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Remember to claim the energy efficient home and residential clean energy credits

If you are doing improvement work in your home, you should consider the energy efficient and residential clean energy credits as it might give you back some of the money invested on those improvements. Remember to fill out our tax organizer each year so we are aware of those expenses, or let us know if

By |2024-05-13T19:58:56+00:00May 13th, 2024|Categories: Individuals|Tags: , , , , , , , |

IRS to target high income taxpayers, large partnerships, scams, etc.

Earlier this month, the IRS has announced the new targets for their examination efforts. This information is in line with the previous discussion to target wealthy individuals over the $400,000 income threshold that was mentioned by President Joe Biden in the 2022 State of the Union speech, Treasury Secretary Janet Yellen who instructed the IRS

IRS moratorium on ERC claims and how to combat fraud

On September 14th, 2023, the IRS released their IRS Newswire IR-2023-169 for the immediate stop to the new Employee Retention Credit as they were flooded with fraudulent claims, or as the IRS wrote "questionable claims".  This stop would be at least until the end of the year. This moratorium happened less than ten days after

By |2023-09-26T03:23:22+00:00September 17th, 2023|Categories: Business|Tags: , , , , , , , , , , , , , , |

Tax credits for college students

In the IRS Tax Tip 2022-123, the IRS reminds college students and any taxpayers that might claim them, that there are two education credits available for them: 1. American Opportunity tax credit Worth a maximum benefit of up to $2,500 per eligible student Only available for the first four years at a post-secondary or vocational

Employee Retention credit still available – Up to $26k per employee

The Employee Retention Credit (ERC) is a fully refundable credit that targets businesses with employees (w2s) in 2020 and 2021. These businesses must have been impacted by the pandemic, mainly either 1) reduction of sales (50% reduction in 2020 quarter versus 2019 quarter or 20% reduction in 2021 quarter versus 2019 quarter) or 2) partial

By |2022-06-03T15:47:29+00:00June 1st, 2022|Categories: Business, Financial Education|Tags: , , , , , , , , , |

Check your mail for IRS letters 6419 (advance child credit) and 6475 (Third stimulus)

Advance child tax credit payments letter can help people get remainder of 2021 credit To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January. This letter includes the total amount

By |2022-02-23T21:29:02+00:00January 25th, 2022|Categories: Individuals|Tags: , , , , , , , , |

2021 Required notification to employees for Philadelphia businesses

On an email reminder sent last week, the City of Philadelphia requires businesses to give notifications to their employees about a) The Federal Earned Income Tax Credit (EITC) and b) Philadelphia Wage Tax Refund Program on electronic or printed copy and no later than February 1, 2022.   The Federal Earned Income Tax Credit (EITC)

By |2022-02-23T21:25:18+00:00January 15th, 2022|Categories: Business|Tags: , , , , , , , , , |

New items and changes impacting 2021 taxes

In the Issue Number: COVID Tax Tip 2021-187, the IRS makes references to several items that are new or have changed for 2021, such as: Changes to the charitable contribution deduction Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to

By |2021-12-17T18:41:22+00:00December 18th, 2021|Categories: Individuals|Tags: , , , , , , , , |

IRS provides tax inflation adjustments for tax year 2022

In the Issue Number: IR-2021-219, the IRS announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing

By |2021-11-15T19:50:10+00:00November 13th, 2021|Categories: Individuals|Tags: , , , , , , |

Child Tax Credit Updates – Letter 6419, Change deadline Aug 30, etc.

On the Issue Number: IR-2021-171, the IRS announced the launch of a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal Additionally, the IRS will mail a year-end summary statement (Letter 6419) to all taxpayers who have received

By |2021-08-25T09:43:08+00:00August 25th, 2021|Categories: Individuals|Tags: , , , , , , |
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