If you received advance child tax payments in 2021, the IRS will be sending out Letter 6419 (2021 Advance CTC). Please keep this letter with your tax preparation documents! The letter will include the total amount of ACTC payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. […]
Has your tax professional suggested making “estimated payments”? Do you ever wonder what he or she is talking about? What are estimated payments? Why do I have to make them? Will I get in trouble if I don’t make estimated payments? What are Estimated Payments? Estimated payments are generally suggested when the withholding from your […]
Every year we address client concerns about extending their tax returns. Over the years I’ve seen the media hype over the April 15 deadline like it is the final deadline and failure to file will cause problems. That is simply not true. I have counseled clients that it really is ok to file for an […]
This is a reminder that our deadline to receive your information to complete your personal income 2020 taxes and file by April 15th is Monday, March 15th. We are more than happy to file an extension if you need more time. Just let us know and complete an extension request letter. If we do not […]
Are you finding unusual deposits from the IRS in your bank account? Last week, the treasury started sending the second round of stimulus payments, or Economic Impact Payments. The following comes from an IRS new bulletin. The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as […]
In yesterday’s stimulus package passed by Congress, another round of Economic Impact Payments (EIP) payments are planned to be sent within a few weeks of President Trump’s signature. Except for the size of the payment, many of the rules for eligibility and the method of payment are the same as the first payments made earlier […]
Do you own stocks, bonds or other securities in a taxable account (not a retirement account)? Here are some strategies for minimizing taxes or taking advantage of your tax bracket this year: Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income by holding your positions for at least 12 […]
With the COVID-19 related shutdowns and government mandates, a wide variety of programs and assistance are becoming available for individuals and businesses. Check this site frequently for updates as we assemble a list of programs you may be able to take advantage of. If you are aware of other programs, please comment or drop us […]
The Tax Cuts and Jobs Act (TCJA) that affects tax returns beginning with the 2018 tax year has many changes that may affect your 2018 taxes. The law could increase your standard deduction or it could eliminate some tax breaks you have been used to in prior years. As you may know, the IRS allows […]
Steve Trojan, CPA has recently completed the necessary training and testing to earn the designation of Certified Divorce Financial Analyst®. This program, provided by The Institute for Divorce Financial Analysts™ (IDFA™) is a specialized educational program in professional divorce analysis and provides training to provide financial information and assistance to people going through a divorce. […]
