KettyS Robles

KettyS Robles

Advisory Accounting Services, Financial Advise, Bookkeeping, Individuals & Businesses Tax preparation Providing Accounting services such as reconciliation financial, Financial planning, Tax Preparation

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Timeline Photos 11/08/2021

IRS Adds Income Changes to CTC Update Portal and Announces Signup Deadline

Families who are currently receiving advance payments of the 2021 Child Tax Credit (CTC) may now use the online CTC Update Portal (link below) to report changes in their incomes. Reporting an income change may qualify taxpayers for a higher monthly payment amount, or ensure that they do not need to repay advance CTC payments next spring.

The maximum monthly payment is $300 per child qualified under age 6, and $250 per qualifying child of age 6 through 17. Generally, a small change in income will not affect a household's payment amount. However, if you have not been receiving the maximum amount and had a significant income drop in 2021, you may qualify for a substantially larger December payment.

Similarly, if your income greatly increased in 2021 compared to 2020, you should report this change to avoid potentially facing an advance CTC repayment requirement. You must use the portal to report your income changes by November 29 in order for the IRS to make any necessary adjustments to your December payment. The IRS expects to launch a Spanish version of the portal by that time.

Eligible families who have not been receiving advance CTC payments because the IRS does not have their information may still register for the program. The IRS especially urges lower-income taxpayers who are not required to file tax returns to use the online signup portal (link below) by the November 15 deadline. Those who sign up in November will receive a single advance payment in December, of up to $1,800 per qualifying child under 6, and $1,500 per qualifying child age 6-17.

IRS CTC UPDATE PORTAL: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

IRS CTC SIGNUP PORTAL: https://www.whitehouse.gov/child-tax-credit/sign-up/

IRS Adds Income Changes to CTC Update Portal and Announces Signup Deadline

Families who are currently receiving advance payments of the 2021 Child Tax Credit (CTC) may now use the online CTC Update Portal (link below) to report changes in their incomes. Reporting an income change may qualify taxpayers for a higher monthly payment amount, or ensure that they do not need to repay advance CTC payments next spring.

The maximum monthly payment is $300 per child qualified under age 6, and $250 per qualifying child of age 6 through 17. Generally, a small change in income will not affect a household's payment amount. However, if you have not been receiving the maximum amount and had a significant income drop in 2021, you may qualify for a substantially larger December payment.

Similarly, if your income greatly increased in 2021 compared to 2020, you should report this change to avoid potentially facing an advance CTC repayment requirement. You must use the portal to report your income changes by November 29 in order for the IRS to make any necessary adjustments to your December payment. The IRS expects to launch a Spanish version of the portal by that time.

Eligible families who have not been receiving advance CTC payments because the IRS does not have their information may still register for the program. The IRS especially urges lower-income taxpayers who are not required to file tax returns to use the online signup portal (link below) by the November 15 deadline. Those who sign up in November will receive a single advance payment in December, of up to $1,800 per qualifying child under 6, and $1,500 per qualifying child age 6-17.

IRS CTC UPDATE PORTAL: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

IRS CTC SIGNUP PORTAL: https://www.whitehouse.gov/child-tax-credit/sign-up/

Timeline Photos 11/01/2021

Business Advertising Expenses – Did You Know?

If you have business income, including earnings from small business ownership or many self-employment activities, you may qualify to deduct advertising expenses on your tax return. In general, the IRS allows taxpayers to deduct “ordinary and necessary” business expenses. Generally, advertising and marketing costs are considered ordinary and necessary if:

- They are common in your trade, field or industry; AND
- They are helpful and appropriate for your trade or business.

Typical deductible expenses include traditional advertising (such as signage, print, and TV and radio ads), along with paid ads on social media or freelancing platforms. You may also be able to deduct costs associated with “goodwill advertising” that enhances the visibility of your product, service or brand. For example, you might run an ad that mentions your business, but primarily promotes an upcoming charity event or educates the public about an important cause.

Deductible marketing costs may also include expenses related to providing food, entertainment or facilities to the public to promote community goodwill. However, IRS rules governing deductions for meal and entertainment expenses have very specific requirements. A business tax professional can help you determine whether you can deduct your goodwill advertising and other marketing costs, and if so, how to document expenses and claim your deduction.

Business Advertising Expenses – Did You Know?

If you have business income, including earnings from small business ownership or many self-employment activities, you may qualify to deduct advertising expenses on your tax return. In general, the IRS allows taxpayers to deduct “ordinary and necessary” business expenses. Generally, advertising and marketing costs are considered ordinary and necessary if:

- They are common in your trade, field or industry; AND
- They are helpful and appropriate for your trade or business.

Typical deductible expenses include traditional advertising (such as signage, print, and TV and radio ads), along with paid ads on social media or freelancing platforms. You may also be able to deduct costs associated with “goodwill advertising” that enhances the visibility of your product, service or brand. For example, you might run an ad that mentions your business, but primarily promotes an upcoming charity event or educates the public about an important cause.

Deductible marketing costs may also include expenses related to providing food, entertainment or facilities to the public to promote community goodwill. However, IRS rules governing deductions for meal and entertainment expenses have very specific requirements. A business tax professional can help you determine whether you can deduct your goodwill advertising and other marketing costs, and if so, how to document expenses and claim your deduction.

Timeline Photos 10/28/2021

2021 IRS Interest Rates Unchanged

The IRS has announced that for the rest of the year, there will be no change to interest rates related to tax underpayment or overpayment. Typically, individuals and businesses must pay interest charges if they do not pay the full amount of tax they owe by the appropriate deadline. The IRS also pays interest to taxpayers whose refunds were delayed beyond the time frame that federal regulations allow for processing returns.

For individuals, the IRS can ordinarily take up to 45 days to process a tax return and issue a refund without paying interest to the taxpayer. In cases where a refund is delayed and the IRS must pay interest, the amount of interest is usually calculated from the original filing deadline or the date the return was received, whichever came later.

For individual taxpayers, the IRS currently charges interest at a 3% annual rate for tax underpayments and late payments, and pays interest at 3% on delayed refunds. The same rates generally apply for businesses other than corporations. The interest rates for corporations depend on the size of the refund or underpayment. A tax professional can help you plan your tax payments and file your returns in a timely manner to avoid paying interest.

2021 IRS Interest Rates Unchanged

The IRS has announced that for the rest of the year, there will be no change to interest rates related to tax underpayment or overpayment. Typically, individuals and businesses must pay interest charges if they do not pay the full amount of tax they owe by the appropriate deadline. The IRS also pays interest to taxpayers whose refunds were delayed beyond the time frame that federal regulations allow for processing returns.

For individuals, the IRS can ordinarily take up to 45 days to process a tax return and issue a refund without paying interest to the taxpayer. In cases where a refund is delayed and the IRS must pay interest, the amount of interest is usually calculated from the original filing deadline or the date the return was received, whichever came later.

For individual taxpayers, the IRS currently charges interest at a 3% annual rate for tax underpayments and late payments, and pays interest at 3% on delayed refunds. The same rates generally apply for businesses other than corporations. The interest rates for corporations depend on the size of the refund or underpayment. A tax professional can help you plan your tax payments and file your returns in a timely manner to avoid paying interest.

Timeline Photos 10/18/2021

IRS 2021 Advance CTC Payments FAQs – Did You Know?

The IRS recently answered a number of common questions about the 2021 Child Tax Credit (CTC) advance payments that Americans began receiving in mid-July. Here are the highlights:

DO I HAVE TO PAY TAX ON THE CTC ADVANCE PAYMENTS?

No. The CTC is a tax credit. As long as you qualify for the credit, the advance payments do not count as income and are not taxable. You can check your eligibility using the IRS Advance CTC Eligibility portal (link below).

WILL ADVANCE CTC PAYMENTS DISQUALIFY ME FOR OTHER FEDERAL PROGRAMS?

No. Because these payments are not income, they will not affect eligibility for federal programs with income limits, like the Earned Income Credit, Pell Grants, or higher education credits.

WILL THE IRS REDUCE THE PAYMENTS DUE TO BACK TAXES OR OTHER DEBTS?

No. Past-due taxes, overdue child support, and other federal or state debts will not affect CTC advance payment amounts. However, these issues may affect a taxpayer's final CTC amount when they file their 2021 tax return, possibly reducing their refund or increasing their tax. Also, some states do allow reduction of CTC advance payments to cover a taxpayer's private debts.

I AM ELIGIBLE FOR THE 2021 CTC BUT MY ADVANCE PAYMENTS ARE DELAYED?

The most common reason for a delay in receiving advance CTC payments is that the IRS does not have your current mailing address or banking information. Check the IRS Advance CTC Update portal (link below) to see if you need to update your info. The IRS is also withholding advance CTC payments to victims and possible victims of tax-related identity theft, to prevent further fraud. These payments will be sent when the ID theft cases are resolved.

If you are unsure whether it is best for you to accept CTC advance payments, or to opt out and claim the entire credit when you file your 2021 tax return, a tax professional can help you decide.

IRS Advance CTC Eligibility portal: https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant

IRS Advance CTC Update portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

IRS 2021 Advance CTC Payments FAQs – Did You Know?

The IRS recently answered a number of common questions about the 2021 Child Tax Credit (CTC) advance payments that Americans began receiving in mid-July. Here are the highlights:

DO I HAVE TO PAY TAX ON THE CTC ADVANCE PAYMENTS?

No. The CTC is a tax credit. As long as you qualify for the credit, the advance payments do not count as income and are not taxable. You can check your eligibility using the IRS Advance CTC Eligibility portal (link below).

WILL ADVANCE CTC PAYMENTS DISQUALIFY ME FOR OTHER FEDERAL PROGRAMS?

No. Because these payments are not income, they will not affect eligibility for federal programs with income limits, like the Earned Income Credit, Pell Grants, or higher education credits.

WILL THE IRS REDUCE THE PAYMENTS DUE TO BACK TAXES OR OTHER DEBTS?

No. Past-due taxes, overdue child support, and other federal or state debts will not affect CTC advance payment amounts. However, these issues may affect a taxpayer's final CTC amount when they file their 2021 tax return, possibly reducing their refund or increasing their tax. Also, some states do allow reduction of CTC advance payments to cover a taxpayer's private debts.

I AM ELIGIBLE FOR THE 2021 CTC BUT MY ADVANCE PAYMENTS ARE DELAYED?

The most common reason for a delay in receiving advance CTC payments is that the IRS does not have your current mailing address or banking information. Check the IRS Advance CTC Update portal (link below) to see if you need to update your info. The IRS is also withholding advance CTC payments to victims and possible victims of tax-related identity theft, to prevent further fraud. These payments will be sent when the ID theft cases are resolved.

If you are unsure whether it is best for you to accept CTC advance payments, or to opt out and claim the entire credit when you file your 2021 tax return, a tax professional can help you decide.

IRS Advance CTC Eligibility portal: https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant

IRS Advance CTC Update portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Timeline Photos 10/11/2021

6-Month Filing & FBAR Extensions Deadline

For taxpayers who have extensions to file their 2020 returns, the filing due date for those returns is Friday, October 15, 2021.

The October 15 deadline to file under an extension applies to several common returns, including:

2020 INDIVIDUAL INCOME TAXES:

Most individual taxpayers who requested an extension to file their 2020 federal tax returns must file by October 15. However, additional extensions may be available to some taxpayers affected by recent disasters.

2020 CORPORATE INCOME TAXES:

The October 15 deadline also applies to C corporations that requested an extension to file their 2020 corporate income tax returns (Form 1120).

FOREIGN BANK ACCOUNT REPORT (FBAR):

Many U.S. taxpayers, including individuals and businesses, must file an annual report of their foreign bank and other financial accounts, called an FBAR. Typically, filing an FBAR is necessary if the total value of a taxpayer's foreign accounts exceeds $10,000 at any time during the calendar year. However, certain accounts, such as those held within a qualified IRA or other retirement plan, may not need to be reported. Most taxpayers who are required to file a 2020 FBAR and have not yet done so must file by October 15.

Remember that in general, an extension to file tax returns is NOT an extension to pay any tax due. Therefore, those who have not yet filed but expect to owe 2020 tax should estimate the amount they owe and pay that amount as soon as possible, even if they will not file their returns until October 15. Immediate payment will minimize any interest charges and late payment penalties.

6-Month Filing & FBAR Extensions Deadline

For taxpayers who have extensions to file their 2020 returns, the filing due date for those returns is Friday, October 15, 2021.

The October 15 deadline to file under an extension applies to several common returns, including:

2020 INDIVIDUAL INCOME TAXES:

Most individual taxpayers who requested an extension to file their 2020 federal tax returns must file by October 15. However, additional extensions may be available to some taxpayers affected by recent disasters.

2020 CORPORATE INCOME TAXES:

The October 15 deadline also applies to C corporations that requested an extension to file their 2020 corporate income tax returns (Form 1120).

FOREIGN BANK ACCOUNT REPORT (FBAR):

Many U.S. taxpayers, including individuals and businesses, must file an annual report of their foreign bank and other financial accounts, called an FBAR. Typically, filing an FBAR is necessary if the total value of a taxpayer's foreign accounts exceeds $10,000 at any time during the calendar year. However, certain accounts, such as those held within a qualified IRA or other retirement plan, may not need to be reported. Most taxpayers who are required to file a 2020 FBAR and have not yet done so must file by October 15.

Remember that in general, an extension to file tax returns is NOT an extension to pay any tax due. Therefore, those who have not yet filed but expect to owe 2020 tax should estimate the amount they owe and pay that amount as soon as possible, even if they will not file their returns until October 15. Immediate payment will minimize any interest charges and late payment penalties.

Timeline Photos 10/05/2021

Special Tax Benefits for Charitable Donations Extended Through 2021 – Did You Know?

The CARES Act of 2020 included provisions to make it easier for taxpayers to donate to charities. Congress and the IRS have extended these temporary rules through tax year 2021. One key rule raises the deduction limit for charitable contributions, while another allows taxpayers to deduct certain donations even if they don't itemize deductions on their tax returns.

Standard IRS rules limit the deduction that taxpayers who itemize deductions can claim for charitable donations to at most 60% of adjusted gross income (AGI). However, under the extended special rules, these taxpayers may elect to claim a deduction of up to 100% of their AGI for qualified monetary donations made during calendar year 2021.

Taxpayers who claim the standard deduction ordinarily cannot deduct any charitable donations on their tax returns. However, the special rules allow these taxpayers to claim a deduction of up to $300 (up to $600 for joint filers) for qualified monetary contributions made to charities in 2021. You may claim this deduction in addition to the standard deduction for your filing status.

Only monetary contributions qualify for these special tax benefits. Monetary contributions include donations to qualifying charities made by cash, check, digital payment or credit card, as well as by paying unreimbursed expenses while doing volunteer work. Donations of goods, property (including virtual currency) or labor do not qualify for these temporary deduction rules.

The extended special rules are set to expire at the end of 2021. A tax professional can help you plan your charitable giving for the rest of the year to take advantage of the available tax benefits. The IRS search tool for nonprofit organizations (link below) can help you find eligible charities that accept qualifying monetary contributions.

IRS Nonprofit Search: https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

Special Tax Benefits for Charitable Donations Extended Through 2021 – Did You Know?

The CARES Act of 2020 included provisions to make it easier for taxpayers to donate to charities. Congress and the IRS have extended these temporary rules through tax year 2021. One key rule raises the deduction limit for charitable contributions, while another allows taxpayers to deduct certain donations even if they don't itemize deductions on their tax returns.

Standard IRS rules limit the deduction that taxpayers who itemize deductions can claim for charitable donations to at most 60% of adjusted gross income (AGI). However, under the extended special rules, these taxpayers may elect to claim a deduction of up to 100% of their AGI for qualified monetary donations made during calendar year 2021.

Taxpayers who claim the standard deduction ordinarily cannot deduct any charitable donations on their tax returns. However, the special rules allow these taxpayers to claim a deduction of up to $300 (up to $600 for joint filers) for qualified monetary contributions made to charities in 2021. You may claim this deduction in addition to the standard deduction for your filing status.

Only monetary contributions qualify for these special tax benefits. Monetary contributions include donations to qualifying charities made by cash, check, digital payment or credit card, as well as by paying unreimbursed expenses while doing volunteer work. Donations of goods, property (including virtual currency) or labor do not qualify for these temporary deduction rules.

The extended special rules are set to expire at the end of 2021. A tax professional can help you plan your charitable giving for the rest of the year to take advantage of the available tax benefits. The IRS search tool for nonprofit organizations (link below) can help you find eligible charities that accept qualifying monetary contributions.

IRS Nonprofit Search: https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

About us

My goal is to help entrepreneurs and small business increase their revenues, manage cash flow, and take the highest tax savings be in compliance.

If you are trying to Increase Revenues & Step Up To The Next Level, While Receiving quality Customer Service, and Build a solid foundation of mutual Support and Trust then I/we can definitely help you

I am a specialists in Accounting Business and my accomplishments include:


  • Bachelor’s degree in Accounting, Tax preparer, Financial Planning
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