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Tax Due Dates for February 2022
February 10 Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070. Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2021. This due...
Non-Profits: Electronic Filing of Form 1024
Starting January 3, 2022, nonprofit organizations applying for recognition of exemption must submit Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, electronically online at Pay.gov. Form 1024, which...
What is IRS Letter 6419?
Taxpayers should have started receiving IRS Letter 6419, 2021 advance CTC, in January. The advance child tax credit payments letter helps taxpayers get the remainder of their 2021 tax credit. It includes the total amount of advance child tax credit payments taxpayers...
Tax Breaks for Older Adults and Retirees
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you're 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 years old or older and you do...
Working Remotely Could Affect Your Taxes
When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic drags on, more...
Three Tips for Getting an Accurate Business Valuation
If you're conscientious about financial reporting, you may already have a sense of your company's worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? Need financing?...
What’s New for IRS Form 1040 This Year
If you've gathered your tax documents and are ready to tackle your tax return, there's one more step you should take: becoming familiar with what's new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several...
The 2022 Tax Filing Season: What You Need to Know
Monday, January 24, 2022, was the official start to this year's tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return. The start date for individual tax return filers is determined by...
Tax Due Dates for January 2022
During January All employers - Give your employees their copies of Form W-2 for 2021 by January 31, 2022. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting. January 3...
What To Know About Keeping Good Tax Records
It's January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you're wishing you'd kept on top...
Tax Credits for Accommodating Disabled Workers
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Let's take a look at a few of the tax incentives that are available to encourage employers to hire...
Why Using the Correct Filing Status Matters
As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer's filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it...
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