Simplified Tax - Dewitt

If you are using cash payment apps in your small business, you may want to review these new reporting requirements with your CPA!

Fact or fiction: The IRS is tracking payments over $600 on Paypal and Venmo in 2022 You'll have to start keeping track of business income received through payment apps, but money from friends and family will not be taxed.

There is some great advice here on how to prepare for this change with your student loan.

Navient will no longer service federal student loans. What that means for borrowers Navient has announced it will no longer service federal student loans, leaving around 6 million borrowers waiting to be matched with a new lender.

Information regarding the Advance Child Tax Credit Payment, including the portal, which allows you to opt out, can be found here:

Advance Child Tax Credit Payments in 2021 | Internal Revenue Service Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

Here is a great summary regarding the current
https://news.bloombergtax.com/daily-tax-report/your-not-so-ordinary-stimulus-check-questions-answered?fbclid=IwAR3JbVlmJrYt0YpOBVhKdUJI8iqTddu-2mfcGBXPXiSepccXk_niD_wiJIQ

Your Not-So-Ordinary Stimulus Check Questions Answered The third round of stimulus checks is already hitting bank accounts. While you probably already know the basics, Bloomberg Tax’s Kelly Phillips Erb tells you what you need to know about the not-so-ordinary situations.

Check out the great resources on our new website! Updated staff bios, tax tips, online appointment scheduling are all featured.

Home | Simplified Tax If you make a retirement plan contribution you could qualify for a credit of up to $2,000. The credit ranges from 10% up to 50% of your contributions into your retirement plan. If your income is less than approximately $65,000 for a married couple or $32,500 for a single person, ...