I wanted to take a moment to emphasize the critical importance of record keeping for small businesses. Effective record keeping not only ensures compliance with regulatory requirements but also plays a pivotal role in the strategic management and growth of our company. Here are a few key reasons why maintaining accurate records is essential: Financial [...]
The EITC usually affects the lower income earners with children, but even if you do not have children, it is possible you qualify for the additional credit. Keep in mind that unemployment is not earned income, therefore does not count toward qualifying for the EITC. I believe many people will be surprised when they file [...]
The IRS announces they will be open for filing 2020 taxes on February 12th. Those who claim Earned Income Credit and possibly additional child tax credit should not expect refunds until March. Most other filers can expect a refund within 21 days of e-filing AND the IRS strongly encourages using e-file and direct deposit. Here [...]
Due to the COVID-19 pandemic there is a change in the tax filing law for 2020 filings. If you qualify for the Earned Income Tax Credit, you will have the option to use 2019 or 2020 income. With many Americans having reduced income in 2020, their EITC could be significantly reduced. By using a tax [...]
THE IRS AGAIN ANNOUNCES THAT THERE WILL BE DELAYS ON REFUNDS FOR THOSE WHO CLAIM THE EARNED INCOME CREDIT AND/OR ADDITIONAL CHILD TAX CREDIT. READ MORE DIRECTLY FROM THE IRS
The IRS has the website up and running to check both your first and 2nd stimulus payments. This may be particularly helpful when filing your 2020 taxes AND you cannot locate your NOTICE 1444 - the letter signed by Trump. When filing your 2020 taxes, you will have the opportunity to reconcile the stimulus [...]
IRS PUBLICATION: Issue Number: Tax Tip 2018-10 Inside This Issue Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents [...]
Counties are making changes that will benefit the seniors when it comes to real estate taxes. To date Cook County increases the Homestead Exemption to $10,000 (this applies to all owner occupied residences), the Senior Exemption increases to $8,000 and the Senior Freeze income threshold increases to $65,000. It appears that all counties will increase [...]
IRS ANNOUNCES JANUARY 29, 2018 TO BEGIN ACCEPTING E-FILES. Don't let that stop you! Merlak Tax officially starts tax appointments on January 15, 2018. If you have all your forms its not too early to schedule your appointment. Click here for our online scheduler or call 779-220-9608. IMPORTANT- IRS ANNOUNCES refunds will be delayed until [...]
Do you claim the child tax credit and/or earned income credit? Don't expect an early refund. Read IRS news on when to expect your refund by clicking here.
