Candler Tax Services

04/23/2021

Good information on the changes coming to the Child Tax Care Credit.

The IRS is on track to start sending monthly payments of the enhanced child tax credit in July. Here's what to expect.

04/21/2021

The IRS estimates the average taxpayer spends 12 hours working on their taxes and pays an average of $230 to get their paperwork filed.

04/21/2021

There is a little under 1 month left to go before the Tax Filing Deadline. The IRS made many changes to the Tax Code before filing season and during. Some major changes were:

1. Waiving the 10% penalty on 401k/IRA withdrawals for people under 59 1/2 YO.
2. Waiving all penalties for underpayment of ACA subsidies.
3. Declaring the first $10,200 of unemployment benfits non-taxable at the Federal level.

Contact us if you have any questions on taxes or would like us to prepare your taxes for you to make sure you get the best refund possible.

03/18/2021

https://www.cnbc.com/2021/03/17/irs-pushes-april-15-us-tax-deadline-to-may-17.html

The IRS is pushing back the deadline for the tax filing season about one month, to May 17 from April 15.

03/14/2021

This week a new bill was signed into law with many implications to individuals tax situations. Among the biggest changes are

1) A $1400 stimulus payment to eligible adults and dependent children.

2) An increase of the child tax credit to $3600 or $3000 per child/ per year (depending on the childs age). The credit will paid out monthly unless the parents decide to take the credit at the end of the tax year.

3) The first $10,200 of unemployment benefits for 2020 are not taxable at the federal level. The IRS is still working on how to claim this benefit for folks who filed their 2020 taxes prior to this tax change.

03/14/2021

Feel free to post any questions you might have about taxes to our page. There have been allot of changes to the tax laws in 2020 and more still are taking place!