Patel Tax & Accounting Solutions

07/23/2021

https://www.cnet.com/personal-finance/taxes/millions-of-unemployment-refunds-in-july-irs-timeline-status-tax-transcripts-and-more/

The IRS issued millions more refunds for 2020 unemployment compensation last week. Here's what to know about who qualifies, when to expect your money and how to check online.

07/09/2021

https://www.cnet.com/personal-finance/taxes/the-irs-has-35-million-tax-returns-in-backlog-heres-how-to-track-your-money/

We'll explain what the backlog means for your tax refund and how to track it online with the new IRS tools.

05/24/2021

**CHILD TAX CREDIT**

Did you know the federal government is rolling out their child tax credit plan where depending on the age of your child you will receive between $3,000-$3,600 total? Starting in July, the government will be disbursing half of your total eligible amount in monthly installments until December 2021 via direct payment into your bank account or mailed checks. That means parents should be receiving $250-$300 per child each month until the end of the year.

The remaining half will be received in your 2021 tax return as a credit. See the link below on how you can prepare and make sure you receive your eligible amount!

If you have an questions feel free to reach out via email at [email protected] or our website www.pateltaxaccounting.com

https://www.cnet.com/personal-finance/child-tax-credit-youll-use-these-2-irs-portals-to-get-your-money/

The online child tax credit portals will open before the monthly payments begin July 15. You'll be able to change your status and more.

03/18/2021

**IRS UPDATE**

IRS has announced the 2021 tax filing due date has been extended from April 15th to May 17th. If you haven't had a chance to complete your return this season/ need assistance feel free to contact us via email or phone.

Email: [email protected]
Phone: 908-800-2239.

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

02/01/2021

Hi Everyone!

Tax Time is in full gear! With that please reach out if you need help with your taxes or have any questions regarding. We are happy to help!

[email protected]
908-800-2239

Welcome to Patel Tax & Accounting Solutions LLC. We are a Full Service tax Preparation, Planning, and Accounting Services firm whose main goal is to provide quality work to all clients.

01/01/2021

Happy New Year to everyone from Patel Tax & Accounting Solutions! We wish everyone a happy and blessed year!

12/30/2020

**ATENTION ALL** COVID RELIEF BILL SUMMARY

Please see the PDF below for a summary of the recently passed Covid Relief Bill in December. We wanted to make it easier for all to know how they many be able to benefit from this Bill. Please forward and share this link to anyone that it may be able to help. We would like to do our part and assist everyone whether they are our client or not.

https://sites.google.com/pateltaxaccounting.com/updates/home .u683kjpizjjn

Feel free to contact us with any questions at [email protected] or 908-800-2239.

Please see the PDF below for a summary of the recently passed Covid Relief Bill in December. We wanted to make it easier for all to know how they many be able to benefit from this Bill. Please forward and share this link to anyone that it may be able to help. We would like to do our part and assist....

12/14/2020

Hi Everyone!

Tax Season is right around the corner! With that said the best way to be prepared is to have all your documents in order and be ready to go! The faster you file the faster you can get your potential refund!

If anyone needs help with their tax preparation for both personal and business returns feel free to reach out! We at Patel Tax Solutions are here for you

[email protected]
908-800-2239

12/01/2020

Week 7

Saver's Tax Credit?

This credit (Fka Retirement Savings Contribution Credit) is a great way for individuals who don't make much income or have had their income affected this year due to coronavirus capture the benefits of still saving for RETIREMENT (401k, IRA, etc.) and get their money back! Single filers can get up to $1,000 and joint filers $2000 back as a credit. Please see the link provided below to see if you qualify.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit

Please note this is a credit which means it is cash coming back to you not tax deduction (making this even better)!!!

If you have any questions please feel free to reach out to [email protected]

The Saver's Credit is a tax credit for eligible contributions to your IRA, employer-sponsored retirement plan or Achieving a Better Life Experience (ABLE) account.

11/26/2020

Happy Thanksgiving to everyone from Patel Tax & Accounting! There are so many things to be thankful for this year but one thing we aren't for is taxes! If you want to get ahead by starting your tax planning for next year and find potential savings feel free to reach out via the email below.

[email protected]

11/24/2020

Week 6

College - American Opportunity Tax Credit (AOTC) & Lifetime Learning Credit (LLC)?

This week we wanted to talk about colleges and the potential credits you may qualify for. Parents as well as Post Grad students please read below as this will help you the most.

The first is the American Opportunity Tax Credit. This is a maximum credit of $2,500. The Modified Adjusted Gross income limit (MAGI) is $80,000 for single filers or $160,000 for joint filers. For a list of criteria to be eligible for AOTC please see link below.

Source: https://www.irs.gov/credits-deductions/individuals/aotc


The second credit is the Lifetime Learning Credit. This credit is unique in that it does not have any time limit. That is you could be in graduate school 20 years later and potentially qualify. The maximum credit is $2,000 per return. The Modified Adjusted Gross income limit (MAGI) is $68,000 for single filers or $136,000 for joint filers. For a list of criteria to be eligible for LLC please see link below.

Source: https://www.irs.gov/credits-deductions/individuals/llc


Know your Options!!!

Any questions feel free to reach out via [email protected] or 908-800-2239

Do you pay higher education expenses? Find out if you are eligible for the Lifetime Learning Credit or other tax benefits for education.