jurisdiction: Federal government of the United States

Headquarters:
Internal Revenue Service Building
1111 Constitution Ave., NW
Washington, D.C. 20224 United States

Employees: 74,454

Annual budget: $11.303 billion (2019)

Agency executive Commissioner, Charles P. Rettig

Parent agency: Department of the Treasury

Website: www.irs.gov

02/12/2021

We’re prepared to serve you on this first official first day of

02/12/2021

https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic