Dolly’s Bookkeeping

02/08/2023

Here’s some tax tips on deducting business travel expenses

Tax Tip 2023-15: Understanding business travel deductions Internal Revenue Service (IRS) sent this bulletin at 02/07/2023 10:42 AM EST IRS Tax Tips February 7, 2023 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts....

02/04/2023

Welcome to Dolly’s Bookkeeping Page! I look forward to help you build your business from start-up to year end tax reports. As well as meet your individual tax needs. I offer a wide range of assistance in many realms. I look forward to your business!

01/05/2022

If you received the advance child tax credit please read.

06/08/2021

Wondering about the advance payments the IRS is offering? Here’s a read to answer your questions.

Advance Child Tax Credit Payments in 2021

There have been important changes to the Child Tax Credit that will help many families receive advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only.

The expanded credit means:

The credit amounts will increase for many taxpayers.
The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don't have earned income or don't owe any income taxes.
The credit will include children who turn age 17 in 2021.
Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return.
For tax year 2021, families claiming the CTC will receive up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021. They will receive $3,600 per qualifying child under age 6 at the end of 2021. Under the prior law, the amount of the CTC was up to $2,000 per qualifying child under the age of 17 at the end of the year.

The increased amounts are reduced (phased out), for incomes over $150,000 for married taxpayers filing a joint return and qualifying widows or widowers, $112,500 for heads of household, and $75,000 for all other taxpayers.

Advance payments of the 2021 Child Tax Credit will be made regularly from July through December to eligible taxpayers who have a main home in the United States for more than half the year. The total of the advance payments will be up to 50 percent of the Child Tax Credit. Advance payments will be estimated from information included in eligible taxpayers' 2020 tax returns (or their 2019 returns if the 2020 returns are not filed and processed yet).

The IRS urges people with children to file their 2020 tax returns as soon as possible to make sure they're eligible for the appropriate amount of the CTC as well as any other tax credits they're eligible for, including the Earned Income Tax Credit (EITC). Filing electronically with direct deposit also can speed refunds and future advance CTC payments.

Eligible taxpayers do not need to take any action now other than to file their 2020 tax return if they have not done so.

Eligible taxpayers who do not want to receive advance payment of the 2021 Child Tax Credit will have the opportunity to decline receiving advance payments. Taxpayers will also have the opportunity to update information about changes in their income, filing status or the number of qualifying children. More details on how to take these steps will be announced soon.

The IRS also urges community groups, non-profits, associations, education groups and anyone else with connections to people with children to share this critical information about the CTC. The IRS will be providing additional materials and information that can be easily shared by social media, email and other methods.

The IRS will provide more information about advance payments soon.

05/17/2021

Tax deadline for most:

More informationTax Topic Number 653IRS Notices and Bills, Penalties, and Interest ChargesWhat Is the Due Date of My Federal Tax Return or Am I Eligible to Request an Extension

04/23/2021

Still waiting on your refund or recovery rebate credit? See this article below.

The Taxpayer Advocate Service (TAS) is aware that taxpayers are experiencing more refund delays this year than usual. Typically, the IRS processes electronic returns and pays refunds within 21 days of receipt. However, the high volume of 2020 tax returns being filed daily, backlog of unprocessed 201...

04/08/2021

https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTA0MDguMzg0NDMwMTEiLCJ1cmwiOiJodHRwczovL2dvLnVzYS5nb3YveEhyeFoifQ.k5KNmXV3i8ES-GBUog4yqtEj1gTxwhy2tz8ecMYv5SU/s/103755591/br/101674382443-l

COVID Tax Tip 2021-46, April 8, 2021

04/17/2020

If you haven’t applied for the paycheck protection program SBA loans, you must know the following:

“At this time, the Small Business Administration has stopped accepting applications for the Paycheck Protection Program loans because the processed loan volume has reached the $349 billion level currently authorized by the CARES Act”

You can still apply and if funds become available, your application will already be submitted.

04/13/2020

If you or someone you know is a Non-Filer (see info on site to determine if you are) then go to IRS.gov and
*click on Non-Filers Enter Payment Info Here tab
*READ eligibility requirements and if applicable
*click on Non-filers: Enter Payment Info Here
There is a list of what info you will need to have ready

For those that filed a return and need to enter direct deposit info; I will notify you when that link is up

Non-Filers: Enter Payment Info Here Get Coronavirus Tax Relief Get Info on Economic Impact Payments Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information....

04/11/2020

IRS says coming soon - April 17th a new tool "Get my Payment" will allow you to check status and enter your bank information.

04/09/2020

Those of you applying for the extended unemployment benefits; be sure to ask for them to withhold taxes. Otherwise, next tax year you will owe tax on the unemployment benefits

04/01/2020

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

To explain the tax relief for those affected by coronavirus.