Brauntax

Our Hecker location has been without power since the storms came through yesterday evening. Paul plans to work from the Waterloo office on Monday. We are in the process of trying to contact everyone.

Great way to make a large impact with a small net out of pocket cost.

Stop by to learn more about the Empower Illinois program and its impact on local schools and students!

Tax season is right around the corner. The IRS hasn’t officially announced when they will begin processing 2022 tax returns but my tax software says I can efile on January 23rd so I assume the IRS will begin close to that date. Our extended ours begin Saturday 21st. Please make an appointment for best service.

IRS just activated the portal to unenroll from the advanced child tax credit payments that are scheduled to begin on July 15th. Please be aware that if you are married then both spouses need to opt out separately. If only one spouse opts out then the other spouse will receive half of the advanced child tax credit. All this nonsense for something that will be around for just one year.

The IRS had to pay interest to millions of taxpayers in 2020. Many taxpayers received small direct deposits that may not have been noticed. These interest payments from the IRS just like interest from the bank are taxable income. Don’t be surprised if you get a 1099-INT from the IRS this year.

I haven’t put my sidewalk sign out for awhile even though I have been open. Government says I am essential (at least a cog in the wheel of the government collecting taxes). I didn’t want to cause a stir and upset anyone so I didn’t put the sign out. I believe with some simple common sense adjustments most businesses in our area should be able to operate.

If you get a notice from The Illinois Department of Revenue please let us see it before you do anything. Due to Monroe County’s late property tax bills from over a year ago the Illinois Department of Revenue is denying property tax credits.

We are getting questions about the stimulus payments that will be coming from the Federal government. Right now we have many of the same questions and are waiting official pronouncements. What we know is the IRS will first look at your 2019 tax return to estimate your eligibility and if you haven’t filed your 2019 return then they will look at your 2018 tax return. If you do not meet the eligibility criteria in 2019 or 2018 but you do meet the criteria for 2020 then you will receive the benefit when you file your 2020 tax return next year. If you receive Social Security and are not required to file a tax return then you should still receive the stimulus payment even if you didn’t file a tax return. Please check back as I will post more information as it becomes available.

Tax season has officially been extended. Federal tax returns are now due July 15th. You have plenty of time to file your 2019 income tax returns.

I don’t know if Braun Accounting would be considered an essential business but to someone who just lost their job or was laid off because of the current environment their tax refund would be essential to them. So we will keep going and be sure we complete all the returns that we have already received or have scheduled. We will be meeting clients at the door, accepting mailed in documents, and will work with clients through our online portal. Please be patient as we adjust to the new reality. Contact us with any questions.