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As 2021 winds down, here are some ideas to consider in order to help manage your small business and prepare for filing your upcoming tax return. Identify all vendors who require a 1099-MISC and a 1099-NEC. Obtain tax identification numbers (TIN) for each of these vendors. Determine if you qualify for the Paycheck Protection Program
Your 2022 Social Security benefits have changed. Here is an overview of the changes and some basic explanation of how Social Security benefits work. Average Retirement Benefits Starting January 2022 All workers in 2021: $1,565/mo All workers in 2022: $1,657/mo The 2022 maximum Social Security retirement benefits a worker retiring at full retirement age: $3,345/mo
The IRS is coping with a backlog of historical proportions and it is impacting millions of taxpayers. According to IRS sources, as of July 31, there are still over 13 million tax returns that are to be processed. The nearly unprecedented delay is being attributed to the COVID-19 pandemic, understaffing at the IRS, and a
The first advance payment from the newly expanded child tax credit was recently sent out by the IRS. Payments are scheduled to be made on the 15th of each month through December. Here’s what you need to know about the child tax credit and the advance payments. Background For the 2021 tax year, an expanded