What YOU Need to know for 2021 Tax Year!

Child & Dependent Care Credit:  Qualified dollar limits have increased and are FULLY REFUNDABLE  

Child Tax Credit:  CTC limits & age requirement has increased.  Advanced payments were paid July-Dec 2021.  Recently IRS Letter 6419 was mailed to reconcile these payments on the tax return.

Earned Income Credit:  Income limits and EIC range has increased.  Single taxpayers with no children may qualify for EIC with income less than $21,430.

Recovery Rebate Reconciliation:  Economic Impact Payment #3 will be included on the 2021 return if never received.  Notice 1444-C and Letter 6475 was mailed to taxpayers who received payments.  EIP’s 1 & 2 must be filed or amended on a 2020 return.  

Virtual Currency:  Everybody’s doing it, right?  Virtual currency is an asset, when it’s bought, sold, gifted or mined has a value that should be tracked for an inevitable taxable event. 

IRS.gov & ID.ME:  To avoid delays, you must have the exact amount of Economic Impact and Advanced Child Tax Credits.  If you don’t have the notices mailed, you can access your account at the IRS and verify your identity with ID.ME.  This process could be complicated for some so get an early start before preparing your returns.

PPP Loans & Forgiveness:  Did you receive PPP, were you forgiven?  Reconciliation for 1040 filers and recent guidance was given for Partnerships and S-Corp. 

1099K’s:  Effective 2022 Venmo, CashApp, Zelle and other Third-party payment processors will report your annual income when it exceeds $600.  Undercover businesses can come to Curvin & Curvin for proper planning and filing.

Hurricaine IDA:  Were you affected by IDA and work or live in a Federally Declared Disaster Area?  There may be tax relief for you. 

Oh, and there is more!  

Again, we are offering in office & virtual appointments, drop offs and uploads to our secure portal.

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