by Admin | Nov 18, 2021 | Individual Taxes
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...
by Admin | Nov 16, 2021 | Business Taxes, Individual Taxes
“Gig work” is the new “bankers’ hours.” Anyone who isn’t doing it wishes that they were, and those who are lucky enough to be freelancing know just how good it really is. But being a successful freelancer means more than making your own hours and having as much work...
by Admin | Nov 11, 2021 | Individual Taxes
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...
by Admin | Nov 9, 2021 | Individual Taxes
The IRS is now sending informational-only CP256V Notices to self-employed individuals and household employers who chose to defer paying the employer’s share of Social Security taxes under the CARES Act. The new notice reminds them that the first installment of...
by Admin | Oct 26, 2021 | Individual Taxes
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...
by Admin | Oct 19, 2021 | Individual Taxes
Though everybody wants their money to grow, few people understand the best way to make that happen. It’s all about where you choose to put your money and the rate of growth you’re able to achieve over a period of time. When you’re trying to figure out how compound...
