As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit amount has increased for certain taxpayers.
The past year has displayed unbridled transformation to our lives. COVID-19 required extensive financial intervention from our government, which now complicates our 2020 tax filings. Learn about some of these changes or reach out to a tax professional for assistance.
The year 2020 came jam-packed with disruptions that, for many people, would disrupt our work-life balance, physical and mental health, and create new conventions for every aspect of our daily lives. As we now find ourselves in the pandemic year’s wake, don’t get blindsided by the latest tax law alterations.
On Friday, January 16th, the Internal Revenue Service announced a delay to the start of the tax filing season until February 12th. Normally, the IRS opens for the season mid-late January. The reason given for the delay is so that the IRS’s systems can be updated to handle tax changes from December 27th and the second round of stimulus payments.
As of 5:00p on March 25, 2020, pursuant to Governor’s orders for “nonessential” services, our office has ceased all in-person activities. We have retained a core staff and will continue to prepare taxes and communicate via email. If you need to reach us, we will have limited phone accessibility. We appreciate your patience as we attempt to operate at less than full capacity.
In July 2013, we attended a seminar put on by Blue Cross/Blue Shield of Vermont for small employers. Even so close to implementation deadlines, the answer to many of the questions remained “we don’t know yet”. As we near the first open enrollment period, we’ve compiled a list of resources to help you stay informed.
Every year, clients ask “How can I lower my tax liability?” One of the best ways is by taking advantage of something you’re already doing: charitable contributions.
First, make sure your charitable contributions are actually deductible. This can be done by checking with your tax advisor or by finding Schedule A attached to your tax return. Then, consider these tips...
