It’s that time of year again! We at McCarthy Accounting and Taxes hope you and your family had a delightful holiday season. We also want to thank you for your continued support over the years. Our wonderful team of Tresa, Dave, Lois and Courtney remain intact. We even welcomed a new member: Brittany La’Barre. We also hope to bring on one more person as we grow thanks to your support!
Below is a checklist of documents you might need to set aside in order for us to complete your taxes depending on your circumstances. We will also offer an organizer to anyone who desires one.
- __ W-2’s
- __ 1099 (Int / Div. / NEC / Misc.)
- __ 1099B (Documents from Stockbrokers)
- __ 1099 SSA (Social Security)
- __ 1095 A (Marketplace) or B/C (If given by employer)
- __ Record of Estimated Tax Payments
- __ Stimulus Payment Information (IRS Notice 1444-C or Letter 6475) __ 1099-G from Unemployment Benefits
- __Child Tax Credit Advance (Letter 5419)
The standard deductions for 2021 have gone up: 12,550 for Single, 25,100 for MFJ, and 18,800 for HOH. If your itemized deductions last year were more than these amounts, you may send us the following:
- __ Real Estate Tax amount
- __ Medical/Dental Expenses
- __ Medical Insurance
- __ Charitable Contribution (Monetary or Material)
- __ 1098 (Mortgage Interest)
If you are claiming children (dependents), you will need to provide the following of the dependent’s information:
- __ First and Last Name
- __ Birthdate
- __ Social Security Number
If your dependent is in college, you will also need to provide a copy of their 1098T and a 1099Q (if they are on a Prepaid Plan).
Please inform us if your filing status or any exemptions have changed. In addition, if you have had any other financial transactions (i.e.: sale of house or stocks) that occurred during the year.
Once you have collected all the necessary paperwork, feel free to drop it by for us to begin a review and complete your return. If you have had significant changes, or would like to make an appointment, please give us a call and we will be happy to schedule a meeting for you with your tax preparer. We hope everyone has had a healthy and happy year, and look forward to speaking with you soon.
With warm regards,
McCarthy Accounting and Taxes
Due Dates for Tax Year 2021
- The final ‘Estimated Tax Payment’ for the tax year of 2021 is due by Jan 18, 2022.
- The IRS will start accepting personal tax returns on Jan 24th, 2022.
- Forms W-2 and 1099-MISC or 1099-NEC (with box 7) are due on Jan 31st, 2022.
- Earned Income Credit & Advanced Child Tax Credit: no refund issued before mid-February 2022.
- Tax returns and payments are due on or before Monday, April 18th, 2022.
Tax Year 2021 Key Changes
- An important CARES Act provision lets you deduct $300 in cash charitable contributions “above- the-line” even if you are not itemizing ($600 if MFJ.)
- You may be eligible to receive the Recovery Rebate Credit if you were not issued an Economic Impact Payment (EIP) or if it was less than the amount of $1,400 for Single, $2,800 for MFJ, and $1,400 for each qualifying dependent.
- If you received the first half of the Child Tax Credit as an advance, the other half of the credit will go towards any taxes due on your tax return or refunded if no other taxes are due.
- Our new secure portal, Tax Dome, is an email alternative. You can still mail in your paperwork!