Ryan Goulding CPA

Check out the IRS website for tips and updates for the new year.

IRS tax tips | Internal Revenue Service Tax tips offer easy-to-read information about a wide range of topics.

IRS Free File, available only through IRS.gov, is now accepting 2021 tax returns.

IRS Free File is available to any person or family with adjusted gross income of $73,000 or less in 2021. The fastest way to get a refund is by filing and accurate return electronically and selecting direct deposit. This year, there are eight Free File products in English and two in Spanish.

Avoid "free products" that charge for paying with expected refunds, getting loan, charge for state returns, etc.

Free File: Do your Federal Taxes for Free | Internal Revenue Service IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you.

The IRS announced that tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

Please be on the lookout for the IRS letters related to child tax credit and third round stimulus payments (Letter 6475 for third stimulus payment and Letter 6419 for the Advanced Child Tax Credit Payments). These letters are being mailed out in late January 2022. You can also check your online IRS account

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.

Tax Preparer (Seasonal)

Looking for additional help during tax season at a CPA firm located in Uptown.

The position would be in office. We are looking for a full-time employee but scheduling is flexible. The ideal candidate would start in late January/early February.

The position would involve possibly all of the following tasks depending on skill level.

Preparing tax returns for individuals and small businesses.
Accounting and bookkeeping for small businesses.
Communicating with clients.
Some Administrative work.

Experience with QuickBooks would be helpful.

Pay rate based on experience.

Send resumes to [email protected]

Terrible financial advice is going viral on TikTok TikTok is full of dubious personal finance myths. Here are 10 of them, and why you should be wary.

The CARES Act changes deducting charitable contributions made in 2020. Please consider this an extra nudge to donate!

Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. This meant most people are not able to deduct their charitable contributions.

However, taxpayers who don't itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. The law changed in this area due to the Coronavirus Aid, Relief, and Economic Security Act.

How the CARES Act changes deducting charitable contributions | Internal Revenue Service COVID Tax Tip 2020-153, November 12, 2020

For the first time, the 2020 Form 1040, U.S. Individual Income Tax Return will be available in Spanish. It will also allow taxpayers to indicate whether they want to be contacted in a language other than English. This is a new feature available this coming filing season.

Taxpayers who interact with an IRS representative now have access to over the phone interpreter services in more than 350 languages.

IRS en Español

IRS expands multilingual resources and services | Internal Revenue Service Tax Tip 2020-125, September 24, 2020

The IRS reminds individuals who filed an extension that the Oct. 15 due date to file 2019 tax returns is approaching. Individuals should complete their tax returns and file on or before the Oct. 15 deadline.

IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches | Internal Revenue Service IR-2020-213, September 16, 2020 — The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching.

Missed the July 15th deadline and didn't file an extension?

Taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer will usually qualify if they have filed and paid timely for the past three years and meet other requirements. For more information, see the first-time penalty abatement page on IRS.gov.
https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver

Penalty Relief Due to First Time Penalty Abatement or Other Administrative Waiver | Internal Revenue Service Find out about the IRS First Time Penalty Abatement policy and if you qualify for administrative relief from a penalty.

Chicago Small Business Resiliency Fund | Connect2Capital Chicago Small Business Resiliency Fund Applications for the Chicago Small Business Resiliency Fund now open. The City of Chicago recognizes that COVID-19 has put a difficult burden on our business and non-profit community. As a response to this challenge, the City of Chicago has established the $100...

The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Economic impact payments: What you need to know | Internal Revenue Service IR-2020-61, March 30, 2020 – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.

The filing deadline for Illinois income tax return is extended to July 15, 2020.

www2.illinois.gov