Tax Preparation

Many people can use the Free File option on the irs.gov website but for first time filers or those who have a change in status in some way (marraige, divorce, health, age, job change, etc.) it may be worthwhile to see a professional tax preparer. Then we are here to help.

If you receive a letter from the IRS and are not sure what to do, we can help and advise.

For Tax Year 2020, if you did not get your stimulus money from the Federal Government, you may be able to get it through your filing of your 1040 Tax form even if you don't normally file a tax return. Don't forget to tell your tax preparer whether or not you received your payment and how much you received. The first stimulus was $1200 for each filer ($2400 for married couple) plus $500 for each qualifying dependent. The second was $600 for each filer plus $600 for each qualifying dependent.

With the lastest American Rescue Plan of 2021 in addition to cash payments there are several other important benefits for many individuals and families.

increase in Child Tax Credit
increase in Earned Income Tax Credit and available for seniors
exemption of the first $10K of Unemployment Compensation from taxation - lowers federal and state tax or increases refund

The payment of the advanced Child Tax Credit of $1500 for each dependent over 6 years old or $1800 under 6 years old was begun in July ($250 or $300 per month for 6 months).

For a May 2021 update go to the IRS website

The Third Economic Stimulus payment issued in 2021 was $1400 for each individual and dependent listed on the prior years tax return. If you did not get the Advance Child Tax Credit or Economic Stimulus, you should be able to claim it when filing your 2021 Tax Return.

If you owe money to the IRS, click here

If you missed the filing deadline, here is what to do.

File as soon as possible to minimize penalties and interest fees. (Note: if you are due a refund, there is usually no penalty or interest.)
Taxpayers who have a good history of filing on time for the last three years can usually get a waiver of penalty if you ask.
From the IRS website -- Share this tip on social media -- #IRSTaxTip: What someone should do if they missed the April deadline to file and pay taxes https://go.usa.gov/xubcb

If you have any questions or concerns, we can help.