What Is Employee Retention Credit?

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Employee Retention Credit or ERC.  Many of you have heard about this recently.  There are numerous radio ads, mailers, flyers, and spam emails concerning ERC, how you qualify for it, and how the company posting the ads can get you back tens if not hundreds of thousands of dollars in refunds. The ERC is real.… Read More »

IRS Delays: Current Status

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IRS Delays Continue As many of you are aware, the IRS is extremely behind in virtually all aspects since the pandemic started in 2020. Per the IRS website, here is a summary of how significant the backlog currently is. As of June 10, 2022 More than 11 million individual tax returns have not been processed… Read More »

2022 Tax Changes

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2021 had several temporary tax changes that are now no longer available. Here are some highlights of a few rule changes that are in effect for 2022. Child Tax Credit: There will be NO advance of child tax credit in 2022. The child tax credit for qualifying children drops back down to a maximum amount… Read More »

State of Wyoming-Property Tax Refund Program

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In March of 2022, Governor Mark Gordon signed into law the State of Wyoming Property Tax Refund Program that allows qualifying homeowners to claim a refund on a portion of their property taxes paid in 2021. The applications for this program are due Monday, June 6,2022.  To qualify for this program, you must meet certain… Read More »

How To Report Cryptocurrency On Taxes

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The trading of cryptocurrency is becoming more and more of a common practice in today’s world. Cryptocurrencies like Bitcoin, Ethereum, XRP, and many more are becoming household names. The IRS is aware of the increased popularity and in the past several years has brought it to the forefront of their attention to ensure taxpayers are… Read More »

100% Deduction of Restaurant Meals

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Historically, businesses were able to deduct 50% of the cost of business meals and beverages so long as the business owner and/or an employee were present at the meal. Meals and beverages are deductible in the case of business travel (i.e.: an owner/employee are out of town away from home overnight for business purposes) or… Read More »

Why it’s important to create an online account at the IRS

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Creating an IRS.gov online account is more important than ever. With passage of Covid related legislation and increased assistance from the federal government, tax time is going to get even trickier than normal. Stimulus money such as the Economic Impact payments, as well as the new Child Tax Credit advances must be reconciled on your… Read More »

Instructions on creating an IRS.gov account

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Before you begin: You will need to have the following information to set up a new IRS.gov taxpayer portal. Before you begin, make sure you have and know the following information: A valid email address Your social security (SSN) or Individual Tax Identification Number (ITIN) Tax filing status and mailing address A valid drivers license… Read More »

Expanded Child Tax Credit for the year 2021

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The Legislation passed March 11, 2021 has expanded the amount of Child Tax Credit (CTC) available to taxpayers. Here is a short synopsis of these changes. The new law changes the “qualifying child” age to one who has not turned 18 as of 12/31/21, or 17 and under.  This age requirement is only for 2021… Read More »

IRA’s and Roth IRA’s

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IRA’s and Roth IRA’s are popular retirement savings options. However, there are limitations to the amount that can be contributed each year. There is a maximum limitation set by the government each year. In addition, there are other factors that may reduce the amount set by the government. These factors include wages, self‐employment earnings, age,… Read More »