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Filing Season Opens Today, January 24, 2022!
IT IS TIME TO FILE! The IRS started to accept electronically filed tax returns today, January 24, 2022. DON’T WAIT! CONTACT US TODAY if...
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info@vmtaxcpa.com
Jan 21, 20221 min read
PPP, EIDL & EIDL Targeted Advance on your Tax Return
You should know that loan proceeds received under the Paycheck Protection Program (PPP) are not taxable income, regardless if the loan...
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info@vmtaxcpa.com
Jan 20, 20221 min read
January 31 is the deadline for employers to file & distribute W-2, 1099-NEC & 1099-MISC forms
Forms W-2 are normally due to workers by January 31. Forms 1099-MISC, Miscellaneous Information and Forms 1099-NEC, Nonemployee...
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vm.acc4u@gmail.com
Jan 19, 20221 min read
The reason why you should file a 2021 tax return even if you don’t normally file
Filing of 2021 tax return can help those who don’t normally file claim a refundable tax credit or get an income tax refund. You can claim...
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vm.acc4u@gmail.com
Jan 18, 20221 min read
Should you itemize or use standard deduction?
You have two options when completing a tax return, take the standard deduction or itemize your deductions. It is best to use the option...
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vm.acc4u@gmail.com
Jan 17, 20221 min read
Third Stimulus on 2021 Tax Return as Recovery Rebate Credit
Individuals who didn't qualify for a third Economic Impact Payment or got less than the full amount, may be eligible to claim the 2021...
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vm.acc4u@gmail.com
Jan 14, 20221 min read
January 18, 2022 is the deadline for the 4th quarter 2021 estimated tax payment
Be aware that the 2021 fourth quarter estimated tax payment is due January 18th, 2022. Individuals, including sole proprietors, partners,...
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vm.acc4u@gmail.com
Jan 13, 20221 min read
April 18, 2022 is the deadline for most taxpayers to file and pay 2021 taxes
This year’s tax filing deadline is on Monday, April 18th for most people. The IRS urges taxpayers to file electronically with direct...
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vm.acc4u@gmail.com
Jan 12, 20221 min read
IRS starts to accept 2021 tax returns on January 24, 2022
The IRS will begin accepting and processing 2021 tax returns starting Jan. 24, 2022. The IRS cannot issue refunds for returns that...
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vm.acc4u@gmail.com
Jan 10, 20221 min read
The IRS is tracking payments over $600 on Paypal, Venmo, Zelle and Cash App starting 2022
If you are the business owner and get paid through digital apps like PayPal, Zelle, Cash App or Venmo, earnings over $600 will now be...
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vm.acc4u@gmail.com
Dec 15, 20211 min read
Claim the full Child Tax Credit on the 2021 tax return
Those families who did not receive any advance Child Tax Credit payments can claim the full amount of the Child Tax Credit on their 2021...
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vm.acc4u@gmail.com
Dec 13, 20211 min read
Employee Retention Credit - Retroactive Termination in the 4th Quarter of 2021
On December 6th, 2021 the Internal Revenue Service issued guidance for employers regarding the retroactive termination of the Employee...
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vm.acc4u@gmail.com
Dec 9, 20211 min read
First Time Penalty Abatement
The IRS may provide administrative relief from a penalty under its First Time Penalty Abatement policy. You may qualify for...
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vm.acc4u@gmail.com
Dec 8, 20211 min read
Required Minimum Distributions (RMDs) are back for 2021
RMDs are required minimum distributions investors must take every year from their retirement savings accounts, including traditional...
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vm.acc4u@gmail.com
Dec 7, 20211 min read
Request Your Federal Tax Transcript Online
Did you know that you can order copies of tax records including transcripts of past tax returns, tax account information, wage and income...
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vm.acc4u@gmail.com
Dec 6, 20211 min read
Are You Eligible to Claim an Education Credit?
There is an amazing tool on the irs.gov website that will help you determine if you're eligible for certain educational credits or...
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vm.acc4u@gmail.com
Dec 3, 20211 min read
Your Gambling Winnings & Losses on the Tax Return
Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to...
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vm.acc4u@gmail.com
Dec 2, 20211 min read
Do You Need to Make Estimated Tax Payments?
If you work as an employee, you might not need to make estimated tax payments if you have more tax withheld from your paycheck. But some...
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vm.acc4u@gmail.com
Nov 30, 20211 min read
Get Ready to File Your 2021 Tax Return
Tax planning is for everyone. Get ready today to file your 2021 federal income tax return. Planning ahead can help you file an accurate...
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vm.acc4u@gmail.com
Nov 23, 20211 min read
How Rental Property Depreciation Works
Write-offs from depreciation can impact real estate investors’ taxes in significant ways, saving them hundreds to thousands of dollars...
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