AccuTax of Iowa LLC

The IRS announced it will begin processing 2022 tax returns beginning January 23rd. Tax returns with Earned Income Tax Credit or Additional Child Tax Credit may be submitted but will not be processed until mid February.

Remember to always use the name and SSN of the primary tax payer listed on a Married Filing Jointly return when paying a balance due or making estimated tax payments. Using the secondary name and SSN could result in the payment not being applied correctly.

Today is the last day to make charitable donations for the 2022 tax year. Get those receipts!

The IRS has released the new mileage rates for 2023.

65.5 cents per mile for business
22 cents per mile for medical
14 cents per mile driven in service of a charitable organization

Interesting information. I use Drake Professional Tax software and your information is safe and secure.

Report: Tax Prep Websites Sent Clients' Financial Data to Facebook Taxpayers’ financial information was being transmitted through a widely used code called the Meta Pixel.

The IRS e-file system shuts down on November 28 in preparation for the 2022 tax season. The ability to electronically file tax returns will cease until they reopen the system sometime in January.

Whether you’re newly self-employed or have been filing a Schedule C for years, my 2-hour tax classes offered through the Mid-America School of Real Estate will give you an in-depth look at expenses and deductions so you can lower your tax liability.

Realtors will receive CE for the classes.

Mid-America School Of Real Estate Cancellation Policy: Mid-America School of Real Estate and its licensees reserve the right to cancel any scheduled course. If a course is cancelled, registrants will be notified via email or phone and will be given a full refund or an option to apply the course fee toward a future class, if availabl...

If you have not filed your 2019 or 2020 tax returns, file by September 30 to receive forgiveness for the Failure to File penalty by not filing by the tax year due date. 

File 2019 and 2020 tax returns by Sept. 30 to receive COVID penalty relief | Internal Revenue Service COVID Tax Tip 2022-149, September 28, 2022 — Individuals and businesses, affected by the COVID-19 pandemic, may qualify for late-filing penalty relief if they file their 2019 and 2020 tax returns by September 30, 2022. This penalty relief is automatic.

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

Tax Tip 2022-87: The Where’s My Refund tool is now better than ever Tax Tip 2022-87: The Where’s My Refund tool is now better than ever Internal Revenue Service (IRS) sent this bulletin at 06/07/2022 10:20 AM EDT IRS Tax Tips June 7, 2022 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media C...

Today is tax day! Don’t be a protaxinator. Get your returns filed to a void a failure to file penalty. The requirement to file by 4/18 and avoid penalties only apply if you owe taxes. If you are due a refund the IRS will happily hold your money as long as they can. 😂

Don’t miss out on your 2018 tax refund. File quickly before time runs out!

Tax Tip 2022-51: Time is running out to file for tax year 2018 and still get unclaimed refunds Tax Tip 2022-51: Time is running out to file for tax year 2018 and still get unclaimed refunds Internal Revenue Service (IRS) sent this bulletin at 04/04/2022 10:23 AM EDT IRS Tax Tips April 4, 2022 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The B...

Waiting on a statement from your investment firm? Thinking it had to be available by January 31st? Actually, they aren’t required to be available until February 15th and firms can request an extension to March 15th although many rarely do. Hold tight… they’re coming.

So tax season “officially “started on January 24. Problem is, not all electronic forms are ready to go yet. I’m currently sitting on a number of returns that can’t be e-filed until the IRS finishes finalizing forms. Hopefully by mid-February we’ll be ready to go.

Did you get advanced child tax credit payments in 2020 for dependents you’re not claiming on your 2021 tax return? Don’t panic! Not everyone has to repay that money. The worst thing to do is not file your taxes. Give me a call, I’ll prepare your returns and let’s see where you’re at.

Tax season has officially begun. With limited IRS staff, thousands of unprocessed 2020 returns and the complexity of the Advanced Child Tax Credit file your returns early and work with a Tax Professional to have access to the IRS to track your returns and address any issues.

Link for the free Covid test kits.

COVID Home Tests | USPS COVID Home Tests | USPS

You may be unaware of the federal income tax implications of cryptocurrency transactions but the IRS doesn’t usually accept ignorance as an excuse for failure to comply with tax rules.

Know whether you need to check Yes or No to the question on crypto transactions on your 1040 return. Not answering is not an option.

Iowa House File 847 increases the Tuition and Textbook Tax Credit to 25% of the first $2,000 for the tuition and textbooks of each
dependent in K-12. This is an increase from 25% of the first $1,000 in previous years AND extends the credit to students educated through private instruction.

Iowa House File 847 increases the Educator Expense Deduction to $500. The Federal deduction is still $250.

Basic returns start @ $139 and include initial consultation, preparation and e-filing. I’m available all year for questions, store your returns electronically, offer tax planning strategies, provide audit support if you receive that dreaded letter from the IRS, can request penalty forgiveness, and have access to IRS representatives. Can you really afford not to have a tax professional prepare your returns?

Although you may take the standard deduction on your federal return, you may still qualify for a larger deduction if you itemize on your Iowa return.

Prepare to receive a 1099-K at the end of 2022 if you use cash apps.

If you are using a cash app and receive more than $600 a year in total payments, the IRS wants to know. Under the Biden American Rescue Plan, cash applications like Venmo, PayPal and Zelle will be required to issue a 1099-K to all individuals that receive more than $600 "for goods sold or services provided" in a calendar year effective 1/1/2022.

How will this impact your taxes? Contact me to discuss.

Want your refund fast? “Fast” may not apply to the 2021 tax filing season but your best bet is to file early, file on-line and request direct deposit.

The IRS website says that as of Dec. 23, 2021, it still had 6 million unprocessed individual returns, and as of the start of this month it still had more than 2 million unprocessed amended tax returns from the 2020 tax filing season.

Watch for IRS Letters

Advance Child Tax Credit letter

To help taxpayers reconcile and receive all of the Child Tax Credits to which they are entitled, the IRS will send Letter 6419, 2021 advance CTC. The letter will include the total amount of advance
Child Tax Credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. People should keep this and any other IRS letters about advance Child Tax Credit payments with their tax records.

Families who received advance payments will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received in 2021 with the amount of the Child Tax Credit they can properly claim on their 2021 tax return.

Eligible families who did not receive any advance Child Tax Credit payments can claim the full amount of the Child Tax Credit on their 2021 federal tax return, filed in 2022. This includes families who don't normally need to file a tax return.

Economic Impact Payment letter
can help with the Recovery Rebate Credit

The IRS is issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are entitled to and should claim the Recovery Rebate Credit on their tax year 2021 tax returns that they file in 2022.

Letter 6475 only applies to the third round of Economic Impact Payments that was issued starting in March 2021 and continued through December 2021. The third round of Economic Impact Payments were advance payments of the 2021 Recovery Rebate Credit that would be claimed on a 2021 tax return.

Most eligible people already received the payments. If you received the full $1,400 payment, there is nothing that needs to be done. If you did not receive the full $1,400 stimulus payment, we can review the information to determine your eligibility and whether we need to claim a Recovery Rebate Credit for tax year 2020 or 2021.

Self-employed individuals may be able to get a credit for lost wages due to Covid in 2021 under two scenarios:

You were unable to perform services as a self-employed individual because of certain coronavirus-related care you required.

You were unable to perform services as a self-employed individual because of certain coronavirus-related care you provided to another.

No proof of positive Covid testing is required.

This credit may even be available if you are also a W-2 employee.

Contact me today for details.

The 2021 Tax filing season officially begins January 24, 2022

AccuTax of Iowa LLC updated their business hours.

AccuTax of Iowa LLC updated their phone number.