by KNSS | Jan 4, 2022 | January 2022 news
The tax rules continue to evolve at a record pace. Below are some reminders for you as we enter the 2022 tax filing season. Advance Child Tax Credit Payments. For qualified taxpayers that will receive advance Child Tax Credit payments from July – December 2021,...
by KNSS | Jan 4, 2022 | January 2022 news
IR-2021-251, December 17, 2021 WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January...
by KNSS | Jan 4, 2022 | January 2022 news
Personal financial planning is an ongoing process. Financially speaking, 2021 was another good year for most of us even as the Covid-19 pandemic continues to affect all our lives. The stock markets set new all-time highs. Real estate prices around the country continue...
by KNSS | Jan 4, 2022 | January 2022 news
Phase-2 Self-Reporting Season Starts Today If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly. On 6/11/21, the Health Resources and Services Administration (HRSA)...
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...
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...
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...
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...
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...
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...
