Current Office Status

As of Wednesday February 9, 2022 the Town of South Windsor has lifted it's indoor mask mandate. If you are unvaccinated you must wear a face mask to enter our office. Please call (860) 648-4002 for further information.

COVID-19

Are you still waiting for your refund?

IRS recently released an operational staus update. This update (found below) addresses some of the reasons that you may not have received your refund yet. In a normal year many of these things are done behind the scenes and are not noticed by the taxpayer. However, the service has not yet fully recovered from the effects of COVID-19 on their operations.

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Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline [UPDATE]

IR-2021-59, March 17, 2021

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

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The American Rescue Plan of 2021

The following is a summary of a few of the key provisions in the American Rescue Plan that was signed by President Biden on March 11, 2021. Check back for updates as we learn more...

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Announcements

2022 Tax Filing Season Begins January 24, 2022

WASHINGTON − The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

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IRS to send letters to taxpayers in January

The IRS has notified tax preparers around the country to let their clients know that they will be sending two letters out in January 2022.

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IRS Online Account can help taxpayers get ready to file their tax return

Taxpayers  can securely access and view their IRS tax information anytime through their individual online account. They can see important information when preparing to file their tax return or following up on balances or notices. This includes:

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Educators can now deduct out-of-pocket expenses for COVID-19 protective items

WASHINGTON – Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: 

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2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

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Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients

WASHINGTON − The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by Feb. 1, 2021.

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News

The Secret to a Quick Tax Refund

Here's how to get your overpayment as soon as possible

Delayed tax refunds, penalties for not filing 2020 tax returns on time that were actually filed on time, and timely tax payments being flagged as late are just some of the headaches taxpayers are grappling with due to a massive backlog of several million unprocessed tax returns the IRS is trying to wade out from under.

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Read the Fine Print

According to a recent Deloitte survey, 91 percent of people agree to terms and conditions without reading the legal agreement. While reading through legally complex language may be slow and painful, it’s more important than you think. Here are four reasons why reading entire legal agreements make sense:

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Tax Saving Tips for Parents AND Grandparents

Leveraging the kiddie tax rules

With careful tax planning, you can use the kiddie tax rules to reduce your tax obligation. Here’s what you need to know.

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Review Financial Decisions When Interest Rates Change

Interest rates are expected to increase this year in response to inflation that is running at a 40-year high. How will you be affected?

Any interest rate revision can cause a ripple effect throughout the economy. Accordingly, the Federal Reserve’s actions probably will exert at least a moderate influence over financial choices that you may make at home and in your business in 2022 and beyond.

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Easy-to-Overlook Tax Documents

This year is a little more challenging

With tax season now officially underway, here are several tax documents that may be easy to miss in your mailbox or inbox:

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I Owe Tax on That?

5 Surprising Taxable Items

Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five taxable items that might surprise you:

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Great Tips for Your Home-Based Business

Home-based businesses can be financially rewarding and provide a certain amount of flexibility with your day-to-day schedule. Here are some tips to keep your business running at full steam.

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Saturday, 21st May 2022
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Weekly Tax Tip

20 May 2022

Weekly tips to help you better understand tax and financial situations.