Click on the forms listed below to assist you in gathering the information to prepare your annual income tax returns:
- Donated Goods Valuation Guide
- Senior Citizens & Veterans Tax Credit application- Virtual/Crypto Currency Reporting Requirements
IRS and State credit card/debit card paymentswww.irs.gov/refund
"Where's My IRS Refund?www.marylandtaxes.com
"Where's My Maryland Refund?www.revenue.pa.gov
"Where's My Pennsylvania Refund? Happy New Year and Happy Tax Season! May you be Blessed with All Good Things in this New Year and Always!
Aimee & the Ladies at O'Neills are ready to provide 2021 Income Tax Preparation Services with Gusto and Good Humor!
The Congress has not (yet) passed sweeping Income Tax changes. Stay tuned for news if the "Build Back Better Bill" is passed when Congress Re-Convenes, as there could be significant (and retroactive) changes in that Legislation.
However, many rules which were in effect for 2020 Income Tax reporting are no longer in effect for 2021 Income Tax Reporting. And there are new rules for report in 2021.
A few highlights:
Unemployment is 100% TAXABLE - both Federal & State - Form 1099G
Stimulus payments are not taxable but must be reported - Letter 6475
Advance Child Tax Credit Payments are not taxable but must be reported - Letter 6419
Marketplace Health Insurance Premium Credits must be reported - Form 1095A
Increased reporting requirements for CRYTPO CURRENCY transactions
NO Waiver for IRA distributions due to COVID
We encourage you to use the Client Organizer to assist you in preparing your documents for the 2021 Income Tax Preparation service. See the Client Tax Preparation Forms above.
As you will read, there are new information reporting forms and requirements.
News and Notes for Now....
Dates to Remember:
January 18, 2022 - 4th Quarter 2021 Estimated Taxes due
January 31, 2022 - W-2's to be mailed
If you need O'Neills to prepare your W-2's and year-end reports, please send the information not later than January 21, 2022
January 31, 2022 - 1099's to be mailed
If you need O'Neills to prepare your 1099/1096 Forms, please send the information not later than January 21, 2022
March 15, 2022 - Subchapter S (1120S) and Partnership (1065) filing deadline
April 15, 2022 - Maryland Tax Return filing deadline
April 18, 2022 - Form 1040, Corporate (1120) and Estate (1041) filing deadline
September 15, 2022 - Business Tax Return Extension Deadline
October 15, 2022 - Personal Income Tax Return Extension Deadline
Extensions must be filed by the initial filing deadline. Payments must be paid with Extensions to avoid late payment penalties.
Any returns that are in the office and which have not been filed by April 1, 2022 will be extended.
Information Forms that are required to file your Income Tax return:
W-2 - Wage Statement
1099NEC - Non-employee Compensation subject to Self-employment Tax
1099SA - Social Security
1099INT - Interest Income
1099DIV - Dividend Income
1099B - Capital Gain Income
1099 MISC - other income such as rent
1099 COMBINED Statement - Investments Brokerage Report
1095A - Marketplace Health Insurance
LETTER 6475 - Stimulus Payment
LETTER 6419 - Child Tax Credit Payments
INCREASED scrutiny of Child Tax Dependent Credits and
Child Care Expense Credits (Form 2441)
Form 8332 MUST be signed for non-custodial parents
From 2441 Credit available to PHYSICAL Custodial Parent, only
CRYPTO-CURRENCY activity must be reported as capital gain or loss
Detailed Activity Report can be submitted as an Excel Spreadsheet
Consider a Crypto Coin Trading APP such as "Zenledger.IO"
FOREIGN Bank Accounts of $10,000.00 or more MUST be reported
If you have a dependent child in College PLEASE confirm if your child filed their tax return claiming themselves as a dependent before you file your tax return.
2021 Mileage Deduction:
Business: 56 cents per mile
Medical/Moving: 16 cents per mile
Charity: 14 cents per mile
Charitable Contributions ARE deductible AND you can deduct cash/check/credit card contributions up to $300.00 per person ($600.00 for Married Filing Jointly) without itemized deductions.
APPOINTMENT PROCEDURES: No Walk-ins, please!
Please call to schedule an appointment to deliver your Income Tax Information. Plan to spend at least 15 minutes to review your documents and file information with our staff.
We continue to provide Sanitizer and Masks for protection from COVID and other Flu conditions. We will not permit those who exhibit Cold & Flu symptoms to enter our office.
We also accept and transmit Income Tax Preparation information 7 returns through our encrypted email system.
Aimee is available for appointments as follows.
ZOOM and Telephone meetings are available:
Mondays: 1 pm to 7 pm
Tuesdays: 10 am to 7 pm
NO Wednesday appointments
Thursday: 9 am to 7 pm
Friday: 9 am to 7 pm
Saturday: 10 am to 3 pm
BUSINESS TAX CLIENTS - KEEP ON READING...
2022 Business Mileage Deduction: 58.5 cents per mile
BASIS TRACKING must be reported on each business tax return. This means that you must provide the following information in addition to your business income and expense activity:
Account Name with Beginning and End of Year Balances:
Loans to the business from an Owner
Loans repaid by the business to an Owner
Distributions to Owners
Business Meals and Business Events are 100% Deductible
Country Club, Sporting and Entertainment Tickets are not deductible
$ 1M Section 179 Deduction (Accelerated Depreciation) is available in 2021
O'Neills is seeking an experienced Income Tax Preparer to hire for the current Tax Season - spread the word!
Aimee & the Ladies at O'Neills