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Use Caution with Monthly Child Tax Credit
Use Caution with Monthly Child Tax Credit Tax professionals are urging clients to decline receiving monthly payments of the child tax credit. Use caution when opting into the monthly child tax credit. Individuals could end up having to pay that money back. The 2021 American Rescue Plan increased the benefit and directed the…
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Fraud on the Rise
According to a report released in September by the Association of Certified Fraud Examiners (ACFE), experts have noticed a rise in fraud this year due in large part to the COVID-19 pandemic. Professionals are seeing fraud increases in nearly every category. The largest growth was in insurance, loan and bank, financial statement, identity theft,…
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Defer Payroll Taxes? Here’s What It Means.
The President’s action to defer payroll taxes: What does it mean? Stay up to date on payroll tax and deferments! President Trump issued a memo regarding deferring payroll tax obligations on August 8, 2020. This memorandum directs the Treasury Secretary to defer the withholding on employee FICA and Medicare, and the employer deposit and…
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Prevent Tax Bill Overlap
Don’t Procrastinate, File Now to Prevent Tax Bill Overlap With the new tax return deadline of July 15, 2020, many Americans felt relief and possibly pushed tax prep to the bottom of their to-do list. All week we’ve been sharing why waiting until July 15 may not be the decision for you, the taxpayer.…
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Don’t Just Sit There! Start Getting More Tax Refund Now!
Don’t Just Sit There! Start Getting More Tax Refund Now! You are home for an undetermined amount of time. Use it to gather your tax receipts and deductibles for more return on your tax refund. On average, Americans will spend 7 hours a year assembling, organizing, and planning for their tax return. Many…
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File Taxes Now. Get Your Tax Refund When You Need It.
File Taxes Now. Get Your Tax Refund When You Need It. At a time where cash flow is critical to many households and small businesses, an April or May tax refund may be vital. Due to financial uncertainty, waiting until July 15th to file tax returns isn’t an option for many Americans. Good news,…
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Tax Filing. July 15th? Let’s Talk.
Tax Filing. July 15th? Let’s Talk. On March 21, the Treasury Department and Internal Revenue Service announced a tax filing and tax payment deadline extension until July 15, 2020. Now what? Hint: It doesn’t mean tax filing should go to the bottom of your to-do list. On the one hand, the extension that resulted…
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Filing Tax Returns 101: Errors to Avoid
Filing Tax Returns 101: Common Errors to Avoid Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result…
