Ballast Tax and Business Services

04/25/2022

Tax Scams tend to spike this time of year. Read more about common scams, and what keep a eye out for, over on our affiliated Financial Planning company site, Ballast Advisors.

According to the Internal Revenue Service (IRS), tax scams tend to increase during tax season and/or times of crisis.1 Now that tax season is in full swing, the IRS is reminding taxpayers to use caution and avoid becoming the victim of a fraudulent tax scheme.

04/12/2022

With the April 18 tax-filing deadline closing in for most taxpayers, the Internal Revenue Service wants to dispel some new and common myths about getting refund details or speeding up tax refunds. A number of these myths circulate on social media every tax season. https://www.irs.gov/newsroom/irs-dispels-new-and-common-myths-about-tax-refunds-key-information-available-to-help-people

02/06/2022

Before you begin filling out your tax form , consider whether you qualify for disaster relief. If your home or business is in an area that was affected by a natural disaster, such as Hurricane Ida or wildfires, the IRS may extend deadlines for filing returns and paying taxes. To determine whether you qualify, consult the Tax Relief in Disaster Situations page on the IRS website.

02/04/2022

Awaiting processing of previous tax return?
The IRS is attempting to reduce the inventory of prior-year income tax returns that have not been fully processed due to pandemic-related delays. Taxpayers do not need to wait for their 2020 return to be fully processed to file their 2021 return.

02/02/2022

To speed refunds and help with tax filing, the IRS suggests the following:

Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. The dates for furnishing such information to recipients vary by form, but they are generally not required before February 1, 2022. You may need to allow additional time for mail delivery.

Go to irs.gov to find the federal individual income tax returns, Form 1040 and Form 1040-SR (available for seniors born before January 2, 1957), and their instructions.

File electronically and use direct deposit.

Check irs.gov for the latest tax information, including how to reconcile advance payments of the child tax credit or claim a recovery rebate credit for missing stimulus payments. Also, watch for letters from the IRS with important information about those payments that may help you file an accurate return.

01/17/2022

Obviously, we know hiring an accounting firm is a smart idea.

But it's important to spread awareness that the IRS also has a variety of free options available to help taxpayers, ranging from free assistance at Volunteer Income Tax Assistance and Tax Counseling for the Elderly locations across the country to the availability of the IRS Free File program. https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers.

01/15/2022

IRS Tax Tip: By law, the IRS cannot issue a refund involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February, though eligible people may file their returns beginning on January 24. The law provides this additional time to help the IRS stop fraudulent refunds from being issued.

01/14/2022

The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. April 18 will be the tax filing deadline for most.

IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

12/30/2021

Year end tax tips from our financial advisors.

New Blog. Here are some things to consider as you weigh potential tax moves between now and the end of the year. Find all 7 "Year End Tax Tips" on the Ballast Advisors Blog.

https://www.ballastadvisors.com/2021-year-end-tax-tips/

12/17/2021

Need one more reason to give this year? It is now easier to deduct charitable cash contributions on your tax return. Learn more at: http://go.usa.gov/xe4qR

12/16/2021

: A special pandemic-related provision helps most people get a deduction of up to $600 for cash gifts to charity through 12/31. See: https://go.usa.gov/xeHWD

12/14/2021

Supporting a cause before the year is over? Your charitable cash donations of up to $600 made in 2021 may be tax deductible, even if you don’t itemize your deductions. Read the details at: http://go.usa.gov/xe4qR