Local News Featuring C&A Financial Services, CPA offices
"Excerpt from news article WDVM at: https://www.localdvm.com/news/maryland/its-time-to-file-taxes-but-officials-want-people-to-be-prepared-before-they-start-filing/ "Tax officials said people should not wait to file their taxes because it could delay their return. The IRS will send people a summary of their stimulus checks to use while filling for taxes this year. For people who...
January 2022 Personal Tax Related Due Dates – C&A Financial Services
January 3 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 - Report Tips...
January 2022 Business Tax Related Due Dates – C&A Financial Services
January 3 - Payment of Employer Share of Social Security Tax from 2020 - If you are an employer that deferred paying the employer share of social security tax or the railroad retirement tax equivalent in 2020, pay 50% of the deferred amount of the employer...
Tax Return as Married Filing Joint vs Separately. IMPORTANT!!! – C&A Financial Services
Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return. The joint...
New Cryptocurrency Tax Requirements – C&A Financial Services, CPA Offices
Article Highlights: IRS Compliance Campaign New Reporting Requirement for Crypto Exchanges Form W-9 Form 1099-B Cryptocurrency as Property Digital Assets Definition Transfer Reporting Cash Transaction Reporting 1040 Crypto Question Over the last 3 years, the Internal Revenue Service has been engaged in a virtual currency compliance...
Tax Breaks for Primary Caregivers of Grandchildren
Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild education credits Medical and dental expenses More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is...
Watch Out for Tax Penalties
Article Highlights: Underpayment of Estimated Tax and Withholding Penalty Required Minimum Distribution Penalty Late-Filing Penalty Late-Payment Penalty Negligence Penalty Fraud Penalty Dishonored Check Penalty Missing ID Number Penalty Early Withdrawal Penalty Penalty for Failure to Report Tips Foreign Reporting Excessive Claim Penalty Accuracy-Related Penalty for...
Important Tax Tips for Holiday Charity Donations
During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your tax return. Cash Donations – To claim a charitable deduction, you normally must itemize your deductions. However,...