Crystal Kreiger-Snow Income Tax-Marlow, OK

09/18/2023

Phone lines have been down at the Marlow office for over 2 weeks! Apparently, some AT&T phone lines were cut by a construction crew? Anyway, you can reach me at the Chickasha office @ 405-222-1041 until they are repaired. I'm sorry for any inconvenience this has caused!

01/10/2022

Taxpayers with dependent children: Be on the lookout for IRS Letter 6419. And most importantly...don't throw it away! You will need this when you file your 2021 tax return in order to correctly figure the Child Tax Credit. The letter details how much of the credit you received in advance (if any) and how much you're entitled to claim on your 2021 tax return.

11/29/2021

It's the most wonderful time of the year! And it's also a great time to set yourself up for the best possible tax outcomes. This article lists things to do before the end of 2021 to put yourself in a favorable tax situation for filing season. This includes making any charitable contributions, retirement contributions, renewing ITINs (Individual Taxpayer Identification Numbers), or making salary deferrals.

COVID Tax Tip 2021-175, November 29, 2021

09/27/2021

Paying taxes as a cannabis company owner can be...tricky. Section 280E severely limits the deductions for a cannabis company that non-cannabis company can take without issue. However, the IRS is working on providing guidance to cannabis companies (within federal law, of course) on how they can get the maximum tax benefit while still staying in compliance.

Need expert advice? We have many cannabis industry tax clients and will be glad to answer any questions you may have.

Take a closer look at how IRS is working to positively impact filing, payment and reporting compliance on the part of all businesses involved in the growing, distribution and sales of cannabis/marijuana.

09/17/2021

CALLING ALL NEW SMALL BUSINESS OWNERS:
Are you confused about taxes, quarterly estimated payments, payroll taxes, etc.? There is SO much to keep track of with a business owner, and staying in compliance with the IRS is crucial to keeping a business running smoothly. The Small Business Tax Workshop is a series of videos that will teach you how to stay on top of all of your tax responsibilities.

This workshop is constructed so that the first four segments: Federal Taxes And Your New Business, Schedule C and Other Small Business Taxes, How to File and Pay Your Taxes Electronically, and Business Use of Your Home, may be relevant to you now and are for everyone no matter what kind of business....

06/15/2021

Many families received a letter from the IRS this weekend about advance payment of the Child Tax Credit. Here are the answers to some of the frequently asked questions about these letters:
1) The payments you will begin receiving July 15 are advance payment of one-half of the increased Child Tax Credit for tax year 2021.
2) The amount you will receive monthly depends on the age of your child/children. The total child tax credit amounts are $3600 for children under 6 and $3000 for children 6-17. Half of the credit will be paid in monthly installments on the 15th of each month July-December 2021. The other half can be claimed on your 2021 tax return (filed in 2022).
3) The advance payments will be sent to you via direct deposit (similary to the stimulus payments), as long as the IRS has the correct direct deposit information for you. Otherwise, you will get a check in the mail.
4) You can opt out of the advance payments if you would rather claim the full amount of the credit on your 2021 tax return. However, the IRS has not made that utility available on their website yet. It will (hopefully) be available by the end of June.
5) You can still receive the advance Child Tax Credit payments even if you are not required to file a tax return by using the IRS Non-Filers Tool (see below). *NOTE* This tool can also be used by non-filers to claim the 3rd Stimulus Payment ($1400 each).

If you are aren’t required to file a tax return, give us some basic information for the advance Child Tax Credit.

05/17/2021

Have you heard the good news? Families that claimed the Child Tax Credit on their 2020 tax return will begin receiving monthly payments beginning July 15th! As many of you know, the American Rescue Plan Act increased the Child Tax Credit from $2000/child under age 17 to $3600 for children ages 0-6 and $3000 for children ages 7-16. Since the Act was passed in the middle of the 2020 tax filing season, the IRS will be issuing payments via direct deposit, paper check, or debit card to pay tax payers the difference between the new credit amounts and the amount claimed on their tax return. For example, if a family has one child, age 4, that family will receive $1600 (the difference of the new $3600 credit and the $2000 claimed on their 2020 return) in monthly increments of approximately $300. These payments will be issued automatically, similar to the stimulus payments. If, for some reason, you do not receive these advance payments, you will be able to claim the credit on your 2021 tax return next year.

Information for taxpayers who may receive advance Child Tax Credit payments in 2021.

04/23/2021

About 85% of the tax questions we get are regarding stimulus payments and the Recovery Rebate Credit. This video explains how to claim a credit if you didn't receive the first or second stimulus payment or didn't receive the full amount.

You can claim the Recovery Rebate Credit if you didn’t get your Economic Impact Payments. For more information: https://www.irs.gov/rrc. ...