Transparency Accounting
AC Tax Group aims to educate our clients on the continuously changing tax laws and provide comprehensive solutions to stay compliant.
We provide full service accounting as the tools for startup businesses to succeed in their growth by establishing solid practices at the foundation.
We combine the latest technology and techniques to offer a modern approach to accounting that simplifies the process and eases the burden on the client.
We represent clients before the IRS to resolve tax issues, negotiate debt, and respond to letters and notices.
We specialize and focus on tax and accounting and do not prepare or audit financial statements.
If there is a form issued by the IRS, then we can help. From estates to individuals, we enjoy being in a position to help.
Specialty Solutions
We are a full-service Accounting firm licensed in Delaware. We offer a broad range of services for business owners, and independent professionals. We are affordable, experienced, and friendly.
AC Tax Group is one of Delaware’s top accounting and tax firms. We provide tax and accounting solutions for small businesses and individuals in Delaware, including the following areas and their surroundings: Wilmington, New Castle, Greenville, Hockessin, Pike Creek, Bear, Middletown, Townsend, Clayton, Smyrna, Dover, Georgetown, Rehoboth Beach, Bethany Beach, and Seaford.
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⚠️Here are some changes to personal taxes for 2021:🧐
📅Deadline is April 18th not April 15th
🧑🎓Tuition and fees deduction is still OUT🚫
💲Economic impact payment—EIP 3 aka Stimulus check #3
💻Virtual currency question...Do NOT leave this field blank.
👉Form 9000, Alternative Media Preference
⃣All taxpayers now eligible for Identity Protection PIN
👶Letter 6419. If you received advance child tax credit payments during 2021
😷Amounts paid for PPE, such as masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus, are qualified medical expenses.
AND the biggies👇
✅DEPENDENT CARE CREDIT-For 2021, the dollar limit on qualifying expenses increases to $8,000 for one qualifying person and $16,000 for two or more qualifying persons. Income limits increased significantly.
✅CHILD TAX CREDIT-the child tax credit has been enhanced for 2021. The child tax credit has been extended to qualifying children under age 18. Depending on modified adjusted gross income, you may receive an enhanced credit amount of up to $3,600 for a qualifying child under age 6 and up to $3,000 for a qualifying child over age 5 and under age 18. The enhanced credit amount begins to phase out where modified adjusted gross income exceeds $150,000 in the case of a joint return or surviving spouse, $112,500 in the case of a head of household, and $75,000 in all other cases.
#taxupdates #taxes #tax #taxseason #taxaccountant #enrolledagent
❗️Reminder for Business Owners❗️
💰If you pay Independent Contractors (ICs) throughout the year you MUST file a 1099📄 for every IC paid $600 or more.
🏃♀️Hurry though, 1099s must be filed by the end of THIS month!⏳
Here at AC Tax Group, LLC we can do that for you.~
Call (844) 378-1040 or e-mail admin@actaxgroup.com for more information.
And new for 2022 in Florida when you hire an independent contractor and expect to pay them more than $600 you have to report them to the state as a new hire.
Solid post game
What's S Corp Basis and why does it matter?
Well, the IRS finally created the form requiring shareholders to report their stock basis, form 7203.
www.irs.gov/pub/irs-dft/i7203--dft.pdf
Basis allows shareholders to deduct losses and profits allow the shareholder to take dividend distributions.
If there is NO basis, then you can NOT claim the loss.
If you take too much money out of the company, personally, with NO basis, that is taxed as Capital Gains TAX.
This rule passed in 2017 and is now a requirement to file your personal tax return. Basis has always been required but not until NOW that its been required to file.
WE manage basis and optimize the dividends for ALL S Corps as part of our ACCOUNTING PACKAGE.
And so it begins...
The IRS will begin accepting all business tax returns at 9 a.m. Eastern on January 7, 2022.