Heritage Income Tax

Where to find Stimulus Payment amounts, Advance Child Tax Credit payments. With 2022 tax season approaching, it is time to begin gathering the tax information needed to complete your 2021 tax return. This will include two types of government payments you may have received during 2021, the $1400 per person stimulus payment (AKA the economic impact payment) and any advanced....

Are you using summer day camps for child care soon? Here are some tips for you to help you next winter during tax season. First, keep in mind that summer camps CAN be used toward the dependent care expense deduction - as long as both spouses work or attend school. If you are not working, and not a student, you may not take the deduction. Second, be sure to request the summer camp's EIN *today* - you will need the EIN to complete form 2441 (dependent care expenses) and many summer camps are shut down over winter, with no one to answer the phone. You will not need any statements from them, but a ledger of expenses and payments is certainly helpful for your tax preparer. Finally, you cannot use the tuition for overnight camps toward the expense deduction. Day camps only.
After reading this, have you considered that you may have qualified for dependent care expense deductions from 2018 or 2019, and didn't take them? We at Heritage Income Tax are able to assist you with filing an amendment and claiming that refund of taxes paid. Give us a call today (513) 900-9513.

Thinking about electing S-Corp status for your small business? Want to learn if it would really help you, or hurt you? Know what you're getting into before taking the big step. I've detailed ALL the facts, from payroll requirements, to new bookkeeping and tax preparation requirements in the blog article below.

Should your small business elect to be taxed as an S-Corporation? S-Corp election 2021, advantages of being an S-Corporation, disadvantages of being an s-corporation, payroll for S-corporations, bookkeeping for s-corporations, IRS penalties for S-corporations, reasonable salary for S-corporation employee shareholders

Did someone claim unemployment benefits using your social security number? I explain how to remedy the situation in my latest blog article below!

What to do if someone received PUA (unemployment benefits) using your social security number. If you received a 1099-G in the mail recently, and weren't expecting one, chances are your social security number was stolen in order for a thief to claim unemployment benefits in your name. If you received a 1099-G and did not receive any unemployment benefits yourself, the IRS has published clear....