News and Events

Growth Series – Tips for Getting Your Business Financially Fit – Feb 23, 2022 – Yates County Chamber of Commerce (yatesny.com)

Refunds | Internal Revenue Service (irs.gov) Check your refund status online 24/7! (ny.gov)

If you received advanced child tax credit payments during 2021 the IRS will send you Letter 6419 to provide the amount that was disbursed to you. Please retain this letter and include it with your 2021 tax documents in preparation of filing your return.

Individuals can now view eligibility, advanced payment amounts, and unenroll in the advanced child tax credit using the link below: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

The IRS has announced the advanced CTC will begin July 15th and will be issued through direct deposit, paper checks, and debit cards on the 15th of each month there after. Eligible families will receive up to $300 per month for each child under six years old and up to $250 per month for each…

1st Estimated Tax Payments for 2021 still due April 15th https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Charitable Deductions – in 2021 single taxpayers can deduct $300 and married joint filers can deduct $600 when taking the standard deduction. Also, continuing into 2021 is the ability for those who itemized deductions on Schedule A to deduct charitable contributions up to 100% of AGI. Business Meal Deductions – in 2021 and 2022 businesses…

http://www.tapcpa.com/wp-content/uploads/2020/12/12.31.20-Client-Employer-COVID-NYS-Sick-Leave.pdf

Renting a vacation home allows for the deduction of certain expenses such as mortgage interest, property taxes, repairs, utilities, and insurance against the rental income. A loss may be taken if two tax hurdles are met. Tax Hurdle #1: Personal use of vacation home cannot exceed the greater of (a) 14 days or (b) 10%…

Contribution limits for 401k’s and IRA’s for 2021 won’t change for 2021. For 401k’s the maximum deferral amount is $19,500 (or $26,000 age 50 and over). IRA’s annual contribution limit is $6,000 (or $7,000 age 50 and over).