A C T Tax Services

08/03/2022

IRS announces Educator Tax Credit raises from $250 to $300.

Who qualifies?
Educators can claim this deduction, even if they take the standard deduction. Eligible educators include anyone who is a kindergarten through grade 12 teacher, instructor, counselor, principal or aide in a school for at least 900 hours during the school year. Both public- and private-school educators qualify.

What's deductible?
Educators can deduct the unreimbursed cost of:
Books, supplies and other materials used in the classroom.
Equipment, including computer equipment, software and services.
COVID-19 protective items to stop the spread of the disease in the classroom. This includes face masks, disinfectant for use against COVID-19, hand soap, hand sanitizer, disposable gloves, tape, paint or chalk to guide social distancing, physical barriers, such as clear plexiglass, air purifiers and other items recommended by the Centers for Disease Control and Prevention (CDC).

06/16/2022

Standard Mileage Rate Changes July1, 2022. The IRS has announced an increase in the optional standard mileage rate for the final 6 months of 2022. The current 58.5 cents per mile is going up to 62.5 cents per mile. This change is to account for inflation and rising gas costs. To make tax season easier, mark down your mileage from January to June and then start over in July. Your tax professional will thank you!

12/28/2021

A great way to support local charities and lower your tax liability.

At a time when many charitable groups are struggling during the pandemic, the IRS highlights a new provision that allows more people to deduct donations made by 12/31 to qualifying charities on their 2021 federal income tax return. Read: https://go.usa.gov/xeHWD

11/10/2021

Did you know that starting in 2022, the amount you can contribute to your 401(k) plan will increase to $20,500, up from $19,500.

To learn more at www.irs.gov/news

11/03/2021

It is that time of year where people start to think about their favorite charities. Don't forget to document what amounts you give to charity because there is a new tax deduction for gifts up to $600 even if you don't itemize. Have questions or wonder if you qualify send us an email at [email protected] and we will be happy to help.

04/08/2021

Many deadlines and payments have been extended till May 17, 2021. One deadline is still April 15, 2021 and that is estimated quarterly payments. Not sure you pay estimated taxes? Call the office at (248) 482-8205 and we will be happy to assist you.

03/30/2021

Got questions about the third stimulus? An tool online now offers taxpayers a projected Economic Impact Payment deposit date. See: http://irs.gov/getmypayment

03/26/2021

The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions in the American Rescue Plan Act until the agency issues additional guidance. https://go.usa.gov/xs7Bg

All of our clients who already filed with unemployment will be contacted as soon as we receive guidance from the IRS on next steps.

03/25/2021