Economic Impact Payments

People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn't received.

For security reasons, the IRS mails this notice to each recipient's last known address within 15 days after the payment goes out. It's especially important for people to keep this notice if they think their payment amount is wrong. When they file their 2020 tax return, they can refer to Notice 1444 and claim additional credits, if they are eligible for them.

Taxpayers should keep this notice filed with all their other important tax records. These include, W-2s from employers,1099s from banks and other payers, other income documents and virtual currency transaction records.

Summary of Year-End Coronavirus Relief Act

There are several key tax provisions contained in the Consolidated Appropriations Act, 2021,
H.R. 133, that was signed into law on Dec. 27, 2020.  Click the link below for more information about how this could affect you.

New Tax Law Snapshot

Recent tax law changes will likely have an effect on your 2018 returns. Most of the individual provisions are temporary and set to expire in 2025. Although the changes may simplify tax returns for some, there are many complex issues to consider. Let us help you navigate these changes and minimize your tax liability to enhance your financial position.

Protecting yourself from tax identity 

Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return. You may not even know you’re at risk until it’s too late.

Tax Tips: Welcoming a new child

Welcoming a new child into your life is a great joy, but it also means big financial changes. These young family members can affect your tax situation. To start off right, here are some tips to keep in mind.

Tax Tips: College & Education

A good education can be a steppingstone to a bright future, but it can also be a big financial burden. Whether it’s the first day of kindergarten at a private school or a second graduate degree, paying for an education has major tax consequences. To start things off right, here are some tax tips to keep in mind.

Contact Us

Susan B. Smith, CPA
Tel:  803-440-2696

Email:  susan@susanbsmithcpa.com

 

Wendi Brazell, Admin Assistant

Email: wendi@susanbsmithcpa.com

Address​​​​​​:

PO Box 376

Blythewood, SC 29016