Tag Archive for: accounts

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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What You Need To Know About Claiming Dependents

Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets certain conditions.

Check out the full article here: https://www.irs.gov/…/what-taxpayers-need-to-know-about…

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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Gig Economy Tax Center

The gig economy—also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website.

Check out the full article here: https://www.irs.gov/businesses/gig-economy-tax-center

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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Earned Income Tax Credit

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.

Check out the full article here: https://www.irs.gov/…/ind…/earned-income-tax-credit-eitc

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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