If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.
This past week, the IRS began mailing letters to recipients of the economic impact payment. If you received this letter, DO NOT THROW IT AWAY. Please retain it and provide it to us with your other tax documents. This document is necessary for calculating the recovery rebate credit on your 2021 tax return.
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends.
This past week, the IRS began mailing letters to recipients of advance child tax credit payments. If you received this letter, DO NOT THROW IT AWAY. Please retain it and provide it to Andrews Hooper Pavlik with your other tax documents. This document is necessary for calculating the remaining child tax credit available on your 2021 tax return.
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.
Andrews Hooper Pavlik PLC (AHP) is pleased to announce the merger of McMahan, Thomson & Associates, P.C. (MTA) with AHP effective January 1, 2022.
McMahan, Thomson & Associates, P.C., is a certified public accounting firm in Midland, Michigan. The addition of the MTA partners and staff increases the AHP offices in nine cities throughout the state of Michigan to include over 170 team members.
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles.
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too.
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.
