In 2020, the federal government released a new Employee’s Withholding Certificate W-4 form. Although the form has been around for a few years, misunderstandings persist. Incorrect information on this form can have an unforeseen impact on your year-end tax liability.…
Meeting with your accountant can be a stressful endeavor. They often use terms that non-accountants may not understand. The following is a list of terms that can help you better understand what your accountant is talking about the next time…
A Consumer Reports survey in 2021 found that 71 percent of Americans expressed interest in buying or leasing an Electric Vehicle. If you are in the market for a new electric vehicle, tell your tax team at BakerStarrett, LLP, as…
Be on the lookout for two very important letters coming in January from the IRS. The Third Stimulus Payment (Letter 6475) and Advanced Child Tax Credit payments (Letter 6419). Preparation of your tax return could be delayed without these letters.…
Its July 15th 2021, and if you have kids under 17, the IRS may have sent you the first advance payment of the Child Tax Credit. As a reminder, the advance payment for kids under six is $300 monthly. The…
Assume for a moment, you have a 14 year old child. Here are the two options the IRS is giving you to claim the child tax credit in 2021: Option A: Receive a $3,000 child tax credit when you file…
DISCLAIMER: The information below is based upon the most recently proposed legislation by Congress known as the COVID Relief Bill. This bill has not yet been signed or approved by the Office of the President as of the date of…
The IRS has announced an extension for the deadline to register for the $1,200 stimulus payment. This is commonly referred to as the economic impact payment or EIP. The deadline is now November 21, 2020. If you have not yet…
This year has been just full of craziness! For many of our clients, current craziness includes the recent derecho (a new vocab word for me!). The storm has caused significant damage and business interruption, so we have a bit of…
The IRS issued regulations on Tuesday, 5/12/2020 that could impact your health insurance plan, health flexible spending accounts (FSA’s), and dependent care assistance. There are two broad changes that you may hear more about in the coming weeks: The IRS…