Child Tax Credit Advance Payments
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…
Daniel Rodrigues, CPA
Child Tax Credit 2021
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…
Agricultural businesses are now eligible to apply for the SBA EIDL Loans
If you own an agricultural business that has been impacted by the COVID-19 pandemic, consider applying for the EIDL (Economic Injury Disaster Loan and Advance). The SBA opened up a special application period for agricultural businesses on May 4th, 2020.…
IRS offers more flexibility on cafeteria plans, FSAs, dependent care assistance in response to coronavirus
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…
COVID-19 grants of up to $10,000 available for certain Iowa sole operators
If you are a targeted small business and are experiencing a business disruption due to the COVID-19 pandemic, we encourage you to look into applying for a grant of up to $10,000 with Iowa Economic Development: ;ppid=26 Businesses with no…
I filed my Individual 2019 tax return, what’s next?
You’ve signed your individual tax return along with the authorization forms allowing BakerStarrett LLP to electronically file your tax returns. You’re done right? That depends on if your tax return shows a refund or amount due. If you owe While…
The taxpayer’s journey is… complex
An independent division within the IRS called the Taxpayer Advocate Service (TAS) recently pulled back the curtain and provided some transparency into the process your tax return goes through when it is received by the IRS. The Taxpayer Roadmap attempts…
All my tax documents were delivered electronically! What is the best way to get them to BakerStarrett?
Many educational and financial institutions prompt students and customers to receive their tax documents electronically. While electronic delivery saves on paper and mailing costs, it requires additional steps from you, the taxpayer. Below are a few pointers on how to…
What tax documents should I send to BakerStarrett, LLP?
This blog compiles a list of common tax documents that you should send to BakerStarrett so that we can accurately complete your 2020 tax return. Please remember that while most tax documents are mailed to you, many financial and educational…
Four simple steps to an organized Tax Season 2020
It’s mid-January again, and it finally feels like winter has arrived in Central Iowa. Which must mean it’s time to start thinking about tax season! I outline below 4 easy ways to get organized to make this tax season a…