The child tax credit is a credit you can qualify for if you claim a child (or children) as a dependent (or dependents) on your tax return. Generally, you get a credit if you have any dependent children under the age of 17 (it does not include 17-year-olds) and your income is below a… Read More
“Yikes, I got a letter from the IRS. It says I owe money!” Please be aware that the IRS will send you a letter for the following reasons: You have a balance due. You are due a larger or smaller refund. They have a question about your tax return. They need to verify your identity.… Read More
Is mom or dad (or another relative) in a nursing home? Please note that they are entitled to keep their stimulus payments – it doesn’t belong to the nursing home! The IRS recently warned nursing homes and other care facilities that Economic Impact Payments (stimulus payments) generally belong to the recipients, not the organizations providing… Read More
Did you get a payment back in the late spring when the first round of ‘stimulus’ payments went out? How about the latest one? Is my payment taxable? The IRS sent out the payments as a check, as a debit card, or as a direct deposit if they had your bank information. Did you get… Read More
Tax Breaks for Lower Income Taxpayers On December 28, 2020, the president signed into law the Consolidated Appropriations Act, 2021 (P.L. 116-220). Many of you have heard of this since it extends unemployment and provides for another round of ‘stimulus’ payments to be sent out. Much has been written about those provisions. What is not… Read More
Payroll Tax Relief for Small Businesses Impacted by COVID-19 As we approach the end of the year, it’s good to know that many Haverhill area businesses can enjoy several types of payroll tax relief on their 2020 federal tax returns. In some cases, you, as a business owner, need to act fast to take advantage… Read More
Every year the IRS publishes a list of scams that they call the ‘Dirty Dozen’. Over the next several posts I will talk about the 2020 list of scams. Below are 3 of them: Phishing: Fake emails or websites designed to steal your personal information. The IRS will NEVER initiate contact with you through email… Read More