Another year has gone by, and tax season has come around once again. As most of you already know, I moved my residence to Vermont last year. I still maintain my NJ CPA license and spend at least a few days in NJ every month on business. Although most of my clients utilize my services on a remote basis, I am available for personal (COVID safe) meetings for those that want to see me in person.
The tax filing deadline for individuals is Monday, April 18, 2022. The deadlines for business filers are March 15, 2022, for partnerships and S-Corporations, and April 18, 2022, for C-Corporations. Get your information in early!
Proper and complete documentation is vital to accurate tax return preparation. The IRS employs document matching to make sure taxpayer filings are complete and is increasing overall scrutiny of taxpayer-maintained records. Taxpayers taking a deduction for business use of a vehicle must maintain accurate readings of total miles, personal miles, commuting miles and business miles. Take an odometer reading now if you forgot to do it over New Years!
Business taxpayers, including landlords, subcontractors, and self-employed individuals, must issue 1099-NEC forms to any individual, subcontractor, contractor, vendor, supplier, or landlord that was paid $600.00 (total) or more in 2021. The deadline for filing these forms is January 31, 2022. Copies and a summary form must also be filed with the IRS. Contact me if you need help or have questions.
If you received one or more stimulus payments in 2021, please remember to provide the date and amount of each payment, and if you received periodic payments of the child tax credit make sure you provide me with the amount of these payments. The IRS should be sending a new document to report these payments to make this easier for taxpayers.
I offer the services of a full-time tax professional with over 30 years’ experience at a reasonable rate. Discount tax services and self-preparation software can mean missed deductions or penalty assessments that can cost you many times the amount saved on preparation. Many larger CPA firms give you assembly-line service or charge outrageous fees. My clients get top-tier, personal service at a reasonable rate.
I look forward to serving you again this year. Thank you.
I help clients reduce taxes, increase profitability, meet reporting requirements and save valuable time. Contact me to find out how!