Tag Archive for: Cascade CPAs

IRS announces two new online tools to help families manage Child Tax Credit payments…

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Clients & friends, today the IRS announced two new online tools families can use to help manage their Child Tax Credit payments.

There is now a portal to unenroll from advance payments on the child tax credit. Also note that for those who are married, both spouses will need to unenroll.

For all the details, please click the link below! And as always, feel free to reach out to your CPA or tax professional at H&S with any questions!

Click here to read more!

IRS announces further details of tax credits available to help small businesses…

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The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.

The additional details, provided in a fact sheet, spell out some basic facts about the employers eligible for the tax credits. It also provides information on how these employers may claim the credit for leave paid to employees related to COVID-19 vaccinations.

Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine. For example, if an eligible employer offers employees a paid day off in order to get vaccinated, the employer can receive a tax credit equal to the wages paid to employees for that day (up to certain limits).

Click here to read the full article

Small businesses have until May 31 to apply for a forgivable loan

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On Tuesday, President Biden signed into law a two-month extension of the Paycheck Protection Program (PPP) one day before the coronavirus relief fund was poised to expire, giving small businesses until May 31 to apply for a forgivable loan. Click here for more details.

Tax Filing Season Begins February 12th!

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The IRS has announced that the 2021 tax filing season will begin on Friday, February 12th. Expecting a refund? Click here to read more on how the IRS plans to speed up the refund process amid the pandemic. Make sure to check out their tips for taxpayers below on how to make filing easier:

To speed refunds and help with their tax filing, the IRS urges people to follow these simple steps:

  • File electronically and use direct deposit for the quickest refunds.
  • Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call.
  • For those who may be eligible for stimulus payments, they should carefully review the guidelines for the Recovery Rebate Credit. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount does not need to include any information about their payments when they file. However, those who didn’t receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.
  • Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.

H&S 2021 Tax Newsletter

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H&S 2020 Tax Newsletter

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We hope that you enjoyed the holidays and that 2020 is off to a great start! For us, the new year brings a new tax season and a new tax newsletter.

Our annual tax newsletter is full of tax law changes and we hope you find it helpful. Please feel free to contact your H&S tax professional if you have any questions – we are here to help!

Click the image below to download a copy of our 37th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Questionnaire

H&S Tax Checklist

Times Indicator – Effective Use of Your Retirement Plan or IRA

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You’ve worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it’s time to begin thinking about how to tap your plan assets for income.

First, evaluate your needs. Estimate your non-negotiable basic needs for things like housing, food and medical care. This is how much you’ll need just to get by. Then, estimate your income needs for things like travel, leisure and entertainment to determine how much income you’ll need for your desired lifestyle. You can adjust the lifestyle items, if necessary, but conventional guidance says you’ll need at least 70 percent of your pre-retirement income in retirement.

Second, assess your predictable income. Determine how much you can expect from Social Security and traditional pensions. If your predictable income will be enough to cover your basic needs, you may be in a position to use your retirement savings to fund your lifestyle.

On the other hand, if your basic needs exceed your predictable income, think carefully about how you tap into your retirement savings.

For example, if you have both tax-deferred and tax-free (Roth) accounts, you might consider utilizing tax-deferred accounts first to maximize the tax-free growth potential of your Roth.

Third, understand your plan options. Upon leaving your employer, you typically have four options. Plans may allow you to leave the money alone or may require that you begin taking distributions upon reaching the plan’s normal retirement age. You may choose to withdraw the money as a lump sum or receive equal payments for life. You may roll the money into an IRA. Or, if you continue to work during retirement, you may be able to roll the money into your new employer’s plan. Be sure to compare fees and expenses for each option before making a decision!

Determining the appropriate way to tap your assets can be extremely challenging and should take into account a number of factors, including income taxes, other income-producing assets, your overall health, and your estate plan.

The good news is you don’t have to do it alone. Speak with an accountant, attorney or financial advisor today to learn more about your options.

*Click anywhere in the article to download the PDF*

H&S 2019 Tax Newsletter

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We hope that you enjoyed the holidays and that 2019 is off to a great start! For us, the new year brings a new tax season and a new tax newsletter.

Our annual tax newsletter is full of many new tax law changes, and we hope you find it helpful. Please feel free to contact your H&S tax professional if you have any questions – we are here to help!

Click the image below to download a copy of our 36th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Questionnaire

H&S Tax Checklist

CPA's & Business Advisors

Trump Tax Cut Clean Up Signed With $4,900 Personal Exemption

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Did you know? Michigan is the first state to enact a law designed to prevent a potential surprise state tax increase of as much as $1.5 billion from President Donald Trump’s tax reform plan. Gov. Rick Snyder signed this legislation, flanked by both legislative leaders and Lt. Gov. Brian Calley on Wednesday.

Click here to read the full article by the Small Business Association of Michigan!

MI State Capitol Bldg

H&S 2018 Tax Newsletter

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Well folks it’s here, another new year! Happy 2018! We hope you enjoyed the holidays, and were able to spend time with family and friends.

Our annual tax newsletter is full of many new tax law changes, and we hope you find it helpful. There are sure to be questions, so please feel free to contact your H&S tax professional – we are here to help!

Click the image below to download a copy of our 35th annual tax newsletter. Please feel free to pass it on!

Click to Download Newsletter

Click to Download Newsletter

If you’d also like a copy of the checklist or questionnaire, please click the links below to download:

H&S Tax Checklist

H&S Tax Questionnaire

CPA's & Business Advisors
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