Our Financial Blog

Avoiding IRS Underpayment Penalties

Congress considers our tax system a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include:  Payroll withholding for employees;Pension...

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Watch Out for Tax Penalties

Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply unaware of the penalties or the possible damage they can do to their wallets. As tax season approaches, let’s look at some of the more commonly encountered penalties and how...

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Child Tax Credit

For 2021 only, the child tax credit (CTC) increased from $2,000 to $3,000 for each child under age 18, or $3,600 for each child under age 6. Unfortunately, the extra amount ($1,000 or $1,600, respectively) is reduced when income exceeds $150,000 for married taxpayers...

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Advance Child Tax Credit Notice & FAQ

If you have received an Advance Child Tax Credit in 2021, watch your mail in January 2022 when the IRS will begin sending Letter 6419, which details the total amount of advance CTC payments that were disbursed. This letter will be sent to the address the IRS has on...

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Fall Tax Planning May Be Wise

Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s...

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Filing as Married Separate? Better Read This!

Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return. The...

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The Story Behind Method CPA

Learn how a passion for business at an early age resulted in a thriving accounting & consulting firm that is eager to help small businesses move forward with making smart financial and business decisions. https://www.youtube.com/watch?v=Fk91KosDiQA

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