The Internal Revenue Service announced on January 26 that all third-round Economic Impact Payments have been issued. While some payments of the Economic Impact Payments from 2021 may still be in the mail, the IRS is no longer issuing new payments. Families with new dependents in 2021 The third-round Economic
Child care tax credit doubles this season: How to claim up to $16,000
The imminent tax season, which starts Jan. 24, means parents should expect to get the rest of their child tax credit money soon. But that’s not all. An entirely different tax break, called the child and dependent care credit, has also been greatly expanded. Parents and caregivers could see a
A new stimulus check program just opened for applications and you had no idea
You don’t have to be a fortune-teller or an expert political strategist to figure out that no new stimulus checks are coming from the federal government anytime soon. The political dynamic is such that the votes in Congress just aren’t there for new checks right now. But having said that,
Filing Begins Jan 24th – Schedule Your Appointment Today
The IRS has announced that tax returns can be filed starting January 24, 2022. In order help you get your tax refund as quickly as possible, we are scheduling tax appointments today! We offer our clients: Fast Refunds Refund Advances Free E-Filing Drop-off Services Virtual Appointments Referral Awards – Refer
CTC and EIP Letters from the IRS
The IRS announced that it will issue information letters to Advance Child Tax Credit (CTC) recipients starting in December and to recipients of the third round of the Economic Impact Payments (EIP) at the end of January. Using this information when preparing a tax return can reduce errors and delays
Standard Mileage Rates for 2022
The IRS issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents
End of Year Charitable Giving in 2021
For many people, the end of the year is a time to review charitable gifts that have already been made during the year and to consider making additional charitable gifts before the tax year ends. If you are one of these people, we have a few reminders that you might
Retirement Plan Limits Announced for 2022
The IRS announced in November increases to retirement plan limits for 2022. The 2022 contribution limit for 401(k) plans will increase to $20,500, which means that next year you can put an extra $1,000 into your 401(k) plan. The IRS also announced cost‑of‑living adjustments that may affect pension plan and
Social Security Wage Base Increased
It was announced by the Social Security Administration (SSA) in October that the maximum amount of an individual’s taxable earnings in 2022 subject to Social Security tax will be $147,000, up from $142,800 for 2021. The wage base limit applies to earnings subject to the tax, known officially as the
Social Security Benefit to Increase in 2022
Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a