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.…
One of my colleagues attended the 2024 State Fair and mentioned that they visited the “Great Iowa Treasure Hunt” table staffed by the Iowa State Treasurer. I knew about the program but discounted it as not relevant to me. They…
Request W-9 Forms By having current W-9 forms on file for the businesses and individuals you will be paying, you will be able to quickly identify who you may need to receive a 1099 form. Current W-9 forms will also…
As the end of the year approaches, it is important to make sure that your payroll information is up to date and you are prepared to start the new year with any updates. With some planning and review of this…
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.…
Issuing 1099’s in January may seem like it was months ago but eventually the IRS sorts through all of the forms and is able to identify mismatches or missing information on the 1099’s that were issued. For many businesses, the…
As we see COVID cases and hospitalization rates increase in recent weeks, we would like to remind employers in Central Iowa that COVID relief legislation includes payroll tax credits (available through September 30, 2021) to help reduce the spread of…
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…