Small Business Financials

Changing tax laws can be confusing in the best of times. Add on the complications brought about by COVID-19? Suddenly everything is even more complicated. But there’s no need to sift through endless information online to figure out which tax updates will be relevant to you — we’ve gathered the top seven 2021 tax changes that most taxpayers should know about before filing next year. So, how did taxes change this year, and how might these new tax laws affect your 2021 tax refund? Let’s go through some of the main events to help you save as much money as possible. 1. The Child Tax Credit increase and advance monthly payments If you’re a parent, don’t forget about the advance monthly Child Tax Credit (CTC) payments. Instead of receiving the credit in one lump sum, many families received part of their 2021 CTC in six monthly installments from July through December and will claim the remaining portion of their credit when filing their 2021 taxes. In January 2022, the IRS will send yo...

I have no idea how to fill out a W-2, or wait, is it a W-4? We get it. Form W-2 and Form W-4 are very similar – in fact, you can’t really have one without the other. Here’s the difference: Form W-2: This is your income statement from your employer. It shows the amount of money you made working for that employer throughout the year as well as the amount of taxes withheld from your paycheck. You need this form to file your federal and state tax returns. Form W-4: This form helps your employer to know how much should be withheld from your paycheck for federal income taxes. You must complete this form and give it to your employer. Use our W-4 Calculator to determine how much you should have withheld in taxes and to complete a new form. Should I use a professional tax preparer or file my own tax return? We know filing your own return may seem daunting, but trust us when we say, it’s not as scary as you may think. In fact, that’s what we’re here to help with. Our suite of products...

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