Tax Day Extended To May 17th

Don’t let it ever be said that the IRS is heartless….they announced that the tax deadline has been pushed from April 15th to May 17th. The IRS cares about you!
Who knew?
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Timing Your Income Tax Could Mean A Bigger Stimulus

The timing of filing a 2020 tax return is extra important this year – if you get it right, it could lead to a bigger stimulus check.
Thus far, the payments are based on the same requirements as the first two checks: The full amount will go to individuals with up to $75,000 in adjusted gross income and married couples filing jointly with up to $150,000 in income. In addition, children and adult dependents may also be eligible for a $1,400 check.
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Do You Qualify for a $1,400 Stimulus?

House Democrats passed the $1.9 trillion American Rescue Plan early Saturday morning, which includes a provision for a third stimulus check worth up to $1,400 for taxpayers and each of their dependents.
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Did You Change Your Name After A Marriage or Divorce?

Did you get married or divorced? Make sure you notify the SSA to reduce problems when filing your taxes.
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Home Office Deduction

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Daylight Savings Time Begins

Don’t forget to move your clocks up an hour ahead before to go to bed! You’re losing an hour of sleep, we’re losing an hour of tax prep time!
If you would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Tax Tips for 2021

Following an unpredictable year with many changes and challenges, the IRS has shared several important reminders for taxpayers who are about to file their 2020 federal tax returns. Here are eight(8) tips that may help you:
1. Choose Direct Deposit
2. Earned Income Tax Credit
3. Taxable unemployment compensation
4. Interest is taxable income
5. Home office deduction
6. Workers moving into the gig economy
7. Charitable donation deduction for people who don’t itemize
8. Disasters such as wildfires, flooding or hurricanes
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Child Tax Credit Raised To $3,000

The House approves a proposal that would temporarily increase the child tax credit to $3,000 or $3,600 per child for most families and have 50% of it paid in advance by the IRS.

Check out the full article here: https://www.kiplinger.com/…/house-approves-3000-child…

If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.

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Record Keeping

Need help on keeping your records? Check out the full article here: https://www.irs.gov/…/small-businesses…/recordkeeping

If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.

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Did You Receive Unemployment Benefits This Year?

Millions of Americans are going to be in for a rude awakening this tax season when they discover they owe the IRS money for unemployment payments.

Check out the full article here: https://www.cnbc.com/…/how-unemployment-benefits-can…

If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.

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