News : The Tax Consultants, Inc.

Latest News from The Tax Consultants, Inc.

Announcement

Happy Independence Day!

Wishing you all a happy, fun and safe 4th of July! In observance of Independence Day we will be closed tomorrow July 5th.

Income,Tax

Advance Child Tax Credit

Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the

Awards

Voting for 2021 Best of the Best has Officially started!

These awards celebrate and recognize the best our community has to offer, once again we are asking for your support in voting for the Tax Consultants, Inc as 2021s Best of the Best in Tax Preparation. We take pride

crop anonymous person showing donation box

Income,Tax,Tax Tip

Are Donations to GoFundMe Tax-Deductible?

There has been no shortage of need during the pandemic, and to help meet it, friends, neighbors and customers have set up hundreds of thousands of crowdfunding campaigns. GoFundMe estimates that an American has started a Covid related fundraiser on its

Administration

Happy Memorial Day

The national holiday was established to honor those who have died in American wars. Memorial Day was originally called Decoration Day. It originated during the American Civil War, when citizens would place flowers on the graves of those who had

Income,New,Tax

Advance Child Tax Credit Payments in 2021

There have been important changes to the Child Tax Credit that will help many families receive advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only. The

Income,New,Tax

IRS postpones April 15 U.S. tax deadline to May 17

The IRS and Treasury Department will postpone the April 15 tax-filing deadline to May 17, the agencies announced Wednesday. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help

symbol of eagle with shield on dollar banknote

Announcement,New,Tax

When will I get my third stimulus check?

The third round of stimulus checks will start hitting bank accounts for eligible Americans as soon as this weekend, the IRS said late Friday. “Following approval of the American Rescue Plan Act, the first batch of payments will be sent by

image of old building on american banknote

General,Income,New,Tax

House passes $1.9 trillion Covid relief bill, sends it to Biden to sign

On Wednesday March 11th 2020, the third stimulus package has officially passed both chambers of congress. The $1.9 trillion relief bill includes unemployment extensions and a tax-free benefit for unemployment benefits of up to 10,200 paid in 2020, $1,400 direct

asphalt road with inscription stay safe stay apart

Announcement,Income,New,Tax

Covid 19 Legislation - Third Stimulus and $10,200 in Unemployment

The Senate on Saturday narrowly passed President Biden's $1.9 trillion coronavirus relief plan following a marathon overnight session in a key vote that puts new stimulus checks and expanded unemployment checks one step closer to the pockets of the American

Announcement,General,New

All First and Second Economic Impact Payments Issued

The IRS announced that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.Beginning in April 2020, the IRS

Administration,Announcement

Presidents' Day

As a reminder, our office will be closed Monday February 15th, 2021 in observance of Presidents' Day. Enjoy your long weekend! we'll be back in the office on Tuesday the 16th. See you then!

Announcement,New

Annual Tax Season Raffle

It's that time again. As usual, we will once again be holding our annual tax season raffle. All of our clients will receive 1 entry, and you will receive 1 additional entry for anyone who you refer to

Administration,Announcement,New

Early Closing

We will be closing at 4:30 PM today, February 1st 2021 due to snow. Be safe, we'll be back in the office tomorrow at normal time.

Administration,New

Updated Tax Season Hours

With Tax Season upon us we are updating our hours to better serve our clients. Starting this week our new hours will be as follows: Monday - Friday: 8:30 - 7:00Saturday: 8:30 - 4:00 We're expecting a very busy tax season.

small judge gavel placed on table near folders

Tax Tip

Tax Time is Seasonal, but the Taxpayer Bill of Rights Applies All Year

All taxpayers have fundamental rights when they’re interacting with the IRS. These rights apply all year long, not just during tax season. The Taxpayer Bill of Rights presents these rights in 10 categories.Here’s an overview of these rights and links

set of paper calendars with months on pink background

Announcement,Income,New,Tax

2021 Tax Filing Season to Begin February 12th

The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.The Feb. 12 start date for individual tax return filers allows

person holding black ceramic pig coin bank

New,Tax Tip

New Forgiveness Rules for Past, Current, and New PPP Money

Good news: the new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pocket if you have or had PPP money. Note that the PPP money comes to you in what appears to be a loan.

New

Paycheck Protection Program Reopens and EIP Update

Paycheck Protection Program Reopens Week of January 11thFirst Draw PPP Loans available on Monday, January 11.Second Draw PPP Loans available on Wednesday, January 13.Originally open only to community financial institutions, the PPP will then open to all participating lenders shortly

close up of two flute glasses filled with sparkling wine wuth ribbons and christmas decor

Administration,Announcement,General

Happy New Year's

We are wishing everyone a Happy New Year with the hope that you will have many blessings in the year to come. Our office will be closed tomorrow, Friday, January 1st. If you need to contact us, please visit

Announcement,New,Tax

Economic Impact Payment (Stimulus Check) Update

As we noted on our first update, on Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021, CAA 2021. The Act contains numerous individual, business, payroll, disaster, and energy-related tax provisions, as well as tax extenders. Many of

Announcement,New

Economic Impact Payment (Stimulus Check)

On Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021, CAA 2021. The Act contains numerous individual, business, payroll, disaster, and energy-related tax provisions, as well as tax extenders. Many of the provisions, including $600 stimulus payments, and

General

Merry Christmas

We will be closed today, December 24th and tomorrow December 25th in observance of Christmas. We would like to wish you all a safe and happy holiday!

Tax,Tax Tip,Wealth Management

Tax Considerations When a Loved One Passes Away

If a loved one passes away and you serve as the executor or inherit assets, you need to consider your duties and so some tax planning. Filing the Final Form 1040 for Unmarried Decedent If the decedent was unmarried, an initial step

Administration

Closed

Due to severe weather we will be closed today, December 17th 2020. If you need to contact us please feel free to contact us through our website Stay Safe!

Administration

Winter Storm Warning

Heavy Snowfall is expected for tonight into early morning. We will update our website, Twitter and Facebook page with any possible closing or delay. If you need to cancel an appointment please feel free to Email or

Tax,Tax Tip

Five Things to Know About Employing Your Spouse

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax

focused businesswoman writing in notebook during work in office

Income,Tax,Tax Tip

Steps to Take Now to Get a Jump on Your Taxes

Tax planning is for everyone. Get ready today to file your federal income tax return. Gather your tax records Have your records organized to make preparing a tax return easier. It may also help you discover potentially overlooked deductions or credits. Include in

crop businessman giving contract to woman to sign

Income,New,Tax

New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

From what we know, when lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions, you did not pay taxes on the forgiveness amount, andyou also could deduct the expenses that you paid with the PPP money. Fly

New,Tax

What You Need to Know About the 2021 Tax Brackets

The IRS released the federal marginal tax rates and income brackets for 2021 on Monday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation. The 2021 tax brackets affect the taxes that will be filed