We shared recently to be on the lookout in your mailbox for Letter 6419 from the IRS. This letter reports the amount of advanced child tax credit (ACTC) you received in 2021. It is imperative that your 2021 tax return report valid information for the ACTC to avoid IRS processing delays. The IRS has indicated that […]
2022 Standard Mileage Rates
Beginning 1/1/22, the standard mileage rates for cars, vans, pickups, and panel trucks will be 58.5 cents per mile for business purposes, 18 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes. However, the rates cannot be used to claim an itemized deduction for unreimbursed employee travel expenses […]
Are You Ready for Tax Season?
Fourth Quarter Estimated Payments Due January 18th If you are required to make estimated payments for 2021, the fourth quarter payment is due on January 18th. Due to continued processing delays at the IRS, we recommend that federal payments be made online at https://www.irs.gov/payments or via EFTPS. Virginia payments can be paid online at https://www.tax.virginia.gov/individual-income-tax-payment-options. If you choose […]
How to Setup Multi-Factor Authentication
Year-End Charitable Giving
During the gift-giving season, if charities are on your recipient list, here are a few important things to remember: $300/$600 Charity Deduction for Non-Itemizers COVID tax relief packages included legislation to incentivize charitable giving. For individuals who take a standard deduction on their 2021 tax returns, IRC Sec. 170(p) allows a tax deduction of up […]
Year-End Tax And Financial Planning For Individuals
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situation –– a continued global pandemic, several significant natural disasters, new tax laws and political shifts. Now is the time to take a […]
Year-End Tax And Financial Planning For Small Businesses
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situations –– a continued global pandemic, several significant natural disasters, new tax laws and political shifts. Now is the time to take a […]
Year-End Giving Reminder: Special Tax Deduction Allows Most People To Deduct Up To $600 Given To Charity, Even If They Don’t Itemize
Due to a special tax provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in the spring of 2020, taxpayers can more easily qualify to deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a […]
Hiring In A Changing Industry
Have you recently stopped into a store to pick up something quick only to find yourself frustrated due to lack of staffing? We understand that every industry is struggling to hire talented individuals, and we are no different. The pandemic has accelerated the changes that had been creeping into the accounting industry over the past […]
Charitable Gifts – Stock or Cash?
If you are planning to make a relatively substantial contribution to a charity, college, etc., you should consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the donation can be increased and the organization will be just as happy to receive the stock. This tax planning tool is derived […]
