Tax Tips

IRS “Let Us Help You” Page

Need some information from the IRS? There is a Let Us Help You page on the IRS.gov website that includes links to information and resources on a wide range of topics. The topics include: Advance Child Tax Credit – there have been multiple changes to the Child Tax Credit for 2021. The link provides information […]

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New Ohio Business Grant Applications Open June 29, 2021

On June 29, 2021, the Ohio Development Service Agency began accepting applications for four new grant programs designed to help small businesses impacted by the pandemic. 1 – Food & Beverage Establishment Grant: This grant provides up to $30,000 to restaurants, bars, coffee shops and other food and drinking businesses affected by the COVID Pandemic. […]

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Updates to Child Tax Credit – FOR 2021

With the passage of the American Rescue Plan comes changes to the Child Tax Credit for 2021. There are several elements to the changes for this credit. Maximum credit – The maximum credit in 2021 is $3,600 for children under the age of 6 and $3,000 for children ages 6 through 17.  This increased from […]

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Ohio – Unemployment Compensation Exclusion

If you received unemployment compensation and you qualify to exclude up to $10,200 of these benefits on your federal tax return, you will be able to exclude the same amount on your Ohio tax return. If you filed your federal and Ohio tax returns without claiming the unemployment benefits deduction and you are entitled to […]

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Unemployment Compensation Exclusion

On March 11, 2021, the American Rescue Plan was signed into law.  Included in this plan was a provision that exempted up to $10,200 of unemployment benefits for eligible taxpayers(a).  For those taxpayers who qualify for this unemployment exclusion, but filed prior to the enactment of the American Rescue Plan, the IRS has asked taxpayers […]

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More Stimulus

Use this link on the IRS website to look up information on your Economic Impact Payments (aka Stimulus payment). This will show you the date each of the 2 Stimulus payments was scheduled to be issued to you and if was done by mail or direct deposit. The information is updated once her day overnight.

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The Stimulus Payment

IRS Notice 1444 – Keep it If you received a Stimulus payment in 2020 you should have received a Notice 1444 from the White House. It looks like a letter and shows how much you received. Hold onto this notice and provide it to us when we are preparing your tax return for 2020. You […]

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Cares Act

Following are some provisions in the Cares Act: Changes related to distributions from retirement accounts The tax can be paid ratably over a 3 year period instead of all in the year of distribution The 10% early withdrawal penalty is waived for distributions up to $100,000 for coronavirus related purposes during 2020 The purposes include […]

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Child Tax Credit

Taxpayers may be able to claim the child tax credit if they have a qualifying child under the age of 17. Part of this credit can be refundable, so it may give a taxpayer a refund even if they don’t owe any tax. The taxpayer’s qualifying child must have a Social Security number issued by […]

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Benefits to Direct Deposit Income Tax Refunds

Are you expecting a income tax refund. There are benefits to choosing direct deposit for your refund as opposed to a refund by check. Here are 10 quick facts about direct deposit. It’s the best and fastest way for taxpayers to get their tax refund. It’s free. It’s secure. Combining direct deposit with IRS e-file […]

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