Accounting Solutions Inc.

Planning and formulating a strategy for the future starts today If a tax situation arises, if you anticipate a tax situation, or if you want to determine what the best decision is, we are here for tax planning

IRS and State Issues

No one likes to get an IRS or state letter We analyze the situation, communicate with the agency, and determine the best course of action Then we discuss a proposed plan and solution with you

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What is a 6174-A Letter from the IRS and what does it look like?

2021 Individual Income Tax Brackets

The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status The tax rates for 2021 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%

It’s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the higher rate Only the money you earn within a particular bracket is subject to the corresponding tax rate The tables below help demonstrate this concept

TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION

Why TIGTA Did This Audit This audit was initiated to provide selected information related to the IRS’s 2021 Filing Season, including information related to the impact of the Coronavirus Disease 2019 (COVID-19). The overall objective of this review was to evaluate whether the IRS timely and accurately processed individual paper and electronically filed tax returns during the 2021 Filing Season, including backlogged tax returns received during Calendar Year 2020. Impact on Taxpayers The annual tax return filing season is a critical time for the IRS because this is when most individuals file their income tax returns and contact the IRS if they have questions about specific tax laws or filing procedures. As of March 5, 2021, the IRS received approximately 55.7 million tax returns (with 96.8 percent electronically filed) and issued more than 36 million refunds totaling approximately $107.8 billion.

IRS Frequently Asked Questions on Virtual Currency Transactions

What are the Federal Poverty Guidelines for 2021

2020 Unemployment Compensation Exclusion FAQs — Topic G: Receiving a Refund, Letter, or Notice

Child Tax Credit update and Guidelines Important changes to the Child Tax Credit helped many families get advance payments of the Child Tax Credit starting in the summer of 2021

Half the total credit amount was paid in advance monthly payments and you will claim the other half when you file your 2021 income tax return We issued the first advance payment on July 15, 2021

If you don't have a bank account for direct deposit, see Don't have a bank account?

Cameron Elder recommends Accounting Solutions, Inc.

I have had the pleasure of working with Juliana as my personal accountant and I’ve never felt more comfortable with anyone else handling my finances! Super organized and efficient to the point where all my bookkeeping stress is gone! I will continue to recommend Juliana to anyone seeking financial assistance! Thank you so much, you are absolutely amazing!