SEYMOUR & PERRY, LLC | BLOG

With the new year comes yet another tax season! As you gather your 2021 tax information, be on the lookout for correspondence from the IRS. If you received advance payments of the child tax credit during 2021, you should receive a letter that will help simplify your tax return and maximize any remaining amount owed to you. The American Rescue Plan Act (ARPA) of 2021 revised and expanded the child tax credit for the 2021 tax year, increasing the maximum credit amount and aut

All United States taxpayers must file an annual income tax return. Completing your tax return determines your tax liability, or how much you owe in taxes for that year. Your tax liability takes into account your income, any taxes that have already been paid in advance or withheld from your wages, tax deductions or credits that you are eligible to claim, and any other relevant information. There are three main sections of your tax return: [...]

If you spent money on education-related expenses for yourself or a dependent this year, you are likely eligible for a tax benefit on your 2019 return. Continue reading for answers to common questions regarding education-related tax deductions and credits [...] If your modified adjusted gross income is $65,000 or less (or $130,000 if married filing jointly), you may claim a deduction of up to $4,000. If your MAGI is between $65,001 and $80,000, you may claim [...]

Whether you freelance or own a small business, being self-employed comes with a host of challenges and responsibilities, including unique tax requirements. If you are considered self-employed for tax purposes, it is up to you to accurately track and report your income and make any required tax payments. Maintaining a clear understanding of your tax responsibilities will give you peace of mind during tax season and throughout the rest of the year. [...]

As the decade comes to an end, tax season draws near. If you are looking for ways to reduce your taxable income, you may be surprised at just how easy it can be to lower your tax bill. Follow these suggestions to help you save this tax season. If your last tax bill was larger than expected, you can avoid another unpleasant surprise next tax season by adjusting your withholding amount. You can change your withholding amount at any time by filing a new W-4 form with your empl