Geronimo & Silva, LLC

Tax Consequences if you have received your 2021 Child Tax Credit.
When you file your 2021 Tax Return during the 2022 tax filing season you will need to compare:
The total amount of advance Child Tax Credit payments that your received VS the amount of Child Tax Credit that you can claim in your 2021 tax return.
If the amount of your child tax credit exceeds the total amount of you advance child tax payments, then you can claim the remaining amount in your 2021 tax return. HOWEVER, if you received a total amount of payments that exceeds the amount of Child tax credit , then you may need to repay the IRS some or all of the excess payment.
The amount of Child tax Credit depends on your kids' ages, specially if your child turned 7 or 17 in 2020. Another factor to keep in mind is if you claim your child every year or every other year (for divorced parents). Your earned income amount can also affect this credit.

2018 Prepaid Property Taxes.
There is much confusion about whether or not you should prepay your 2018 property taxes so that it can be deducted in your 2017 income tax return, specially after the $10,000 cap on deduction for state and local taxes was included for 2017.

Let me share with you what the IRS has advised regarding this issue.
In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property are assessed prior to 2018. A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017.

Example. On July 1, 2017 County A assesses their 2017-2018 (covers July 1, 2017 - June 30, 2018) property tax from which payment can be done in two installments due on Sep. 30, 2017 and Jan. 31, 2018. The taxpayer may choose to pay the installment due in Jan 31, 2018 on December 31, 2017 and be allowed to claim the portion of 2018. CAUTION: Taxpayers who prepay their 2018-2019 (which covers July 1, 2018 - June 30, 2019) property taxes in 2017 will not be allowed to deduct the prepayment on their federal tax returns because the county will not assess the property tax for the 2018-2019 tax year until July 1, 2018.

If your intention is to take advantage of the prepayment tax, please verify with your town if the property tax for 2018 has already been assessed for the full or partial year. Also, consult with your Tax Professional since every tax situation is different.

Soon it will be time to file your taxes!!

There are a few changes to expect when the filing season begins on January 23.

Usually taxes are due on April 15, but because this falls on a Sunday and the Washington holiday on Monday (Emancipation Day), the nation's deadline to file returns and pay any amount due is April 17.

Call us to make an appointment and meet with a tax professional!

(860) 929-6135
Gsaccountant.com

Geronimo & Silva, LLC www.gsaccountant.com

TAX SEASON IS HERE!!
Call us to help you receive all the credits you may qualify for. Don't wait until the last minute!
What are you waiting for? CALL US! (860)929-6135

LA TEMPORADA DE TAXES YA ESTA AQUI!!
llamenos para ayudarle a recivir todos los creditos por los cuales cualifica. No espere hasta el ultimo minuto! Que espera? LLAMENOS! (860) 929-6135

Are your business finances in order?

We understand that is very hard to focus on the growth of your business while worrying about the business finances, permits, taxes, and many other paperwork that owning a business entails at the same time.

Contact us! Let's get together and come up with a package plan that works for you according to your business needs.

At Geronimo & Silva, LLC our goal is to provide effective and efficient accounting services to all our clients, thus allowing them the time to focus their energy on the growth of their business with the peace of mind that their business' accounting and financial needs are being handled.

You concentrate on starting, running a successful business and making money. Let us worry about the accounting!
***************************************************************************
El objetivo de Geronimo & Silva, LLC es proporcionar servicios de contabilidad eficiente y eficaz a todos nuestros clients. De esta manera, tendrán más tiempo para enfocar sus energías en el crecimiento de su negocio y la tranquilidad de que la contabilidad está siendo debidamente manejada.

Concéntrese en iniciar o manejar un negocio exitoso y en ganar dinero. Deje que nosotras nos preocupemos de la contabilidad!

Are your business finances in order?
We understand that is very hard to focus on the growth of your business while worrying about the business finances, permits, taxes, and many other paperwork that owning a business entails at the same time.
Contact us! Let's get together and come up with a package plan that works for you according to your needs.

At Geronimo & Silva, LLC our goal is to provide effective and efficient accounting services to all our clients, thus allowing them the time to focus their energy on the growth of their business with the peace of mind that their business' accounting and financial needs are being handled.

You concentrate on starting, running a successful business and making money. Let us worry about the accounting!
***************************************************************************
El objetivo de Geronimo & Silva, LLC es proporcionar servicios de contabilidad eficiente y eficaz a todos nuestros clients. De esta manera, tendrán más tiempo para enfocar sus energías en el crecimiento de su negocio y la tranquilidad de que la contabilidad está siendo debidamente manejada.

Concéntrese en iniciar o manejar un negocio exitoso y en ganar dinero. Deje que nosotras nos preocupemos de la contabilidad!

The end of the tax year is quickly approaching!!
Now is the time to get your business financial records in order before the new tax year begins.
Let us help you manage your business and keep your finances on track!

At Geronimo & Silva, LLC our goal is to provide effective and efficient accounting services to all our clients, thus allowing them the time to focus their energy on the growth of their business with the peace of mind that their business' accounting and financial needs are being handled.

You concentrate on starting, running a successful business and making money. Let us worry about the accounting!
***************************************************************************
El objetivo de Geronimo & Silva, LLC es proporcionar servicios de contabilidad eficiente y eficaz a todos nuestros clients. De esta manera, tendrán más tiempo para enfocar sus energías en el crecimiento de su negocio y la tranquilidad de que la contabilidad está siendo debidamente manejada.

Concéntrese en iniciar o manejar un negocio exitoso y en ganar dinero. Deje que nosotras nos preocupemos de la contabilidad!