Donna M. Fitzgerald, EA

10/22/2022

Cassidy sporting her first All-Star game❤️

02/09/2022

Are you eligible? Read on to find out or just reach out to me…

Find out if you are eligible to claim a Recovery Rebate Credit on your IRS tax return. If you didn't get the Economic Impact Payments or got less than the full amount, you may be able to claim this credit and get a little extra money on your refund. Learn more by clicking here: www.irs.gov/rrc

01/27/2022

In January, families will get an IRS letter noting the total amount of their Child Tax Credit payments to help them for tax season. It’s Letter 6419 - please keep it or visit the CTC Update portal on IRS.gov to see your payment amounts online → it’ll come in handy when you file your tax return. See www.irs.gov/getready

Get ready to file your taxes. See tips that can make filing taxes easier next year. Learn about tax law changes, how to view your tax account information online, and ways to get help.

01/27/2022

IRS Deadline Approaching to File W-2s and 1099s – Did You Know?

The IRS recently reminded taxpayers who paid employees or independent contractors in 2021 to file all required payment reporting forms by January 31. Missing this deadline may result in IRS penalties.

If you operate a business and pay employees, you generally must file a Form W-2 for each employee with the Social Security Administration (SSA) by January 31. You must also send each employee a copy of their W-2.

In addition, if you have business income, including earnings from gig economy work or other self-employment activities, you may need to file 1099 forms by January 31. Generally, you must file Form 1099-NEC anytime you pay $600 or more to an independent contractor in a calendar year. Common situations that trigger a 1099-NEC filing requirement include subcontract arrangements, along with paying a freelance designer, writer, photographer or musician.

You may also need to file Form-1099 MISC if you paid $600 or more in rent for a workspace, or paid any amount in royalties. You should submit 1099 forms to the IRS, not the SSA. As with W-2s, you must also provide a copy of each 1099 to the person who received the payments reported on the form.

Taxpayers who deduct business expenses must declare on their returns whether they have filed required 1099s. A business tax professional can help you determine whether you need to file W-2 or 1099 forms, and may also be able to help you submit the forms electronically. E-filing can prevent delays from having to order and complete paper forms.

01/25/2022

Tax Season has officially began! Don’t hesitate to reach out to me…licensed & fully insured☎️

Welcome Welcome to my website! This website exists to provide clients and potential clients with information concerning my unique, low-pressure approach to personal and professional services. I have an excellent client-retention rate and I am extremely proud of the high-quality services that my firm...

01/24/2022

5 Reasons Why Americans Who Don't Usually File Tax Returns Should File for 2021

The IRS officially opens for tax filing season today on January 24th. Even if you are not required to file a 2021 tax return under IRS rules, doing so may put additional money in your pocket. The IRS recently reminded Americans of five important opportunities that are only available to those who file.

CLAIM A REFUND OF TAXES WITHHELD: If federal income tax was withheld from wages or other payments you received in 2021, the amount withheld may be more than you owe. By filing a return, you can claim an IRS refund of any excess withholding.

EARNED INCOME TAX CREDIT (EITC): If you earned income in 2021 (for example, as an employee or through gig economy work) and your total income was below $57,414, you may qualify for this credit. The online EITC Assistant (link below) can help you determine your eligibility.

CHILD TAX CREDIT (CTC): You may be eligible to claim this credit if you have dependent children under age 18. The standard credit amount is $3,600 per qualifying child under age 6, and $3,000 per qualifying child age 6-17.

RECOVERY REBATE CREDIT: If you did not receive a third economic impact payment (EIP) in 2021, or if you got a smaller EIP than you were entitled to, you may be able to claim this credit. (Note: EIPs were also sometimes called stimulus payments.)

AMERICAN OPPORTUNITY TAX CREDIT (AOTC): If you paid higher education expenses (tuition and school fees) for yourself, your spouse or a dependent, you may receive reimbursement for some of those expenses through the AOTC.

All of the above credits are wholly or partially refundable, meaning that you can receive the credit as an IRS refund even if you do not owe any tax. A tax professional can help you determine whether you qualify for a refund, and if so, help you claim it by filing a 2021 tax return.

EITC Assistant: https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

01/19/2022

A few tax tips to help start your tax filing…

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01/17/2022

Important Letters for 2021 Tax Credits – Did You Know?

The IRS has begun sending Letter 6419 about the 2021 Child Tax Credit (CTC) to millions of U.S. households. By the end of January, many taxpayers will also start receiving IRS Letter 6475 about Economic Impact Payments (EIPs, also called stimulus payments). Taxpayers may need to refer to these letters to prepare their 2021 tax returns and claim their full credit amounts.

If you received advance payments of the 2021 CTC, Letter 6419 will show the total amount of those payments. Other information in the letter will include how many qualifying children the IRS used as the basis for calculating your payment amounts.

You may also look up the total of your 2021 advance CTC payments by checking the CTC Update Portal (link below). If you did not receive advance payments but qualify for the CTC, you may claim your entire credit by completing a 2021 tax return. Even if you owe no tax and ordinarily do not have to file a return, filing for 2021 may enable you to receive the CTC as an IRS refund.

IRS Letter 6475 (“Your Economic Impact Payment”) refers to the third round of pandemic EIPs, known as EIP3, that the IRS began issuing in March 2021. If you received an EIP3 direct deposit, check or prepaid debit card, or a 2021 EIP “plus-up” payment, watch for Letter 6475 in late January or early February. If you qualified for EIP3 or a “plus-up” payment but did not receive it, or your payment amount was too low, you may be able to claim the Recovery Rebate Credit on your 2021 tax return to get the remaining amount you are owed.

Store both of these IRS letters safely with your tax records, so you can refer to them when preparing your tax return. A tax professional can help you figure your total credit amounts, and electronically file your return to receive your refund as quickly as possible.

IRS CTC Update Portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

01/14/2022

Learn the steps you can take now to make the tax filing season a lot easier. For more information, go to https://www.irs.gov/individuals/steps-to-take-now-t...

01/12/2022

Tax season is fast approaching…

Check out my website!

Welcome Welcome to my website! This website exists to provide clients and potential clients with information concerning my unique, low-pressure approach to personal and professional services. I have an excellent client-retention rate and I am extremely proud of the high-quality services that my firm...

01/11/2022

Tax Filing Season Start

The IRS has announced that the individual tax filing season will start on Monday, January 24th, 2022 and the current deadline for most people to file 2021 tax returns and pay any taxes owed is Monday, April 18, 2022.