Great Scott Tax & Accounting, Inc.

Thank you for everyone's concern and support as we have been dealing with the fire that happened at our old office location. We have secured a new office location to be able to serve our clients during the upcoming tax season. We are in the process of getting everything moved in and everything set up. We will be almost directly across the street at the office building located at 922 Merchants Walk SW, Suite A, Huntsville, AL 35801. We will be in a downstairs unit and the first door on the left as you enter in the front of the main door. Please be patient with us as we transition to the new location during the holidays and look forward to supporting all of our clients. If you need anything, please reach out to us and we will do all we can to support and take care of your needs. Our office phone number is forwarded to a phone that we can take calls and receive messages on. 256-489-3236 and you can also reach us at [email protected] or [email protected].

Saturday morning we got the call that a fire had broken out in our office building. We are extremely lucky no one was present or injured. Our office had quite a bit of damage but we are currently unable to make an adequate assessment of said damage until the investigative process is complete. We are lucky to have things backed up on an external hard drive and did not lose necessary client information.

We express our sincere gratitude from our clients in the upcoming weeks as we will need patience and understanding moving forward. At this time, we know our previous office space will not be prepared in time for tax season. Therefore, we will be relocating across the street and continue prepping for the upcoming tax season so that we are confident in serving our clients at the same outstanding standard as normal.

Thank you to Huntsville Fire Department for their services!

5 new businesses you need to know about in the Rocket City - Hville Blast Two new pizza places and a new addition to Parkway Place Mall are some of the new businesses opening here in the Rocket City!

Tax Season is here!
If you typically receive a refund when filing your taxes, there are some changes for the 2022 tax year that you should be aware of because you could see a difference in comparison to the last few years.

Earned income tax credit: The past couple of years we have been able to use our 2019 income to determine eligibility of this credit. This will now be based off your 2022 income meaning this credit could be reduced or eliminated completely if you have seen an increase in income.

Childcare: Going back to pre-COVID $2000 nonrefundable when it was $8,000 refundable previously.

Child Tax Credit: Last year this credit was $3600 for children ages 0-5 and $3000 for children ages 6-17. For 2022 it is going back to $2000 for children ages to 0-16.
There will be no recovery for missed stimulus payments.

Child and Dependent Care Credit for 2022
The Child and Dependent Care Credit provides a tax break for many parents who are responsible for the cost of childcare. Though the credit is geared toward working parents or guardians, taxpayers who were full-time students or who were unemployed for part of the year may also qualify.
If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify for a tax credit on your 2022 taxes of up to 35% of:

- up to $3,000 of qualifying expenses (for a maximum credit of $1,050) for one child or dependent, or
- up to $6,000 of qualifying (for a maximum credit of $2,100) for two or more children or dependents.

For example, for tax year 2022 a taxpayer with one qualifying person, $3,000 in qualifying expenses and an AGI of $60,000 would qualify for a nonrefundable credit of approximately $600 (20% x $3,000). By contrast, under the new law for tax year 2021 only, a taxpayer with the same circumstances can potentially claim a refundable credit of approximately $1,500 (50% x $3,000).

We are currently scheduling appointments, give us a call!

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year

IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year | Internal Revenue Service IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

I'm looking to pick up more custom new construction projects. If you know of anyone planning on building a house or know of any builders looking to add a reliable experienced electrical crew for new construction projects, please pass along my contact info!

We are not getting out of service work or installs. We are always ready to fix any electrical issues you may have or any improvement you have in mind.

Happy holidays from our families to yours! We can’t wait to see you in the new year.

I have been thinking how would the IRS ever catch up.

SHRED UP: Audit finds IRS employees destroyed 30 million tax documents An audit of the Internal Revenue Service found staffers destroyed 30 million taxpayer documents as the service faced a massive backlog.

The FINAL monthly Child Tax Credit (CTC) will be issued December 15, 2021. An extension of this Monthly CTC for 2022 is included in the Build Back Better Bill and has passed the House, but not passed the Senate. The future of this credit is unclear as of today.

The option to add your new baby or new dependent is not available as of yet. If you qualify and want the full credit for your new dependent you can claim the full credit on your 2021 tax when you file in 2022.

For everyone that has received the monthly CTC payments, as long as you qualify and none of your dependents have turned 18 during 2021, you will be able to claim the remaining 50% of your child tax credit on your 2021 tax return.

PLEASE NOTE - The 50% balance can be offset by any taxes or debts that you owe.

You will receive a letter from the IRS in early 2022, IRS LETTER 6419 to accurately show how much money the IRS paid you in monthly child tax credit payments and you should bring this with you to file your 2021 taxes.

Office will be closed today. Monday October 18th.

It looks like the IRS is sending out notices about the Recovery Rebate Credit. The notice appears to be a form letter that they are sending to everyone or almost everyone. Unless you have previously received or had any issues with the Recovery Rebate Credit, just file the notice with your tax records.

If you have any questions please feel free to give us a call.

https://www.cnet.com/personal-finance/taxes/tax-refund-delays-continue-track-your-irs-money-online-today/?ftag=CAD-03-10abf2a

Tax refund delays continue: Track your IRS money online today The IRS has issued millions of tax refunds, but many taxpayers still want to know why their money is missing and how they can find it. We'll help.

TAX SEASON HAS BEEN EXTENDED UNTIL MAY 17th!

Contact us if you’re needing to schedule an appointment. If you would like to do a drop off, please do your best to have it to us by May 3rd.

Great Scott! It is almost tax time and you may have some year end tax questions that you need answers to. I have made the decision to start my own company and wanted to let each of you know I value everyone of my tax clients and hope we can continue our business relationship. During the holiday season if you need to reach me or have any questions, please feel to contact me on my cell phone at 256-679-3894. My new office is located at 923 Merchants Walk, Suite E, Huntsville, AL. I will be taking appointments beginning the first of January for either in person or drop off taxes. Thank you.

Great Scott Tax & Accounting, Inc. updated their phone number.

Great Scott Tax & Accounting, Inc. updated their website address.