Smart Accounting & Tax Solutions Inc

Smart Accounting & Tax Solutions Inc

Smart Accounting & Tax Solutions, I nc is a full-service tax and accounti ng firm for individual and Businesses.

Operating as usual

01/11/2022

According to the most recent I RS announcement:
"The Internal Revenue Service announced th at the nation's tax season will sta rt on Monday, January 24, 2022, wh en the tax agency will begin accepti ng and processing 2021 tax year return s."

"The IRS encourages everyone to ha ve all the information they need in ha nd to make sure they file a comple te and accurate return. Having an accura te tax return can avoid processing dela ys, refund delays and later IRS notic es. This is especially important for peop le who received advance Child Tax Cred it payments or Economic Impact Payments (Americ an Rescue Plan stimulus payments) in 20 21; they will need the amounts of the se payments when preparing their tax retu rn. The IRS is mailing special lette rs to recipients, and they can al so check amounts received on IRS.gov."

Important Dates:

Janua ry 24th - Start of e-Fil e
Second half of February: PATH A ct payments - dates to be announced!
Apr il 18th - deadline for 2021 t ax returns

Tax season is about to sta rt. The IRS is already facing a backl og - NewsBreak 01/10/2022

Tax season is about to sta rt. The IRS is already facing a backl og - NewsBreak

Tax season is about to sta rt. The IRS is already facing a backl og - NewsBreak Tax filing season for 2021 t ax returns will begin on Monday, Janua ry 24, 2022, the Treasury Department announc ed Monday. But amid the ongoing pandem ic and a lack of resources at t he Internal Revenue Service, Treasury officials wa rn it's going to be a challen ge with taxpayers and tax preparers facing ...

Timeline photos 01/08/2022

Timeline photos

sending letters to recipients of advan ce payments and third . Usi ng the information in these letters wh en preparing your tax return can redu ce errors, avoid refund delays. https://go.usa.gov/xt3mm

01/03/2022

Tax Office need help in Sterli ng starting January
Flexible hours
Training provided
Bouns
Mu st speak English and Spanish
Background in tax es is a plus

01/03/2022

According to the IRS, Advance Chi ld Tax Credit (ACTC), Letter 6419
AND
Econom ic Impact Payment (EIP), Letter 6475 wi ll be issued soon!
These lette rs will be critical in helping y ou prepare an accurate tax return f or your clients. An accurate return wi ll help to reduce processing errors a nd delays. Advise your clients to ke ep an eye on their mailboxes f or the important letter(s) from the I RS and to keep them for t ax preparation purposes.
What you need to kn ow about the ACTC Letter 6419:
Helps taxpaye rs reconcile and receive all entitled C TC payments
The letters will begin to ma il in late December and continue in to January
The letter includes the total AC TC payments received in 2021 and t he number of qualifying children
Use this lett er to help you compare the AC TC payments received with the amount th at can be properly claimed
Taxpayers can al so check the amount of their paymen ts by using the CTC Update Port al available on the IRS website.

Wh at you need to know about E IP Payment #3, Letter 6475:
It only appli es to taxpayers that received the thi rd round of EIP
The third round of Econom ic Impact Payments started in March 2021 a nd continued through December 2021
Use the lett er to help determine if EIP 3 recipien ts are entitled to or should cla im the Recovery Rebate Credit on t he tax year 2021 tax returns th at will be filed in 2022
Letter maili ng will begin in late January

12/25/2021

WASHINGTON — The Internal Revenue Servi ce announced today that it will iss ue information letters to Advance Child T ax Credit recipients starting in December a nd to recipients of the third rou nd of the Economic Impact Payments at t he end of January. Using this informati on when preparing a tax return c an reduce errors and delays in processing.

T he IRS urged people receiving these lette rs to make sure they hold on to them to assist them in prepari ng their 2021 federal tax returns in 2022.

Wat ch for an advance Child Tax Cred it letter

To help taxpayers reconcile and recei ve all of the Child Tax Credi ts to which they are entitled, t he IRS will send Letter 6419, 2021 advan ce CTC, starting late December 2021 a nd continuing into January. The letter wi ll include the total amount of advan ce Child Tax Credit payments taxpayers receiv ed in 2021 and the number of qualifyi ng children used to calculate the advan ce payments. People should keep this a nd any other IRS letters about advan ce Child Tax Credit payments with the ir tax records.

Families who received advance paymen ts will need to file a 2021 t ax return and compare the advance Chi ld Tax Credit payments they received in 2021 wi th the amount of the Child T ax Credit they can properly claim on the ir 2021 tax return.

The letter contains importa nt information that can make preparing the ir tax returns easier. People who receiv ed the advance CTC payments can al so check the amount of their paymen ts by using the CTC Update Port al available on IRS.gov.

Eligible families who d id not receive any advance Child T ax Credit payments can claim the fu ll amount of the Child Tax Cred it on their 2021 federal tax retu rn, filed in 2022. This includes famili es who don't normally need to fi le a tax return.

Economic Impact Payment lett er can help with the Recovery Reba te Credit

11/12/2021

Highlights of changes in Revenue Procedu re 2021-45:

The tax year 2022 adjustmen ts described below generally apply to t ax returns filed in 2023.

The t ax items for tax year 2022 of greate st interest to most taxpayers include t he following dollar amounts:

The standard deduction f or married couples filing jointly for t ax year 2022 rises to $25,900 up $8 00 from the prior year. For sing le taxpayers and married individuals filing separate ly, the standard deduction rises to $12,9 50 for 2022, up $400, and f or heads of households, the standard deducti on will be $19,400 for tax ye ar 2022, up $600.
The personal exemption f or tax year 2022 remains at 0, as it w as for 2021, this elimination of t he personal exemption was a provision in t he Tax Cuts and Jobs Act.
Margin al Rates: For tax year 2022, t he top tax rate remains 37% f or individual single taxpayers with incomes great er than $539,900 ($647,850 for married coupl es filing jointly).
The other rates are:

35%, f or incomes over $215,950 ($431,900 f or married couples filing jointly);

32% for incom es over $170,050 ($340,100 f or married couples filing jointly);

24% for incom es over $89,075 ($178,150 f or married couples filing jointly);

22% for incom es over $41,775 ($83,550 for marri ed couples filing jointly);

12% for incomes ov er $10,275 ($20,550 for marri ed couples filing jointly).

The lowest rate is 10% for incomes of single individuals wi th incomes of $10,275 or less ($20,5 50 for married couples filing jointly).

For 20 22, as in 2021, 2020, 2019 a nd 2018, there is no limitation on itemiz ed deductions, as that limitation was eliminat ed by the Tax Cuts and Jo bs Act.
The Alternative Minimum Tax exemption amou nt for tax year 2022 is $75,9 00 and begins to phase out at $539,9 00 ($118,100 for married couples filing joint ly for whom the exemption begins to pha se out at $1,079,800). The 2021 exempti on amount was $73,600 and began to pha se out at $523,600 ($114,600 for marri ed couples filing jointly for whom t he exemption began to phase out at $1,047,200).
T he tax year 2022 maximum Earned Inco me Tax Credit amount is $6,935 f or qualifying taxpayers who have three or mo re qualifying children, up from $6,728 f or tax year 2021. The revenue procedu re contains a table providing maximum EI TC amount for other categories, income threshol ds and phase-outs.
For tax year 2022, t he monthly limitation for the qualified transportati on fringe benefit and the monthly limitati on for qualified parking increases to $280.
F or the taxable years beginning in 20 22, the dollar limitation for employee sala ry reductions for contributions to health flexib le spending arrangements increases to $2,850. F or cafeteria plans that permit the carryov er of unused amounts, the maximum carryov er amount is $570, an increase of $ 20 from taxable years beginning in 2021.
F or tax year 2022, participants who ha ve self-only coverage in a Medical Savin gs Account, the plan must have an annu al deductible that is not less th an $2,450, up $50 from t ax year 2021; but not more th an $3,700, an increase of $100 fr om tax year 2021. For self-only covera ge, the maximum out-of-pocket expense amount is $4,9 50, up $150 from 2021. F or tax year 2022, for family covera ge, the annual deductible is not le ss than $4,950, up from $4,800 in 20 21; however, the deductible cannot be mo re than $7,400, up $250 from t he limit for tax year 2021. F or family coverage, the out-of-pocket expense lim it is $9,050 for tax year 20 22, an increase of $300 from t ax year 2021.
The modified adjusted gross inco me amount used by joint filers to determi ne the reduction in the Lifetime Learni ng Credit provided in § 25A(d)(2) is n ot adjusted for inflation for taxable yea rs beginning after December 31, 2020. T he Lifetime Learning Credit is phased o ut for taxpayers with modified adjusted gro ss income in excess of $80,000 ($160,0 00 for joint returns).
For tax year 20 22, the foreign earned income exclusion is $112,0 00 up from $108,700 for tax ye ar 2021.
Estates of decedents who die duri ng 2022 have a basic exclusion amou nt of $12,060,000, up from a tot al of $11,700,000 for estates of deceden ts who died in 2021.
The annual exclusi on for gifts increases to $16,000 f or the calendar year 2022, up fr om $15,000 for calendar year 2021.
T he maximum credit allowed for adoptions f or tax year 2022 is the amou nt of qualified adoption expenses up to $14,8 90, up from $14,440 for 2021.

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Location

Products

Tax Preperation (Individual & Businesess)
Payroll
Accounting & Bookkeeping
Formati on New Business
Sales Tax
ITIN Applicati on (Tax ID)
Notary Service

Telephone

Address


101 E Holly Ave, Ste 15
Sterling, VA
20164

Opening Hours

Monday 10am - 7pm
Tuesday 10am - 7pm
Wednesday 10am - 7pm
Thursday 10am - 7pm
Friday 10am - 7pm
Saturday 10am - 5pm
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