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Our Company

 

Simplifying your tax experience.

 

A Digital Agency

At Simply Tax we e-file every tax return.  There are options in place to provide your documents to us digitally – ask us how.  If you would prefer your tax return digitally instead of hard copy – let us know when you drop off.  We will gladly provide your tax return on either a DVD or password protected PDF via email.

Forward Thinking

We enjoy assisting our clients in their tax planning.  If you have a situation that you believe may result in a large tax payment due at the end of the year, come see us.  We will gladly assist in estimating your taxes due and provide you with information to make an estimated tax payment.  This will help to prevent penalties and interest.

Problem Solvers

Get an IRS notice?  Don’t know what to do or how to handle?  We can review the notice and determine a response to send to the IRS to help get the matter resolved.

Client Support

Ask us about our client support programs.  These 3 programs have different services included, they are monthly billing.  All of our client support programs include tax return preparation.

2022 Mileage Rates Increased

by | Jul 28, 2022 | | 0 Comments

The IRS has increased mileage rates effective July 1, 2022.

Rate per Mile  July 1, 2022 thru Dec 31, 2022 Jan 1, 2022 thru Jun 30, 2022
Business 62.5 cents 58.5 cents
Medical 22 cents 18 cents
Charitable 14 cents 14 cents

What this means for you:

As always, you should supply a detailed mileage log to your tax professional.

If you are an individual that tracks your mileage based on your beginning and ending odometer reading, then you will need to supply the odometer reading as of July 1 as well.

Please keep in mind that the IRS requires a contemporaneous mileage log in the case of an audit.

Read more about it here: https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

Advanced Child Tax Credit

by | Jun 29, 2021 | | 0 Comments

For those taxpayers that would like to opt out of the Advanced Child Tax Credit payments.

The website to do so is below.  Please consider how receiving or not receiving these payments in advance can affect your tax return.

Receiving a credit as an advance payment can have a negative affect on your tax return.  If you have owed in the past, you will likely owe more.  If you have received a large refund in the past, your refund will be smaller.  What to consider is whether or not receiving these payments will cause you to owe if you have received a refund in the past.

The formula for determining tax liability, is the calculated income tax (based off your taxable income) less non-refundable credits you qualify for plus other taxes equals tax liability.  Then determine total payments, what has been withheld plus estimates paid plus any refundable credits you may qualify for.  This total payments is then reduced by the tax liability to determine if there is amount owed or a refund.

When you receive advance payments of credits, these credits cannot be considered when calculating the tax owed or refund.

If you would like clarification for your situation, please reach out to your tax preparer.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

2020 Tax Season

by | Jan 8, 2021 | | 0 Comments

The 2020 tax season is right around the corner.  We will be available to meet with clients in person, or via Zoom.  Please call our office if you are interested in using our services for tax preparation.