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IRS reminds us good tax planning requires good recordkeeping

The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping."  We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate

By |2021-07-13T18:11:54+00:00July 13th, 2021|Categories: Business|Tags: , , , , |

Advance Child Tax Credit for 2021

From this summer (2021), there will be significant changes to the Child Tax Credit. Instead of paying the tax credit when the tax return is filed (usually as a tax refund to the taxpayer), the IRS plans to make advance monthly payments beginning July 15, 2021. You will claim the other half when you file

By |2021-06-24T16:37:57+00:00June 24th, 2021|Categories: Individuals|Tags: , , , , , |

Debunked IRS myth – Taxpayers file late and do not pay their taxes (Wrong: 98% of tax revenue is voluntary)

From the Issue Number: CL-2021-17, the IRS featured the IRS Commissioner, Charles Rettig, discussing how taxpayers who file and pay on time play a vital role in the tax system. “More than 98 percent of the tax revenue collected by the IRS comes in voluntarily from taxpayers. When you do your part by filing your

By |2021-05-19T20:04:56+00:00May 19th, 2021|Categories: Business, Individuals|Tags: , , , |

New Jersey Residents Will Pay Most in Taxes Over a Lifetime

Over the last couple of days, we found different articles published on the media that New Jersey residents will have paid taxes for almost a million dollars over their lifetime. This is more than any other States ( Massachusetts and Connecticut residents come close at $827,185 and $805,213 respectively). On average, the other residents pay

By |2021-05-19T18:54:09+00:00May 19th, 2021|Categories: Individuals|Tags: , , , |

Around 29 million returns hold by the IRS

Over the past year, we have noted that the IRS processing times have been delayed due to the pandemic. During this 2020 tax season (Jan to May 2021), there has been delays in the processing of tax returns and several sources point to the change of tax laws during this tax season as one of

By |2021-04-24T18:14:35+00:00April 24th, 2021|Categories: Individuals|Tags: , , , , , |

IRS Estimated tax payments are due April 15 (Also, C Corp filing)

The IRS is reminding taxpayers that the 2021 estimated tax payments are due on April 15, 2021 as the estimated tax payments were not extended. Note that they were extended in prior year tax period. As a result, some taxpayers might be confused on this year's due date for estimated tax payments. Additionally, the tax

By |2021-04-08T16:53:43+00:00April 8th, 2021|Categories: Business, Individuals|Tags: , , , , , |

Tax Time IRS Guide: Select a tax return preparer with care

The IRS has published some recommendations on what to look for to select a tax return preparer. See an extract from the IRS publication below:   The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some

By |2021-03-02T04:34:04+00:00February 28th, 2021|Categories: Business, Individuals|Tags: , , |
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