If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2021 4th quarter due date is now here. Due date: Tuesday, January 18, 2022 You are required to withhold at least 90 percent of your 2021 tax
To help taxpayers reconcile and receive all of the Child Tax Credits to which they are entitled, the IRS will send Letter 6419, 2021 advance CTC, starting late December 2021 and continuing into January. The letter will include the total amount of advance Child Tax Credit payments taxpayers received in 2021 and the number
It's that time again! The final chance to reduce your annual tax bill is here. Spend a few minutes considering the following ideas: Make last minute charitable donations. Review and maximize use of the $15,000 annual gift giving limit. Review your investment portfolio for capital gain and loss planning. Use your annual $3,000 net
Pretending to be an IRS agent is one of the favorite tactics of scam artists, according to the Better Business Bureau. The con artists impersonate the IRS to either intimidate people into making payments over the phone, or to send misleading emails tricking people into sharing personal information digitally. You can defend yourself against
There are always moves you can make to reduce your taxable income. Some of these tax-saving moves, however, must be completed by December 31. Here are several to consider: Tax loss harvesting. If you own stock in a taxable account that is not in a tax-deferred retirement plan, you can sell your underperforming stocks by
While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes. Health Benefits. While now reported on W-2's, employer-provided health insurance premiums are currently not required to be reported as
The COVID-19 pandemic has brought overwhelming grief to many families. FEMA has made it a mission to help people before, during and after disasters. They are dedicated to helping ease some of the financial stress and burden caused by the virus. FEMA is providing financial assistance for COVID-19-related funeral expenses incurred after January 20,
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Wednesday, September 15th, 2021 Remember, you are required to withhold at least 90 percent of your current tax
As summer winds down, your business’s financial statements may be due for a quick check-up. Here are several review suggestions to help determine the health of your business prior to year end. Balance sheet reconciliations. Reconcile each asset and liability account every quarter. A well-supported balance sheet can guide decisions about cash reserves, debt financing,
Now is the time to schedule a tax planning appointment. If you are on the fence, here are some things to consider: It can make a difference. This is especially true if you have a major event that occurs during the year. For example: Selling a house? You can avoid taxes if primary residence requirements