2021 Tax Changes:
The IRS has not yet announced when e-filing will begin. Last year it was not until February 12th. We encourage you to come in before that date and we will be able to prepare your taxes. We just cannot e-file until the IRS allows.
The standard deduction will be slightly adjusted for inflation each year.
For business mileage in 2021, the rate was decreased slightly to 56 cents. Make sure you have a proper detailed log to help audit proof your return!
Taxpayers may be able to claim the Recovery Rebate Credit if they met the eligibility criteria in 2021 and:
All taxpayers are now eligible for Identity Protection PINs:
Businesses have a deadline of January 31st to issue/file 2021 W-2s, 1099-MISCs, and the new 1099-NEC (Non-Employee Compensation). B&H can help you issue these forms for a nominal fee. Call us or come in to get these done.
Partnerships and S Corps Tax Filings are due March 15th.
General Operating Notes:
Electronic filing is required for all returns we perform. We will be accepting credit cards and debit cards in addition to checks and cash. There is no longer an additional fee for debit/credit card transactions.
You may not have filed your federal income tax return for this year or previous years. Regardless of the reason for not filing, you should file as soon as possible. We are here to assist
If your return was not filed by the due date (including extensions), you may be subject to some penalties.
If you cannot pay all of the tax due to the IRS, they may be able to assist you with arranging payments.
There is no penalty for failure to file if you are due a refund. But, if you want to file a return or otherwise claim a refund, you risk losing a refund altogether. A return claiming a refund would have to be filed within 3 years of its due date for a refund to be allowed.