Westside Tax and Accounting Services LLC.

Are you interested in trying out a new idea on your farm? Have you thought about applying for a grant but weren’t sure where to start?

Come learn about grant writing in a two-day webinar workshop for farmers on October 17 and 19: https://farms.extension.wisc.edu/grant-writing-workshop-for-farmers/

We will be closed Thursday August 10 & Friday August 11.
We appreciate your understanding and business.

We will be closed July 3 & 4th! Enjoy the 4th of July, stay safe, and enjoy your families.

New Office Hours:
Monday 8:00 AM -4:30 PM
Tuesday 8:00 AM -4:30 PM
Wednesday 8:00 AM -4:30 PM
Thursday 8:00 AM -4:30 PM
Friday-Closed
Saturday -Closed
Sunday-Closed
Appointments can be made outside of business hours.

Starting Monday May 2, 2022, my office hours will be changing.
Monday 8:00 AM -4:30 PM
Tuesday 8:00 AM -4:30 PM
Wednesday 8:00 AM -4:30 PM
Thursday 8:00 AM -4:30 PM
Friday-Closed
Saturday -Closed
Sunday-Closed
Appointments can be made outside of business hours.

If you are earning money from a hobby, be sure to check these tips: http://go.usa.gov/xdQYX

Gather and organize your tax records
Organized tax records make preparing a complete and accurate tax return easier. It helps you avoid errors that lead to processing delays that slow your refund and may also help you find overlooked deductions or credits.

Wait to file until you have your tax records including:

Forms W-2 from your employer(s)
Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, distributions from a pension, annuity or retirement plan
Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy
Form 1099-INT if you were paid interest
Other income documents and records of virtual currency transactions
Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance Premium Tax Credits for Marketplace coverage
Letter 6419, 2021 Total Advance Child Tax Credit Payments to reconcile your advance Child Tax Credit payments
Letter 6475, Your 2021 Economic Impact Payment, to determine whether you're eligible to claim the Recovery Rebate Credit
Notify the IRS if your address changes and notify the Social Security Administration of a legal name change.

Remember, most income is taxable. This includes:

unemployment income,
refund interest,
income from the gig economy, and
virtual currencies.

https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes

Steps to Take Now to Get a Jump on Next Year’s Taxes | Internal Revenue Service 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.

Merry Christmas and a Happy New Year!
Come see me for a 2022 calendar !

Happy Thanksgiving!
We will be closed
Thursday 11/25 & Friday 11/26

Eligible teachers can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. A reminder from the : https://go.usa.gov/xASEg

If you want to opt out of the Advanced Child Tax Credit here is the link.

Id. Me Account will need to be set up, and if filing married filing joint each taxpayer will need to elect out.

You may be thinking why do I need to elect out? Well it depends on what your tax liability may be. This credit is used to offset tax on your tax return, now a portion will be getting paid to you ahead of time, meaning less to use on the tax return.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Child Tax Credit Update Portal | Internal Revenue Service Unenroll if you don’t want to get advance Child Tax Credit payments or check if you’re enrolled.

The IRS launched a new tool to help taxpayers determine if they are eligible for the advanced child tax credit payments, starting July 15. To check your eligibility, click here: https://go.usa.gov/x6yjs

Some families may prefer to wait until the end of the year and receive the entire Child Tax Credit instead of receiving advance payments. There is an IRS tool that lets them do just that: https://go.usa.gov/x6y6s

IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15 | Internal Revenue Service IR-2021-124, June 7, 2021 — The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.

https://www.revenue.wi.gov/Pages/TaxPro/2021/WisconsinTomorrowSmallBusinessRecoveryGrant.aspx #3

DOR Wisconsin Tomorrow Small Business Recovery Grant Wisconsin Department of Revenue: Wisconsin Tomorrow Small Business Recovery Grant

Starting May 21, 2021, my office hours will be changing.
Monday 8:00 AM -4:30 PM
Tuesday 8:00 AM -4:30 PM
Wednesday 8:00 AM -4:30 PM
Thursday 8:00 AM -4:30 PM
Friday-Closed ( Starting-May 21, 2021)
Saturday -Closed
Sunday-Closed
Appointments can be made outside of business hours.

Westside Tax and Accounting Services LLC. updated their business hours.

Small Businesses: IRS guidance explains the changes to the Employee Retention Credit for the first two calendar quarters of 2021, including the increase in the maximum credit amount, revisions to the definition of qualified wages and more. To learn more, click here: https://go.usa.gov/xHas3

IRS is issuing $1,400 Economic Impact Payments, mostly by direct deposit. But many more will arrive as paper checks or prepaid debit cards. Learn more at https://go.usa.gov/xsM6D

The STEP Act and What it Might Mean to You Multiple Senators yesterday proposed a transfer tax on appreciated assets either during lifetime or at death. The details are grim for many farm operations if the Act ever gets into law.

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program

PPP loans available to May 31!

Is it time to take a closer look at your personal or commercial insurance policies? Let us help! Give us a call or come in to the office and we would be happy to review your current policies with you and provide you with new quotes to compare!

Earlier this week, Marie, one of our Board Directors went out to in our communities to celebrate our 70th Anniversary. She took her $70.00 to Westside Tax and Accounting Services LLC. Amanda and staff, at Westside, are very excited to pay it forward to customers and clients for their tax preparations during this tax season.

IRS provides American Rescue Plan guidance The IRS has informed NATP that it’s reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of economic impact payments, the expanded child tax credit, including advance payments, and other tax provisions will be made availabl...

https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments

Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service We are offering help for individuals, families, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus (COVID-19).

https://www.google.com/amp/s/www.tmj4.com/news/coronavirus/gov-evers-signs-480-million-tax-relief-bill-for-businesses-and-low-income-families%3f_amp=true?fbclid=IwAR231ozBL_-1p_QWZkWSixyNrjDqOu_yvQ6s8lzutPfC06enIUejmZTGFWQ

Gov. Evers signs bill cutting $450M in taxes for businesses that took loans Nearly $450 million in tax relief will go to Wisconsin businesses and $30 million to low-income families.

Recovery Rebate Credit | Internal Revenue Service Eligible individuals can claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR. These forms can also be used by people who are not normally required to file tax returns but are eligible for the credit.