What is the Child Tax Credit (CTC)? The Federal Child Tax Credit is a program that has been around since the late 1990s. The current administration enhanced the CTC payments to help those in need. The information provided on your 2019 or 2020 tax return will determine your eligibility to receive the payments. If eligible,…
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Effective March 17, 2021, the Internal Revenue Service and the Treasury Department automatically extended the federal income tax filing due date for individuals from April 15, 2021 to May 17, 2021. Taxpayers do not need to file any forms or call the IRS to qualify for this automatic extension. With Tax Day now on May…
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The corporate tax deadline is fast approaching. Earlier this year, the IRS gave an extension for corporations to file their taxes. The extension applied to both 1120-S corporate and 1065 Partnerships. The new final due date for these filings is September 15, 2020. There are no more extensions coming, and so the time to act…
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Calculate Your Tax Rate There are seven federal income tax brackets, each with different tax rate percentages. These range between 10% to 37% and are based on your income level for the previous year. As you bring in more money, it is taxed at a progressively higher rate. For instance, a single person who makes…
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Don’t Let Tax Season Overwhelm You. It’s about that time of year again! Now is the time to break out the numbers and start gearing up for tax season… but perhaps you feel like you’re drowning in business receipts and paperwork. Perhaps you’re overwhelmed with stacks of company expenses that need to be added up,…
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Tax Season is coming to town. With the hustle and bustle of the holiday season, many people are preoccupied with gifts and gatherings. However, a new year is just around the corner, and before you know it, it will be time to file your taxes. So, what are some things you can do to get…
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