This March, in an effort to combat the effects of the current pandemic, the government passed The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package. Among other things, this bill set up monthly payments for taxpayers with children. The payments were $250 for children ages 6-17 and $300 for children under 6. What a lot of people don’t realize is that this payment is an advance on the Child Tax Credit which they normally claim when filing their yearly tax return. The amount and ages eligible have been raised for 2021; $3000 for children under 18…
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Photo by rawpixel on Unsplash For a lot of people in the US, owning a credit card is a natural thing. So are credit card payments. Unfortunately, it is really easy to fall behind on those payments. If you fall far enough behind, you can negotiate with the credit card company and they may cancel some of the debt you owe. If they cancel some or all of your remaining debt, they will send you a 1099-C form in the mail. Then, when you go to get your taxes done for that year, your tax preparer adds that amount of canceled debt as…
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If you work in a field where you tend to rack up a lot of un-reimbursed business expenses, the state of Pennsylvania is now looking harder at those returns. They have routinely sent out letters to people requesting logs of business mileage as well as proof of things like Union Dues, Supplies, Uniform Purchases, and Certifications/Training expenses. If you have a job in which you have a good amount of un-reimbursed business expenses, look into smartphone apps like MileIQ to track your mileage, and keep all of your receipts for your business expenses in the same location. When tax time…
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Our staff can help generate the K-1 and other income tax forms your business needs for both Federal and State income tax returns
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Our highly trained and knowledgeable staff will help you fill out your Federal, State(s), and Local income tax returns
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