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IRS Letters for Advanced Child Tax Credit and Third Economic Impact Payments

by KNSS | Dec 10, 2021 | 2021 December news

Advance Child Tax Credit Payments  For qualified taxpayers that will receive advance Child Tax Credit payments from July – December 2021, the IRS plans to send taxpayers Letter 6419 in January 2022.  This IRS form letter will provide taxpayers the total amount...

Charity deduction for taxpayers that do not itemize their tax returns

by KNSS | Dec 10, 2021 | 2021 December news

For the 2021 tax year, the IRS is again allowing taxpayers that file their tax return using the standard deduction to claim a charity deduction on their tax return. The maximum allowed charity deduction for non-itemizers is $300 for single, head of household and...

Record keeping rules for charitable donations of cash (and check and credit card payments) and marketable securities

by KNSS | Dec 10, 2021 | 2021 December news

In order to claim a cash charitable deduction, taxpayers must keep records in the form of bank records or written acknowledgement from the charitable organization. Donations less than $250 in any one day – taxpayer must keep a copy of a bank record such as a cancelled...

Identity Protection Personal Identification Number (IP PIN) reminder

by KNSS | Dec 10, 2021 | 2021 December news

For taxpayers who receive an IRS IP PIN annually, be on the lookout in January 2022 for a letter from the IRS with your 2021 IP PIN number.  These letters, IRS Notice CP01A, are sent out annually to taxpayers via the US mail.  Be sure to retain this notice with your...

Working multiple jobs in a year may result in overpaid social security taxes

by KNSS | Dec 10, 2021 | 2021 December news

Switching employers mid-year often results in a overpaying withheld social security taxes. For tax year 2021, once an employee earns $142,800 from an employer, social security taxes are no longer withheld.  This results in a max social security tax withheld from pay...

12/31/21 Deadline For Targeted EIDL Advance and Supplemental Targeted Advance

by KNSS | Dec 6, 2021 | 2021 December news

The deadline to apply for the Targeted EIDL Advance and Supplemental Targeted Advance is December 31, 2021. The Targeted EIDL Advance is a maximum credit of $10,000 with any formerly received EIDL Advance funds subtracted from this amount. The Supplemental Targeted...
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