Rhodes Knisley Williams LLP is a full-service accounting firm serving clients throughout central Indiana and across the United States, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. The IRS has recently mailed out letters announcing prepayments of the 2021 child tax credit.
These prepayments will be computed by the IRS and mailed out automatically to eligible taxpayers unless the taxpayer opts out using the IRS portal (which as of 6/23/2021 is up and running). The eligibility for the 2021 child tax credit is ultimately dependent on your 2021 tax situation. The IRS will use either 2019 or 2020 tax filings to determine your eligibility.
These prepayments will be computed by the IRS and mailed out automatically to eligible taxpayers unless the taxpayer opts out using the IRS portal (which as of 6/23/2021 is up and running). The eligibility for the 2021 child tax credit is ultimately dependent on your 2021 tax situation. The IRS will use either 2019 or 2020 tax filings to determine your eligibility.
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Rhodes Knisley Williams LLP has been providing quality, personalized financial guidance to individuals and businesses for over 25 years. Rhodes Knisley Williams LLP's areas of practice include tax compliance/management and accounting services. By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.
Rhodes Knisley Williams LLP provides a wide range of services to individuals and businesses in a variety of industries. At Rhodes Knisley Williams LLP, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins. However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
Following are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
It's possible there could be additional extensions, so check with your tax advisor for the latest information. Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941) and pay any tax due. Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
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