CHARLOTTE – Hey Tax Payer.  We are now in the Last Quarter of 2021. The time is now to start preparing yourself and or your business for the upcoming tax season.

So, Let’s Get To It…

Make sure you get on the calendar of your favorite tax person to have them look over your W2’s to ensure enough taxes are being withheld or your Profit & Loss Statement for Small Businesses to make sure you have everything categorized properly for maximization.

If you have a Home-Based Business or Office at home as a business owner then, of course, you are qualified to deduct a portion of your home to include the utilities (based of square footage), home improvements, and repairs. Of course, if you rent space for your office then you can write off the entire amount. If you worked from home for an employer, either as a result of the pandemic or not, and are receiving a W2 then you are NOT eligible to claim office/home expenses.

The third Stimulus payment was sent out during the first quarter of 2021. If you received this government assistance then please inform your favorite Tax Person. I am sure this will be a question on the 2022 tax questionnaire. Please bring Notice 4441 if you received one for the third stimulus.

As far as the Advance Child Tax Credit Payments, you will need to know the total of credit that was paid out to you in order to compare that total with the IRS. The same as when we asked how much stimulus you received for the 1st and 2nd payments.

In addition, those clients that live in the Gulf Coast states should maintain records of their losses. These losses can be claimed as an itemized deduction. (Gulf States Only)

Relative tax information can be found on our Mays Concepts Facebook page. Please like our page for further tax-related information.

For more information about this article then contact Mays Concepts, LLC at (704) 526-0307, email us at maysconcepts@gmail.com, or visit/like our Facebook page https://www.facebook.com/MaysCon

Remember, You Can Count On me!

*Source: https://www.pncpa.com/insights/prepare-now-for-unique-2022-tax-season/