Following intensive work during the past several months, the IRS announced that processing on a key group of individual tax returns filed during 2021 will be completed soon. Read more about the status of IRS processing here.
Shelby Aschliman, a CPA in our Paulding office, was recently interviewed on the Paulding County Business Weekly podcast and discussed our firm and the services we provide. Listen to the podcast here.
The Internal Revenue Service recently announced an increase in the optional standard mileage rate for the final 6 months of 2022 in recognition of recent gasoline price increases. For the first 6 months of 2022, the rate has been 58.5 cents per mile. For the period 7/1/22 through 12/31/2022, the new rate will be 62.5
Recently married, or know someone who was recently married? This article points out some things individuals should do tax-wise after getting married. Read the article here.
The IRS has had significant backlog for quite a while. Recently, the IRS released information on the status of tax return processing (including as of May 6, 2022, it still had 9.8 million unprocessed individual income tax returns). Read more in this article here. The IRS also provided additional information here.
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Paul Neiffer from Farm CPA Today had an interesting analysis of the 2021 inflation numbers. Read his analysis here.
Ohio has a new credit for those who choose home education for their children. Beginning on 2021 Ohio tax returns, taxpayers who choose home education may deduct up to $250 of education expenses for home instruction of their children. According to the Ohio Revised Code: “Education expenses” means expenses or fees for any of the
The sales tax rate for Paulding, Ohio increased back to 7.25% as of January 1, 2022 (after decreasing to 6.75% as of October 1, 2021). For our clients who collect Paulding sales tax, you’ll want to update your systems to reflect this change. You can read more about this change here:
The IRS is planning to send out letters for recipients of Advance Child Tax Credit (CTC) and the third round of Economic Impact Payments (EIP). It is important for you to get these letters to us when you receive them so that we can accurately prepare your 2021 tax return. We need you to save them