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Tax Season 2021

We are approaching the end of another challenging year. Tax season has again come upon us, bringing more uncertainty. We are committed to providing you with timely and professional service.

***   WHAT YOU NEED TO KNOW ABOUT THIS TAX SEASON   ***

As always, we are available to discuss the new government requirements, tax deadlines, and relief efforts, as well as how we can accommodate you for your tax service needs.

  • Meet with us online (Zoom or Microsoft Teams) or by telephone this year for your tax appointment.
  • Send us your documents online by using our online client portal, SmartVault. This is the easiest way to send us what we need to advise you.  ** Please note that SmartVault is the all-in-one solution for online document storage and secure file sharing for tax related documents. It is not available for investment document sharing.**
  • Our fees for tax preparation are based on the complexity of the return and the time it takes to prepare/file it. Due to an increase in firm costs, clients may see an increase in their tax preparation fees. We accept Visa, Mastercard, Discover, American Express, and personal checks. All invoices are due upon receipt.
  • Stay informed about legal requirements, tax relief, financial relief, and more. Visit our website for more in-depth details of some items that may affect you such as:
  1. Child Tax Care Credit: Remember that taking advanced Child Tax Credit payments will reduce the amount you get at tax time. The dates and amounts received are important to let us know.
  2. Stimulus Checks: Just like in 2020, any stimulus check received will not count as taxable income. Instead, it is being treated as a refundable tax credit for 2021. It is important to note that if we don’t notify the IRS correctly on whether or not stimulus money was received, your tax return will take longer to process, and the refunds expected will be subject to change.
  3. Unemployment: As of today, you will not be able to exclude $10,200 of unemployment benefits received in 2021. Please plan accordingly if you did not have taxes withheld.
  4. Foreign Bank Accounts: There are penalties for nondisclosure of any accounts (regular, retirement, or business interest) with a value of $10,000 or greater at any time during the year in a foreign country or foreign business ownership (not through a mutual fund).

In addition, we are continuing with contact-less drop-off and pickup for the 2021 tax season. Information may be mailed to our office directly or personally dropped off. If you plan to drop documents off after business hours, they may be placed in the black mailbox located outside the office’s parking lot. In addition to those options, we have an online portal, SmartVault, by which you can submit and retrieve documents. If you are planning to submit your tax documents using SmartVault, you must first request access if you did not have it already. For your convenience, all copies of client tax returns will be available through SmartVault. As in prior years, you will also receive a paper copy of your tax return upon request.

The tax filing deadline this year, without extension, is Thursday, April 15, 2022. We strongly urge you to get us your information no later than Friday, March 25th. Please call if you would like a personalized tax organizer to assist you with compiling your 2021 tax data.

We sincerely appreciate your loyalty as we always strive to provide you with the most exceptional service. We look forward to seeing you in 2022!