Getting your tax documents together to send to your tax preparer can be overwhelming, but we can help! One of the most common questions we are often asked is, “What documents are needed for individual tax returns?”. Below is a list of some basic...
Next month, the IRS will begin distributing the 2021 monthly advance payments for the enhanced Child Tax Credit (CTC) to eligible taxpayers. Due to the intricacies and unintended consequences that will potentially arise, some parents may want to consider opting out of...
On March 11, 2021, The American Rescue Plan Act included a provision to exclude $10,200 of unemployment compensation from taxable income if the taxpayer’s modified AGI was $150,000 or less. On April 1st, the State of Michigan notified taxpayers that they would...
It is important to file your income tax returns and pay any taxes that you owe, on time. The fees and interest will continue to accumulate until your balance is fully paid. If you didn’t file your taxes by the deadline, the penalties will be much higher than if...
Don’t exhale just yet! Before you put the thought of taxes out of your mind, here are several things we would highly recommend that you do after filing your tax return. Check your return status & confirm that your filing was accepted. Typically, within 24-48 hours...
As many are well aware, the federal income tax filing due date for individuals, for the 2020 tax year, will be automatically extended from April 15, 2021 to May 17, 2021. Although this offers additional time to file taxes, it still may not be enough time for...
