Social Security Number (SSN) – DougFreemanCPA.com

Help safeguard your personal information by filing your 2021 tax return early

2021 Tax Return, Child Tax Credit, Economic Impact Payment (EIP), Form 1099, Form W-2, Individual Income Tax, Internal Revenue Service (IRS), Tax Identity Theft, Tax Refund / Douglas Freeman

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself […]

Help safeguard your personal information by filing your 2021 tax return early Read More »

More parents may owe “nanny tax” this year, due to COVID-19

Employees, Employment Tax, Federal Income Tax, FICA, Form W-4, Independent Contractors, Nanny Tax / Douglas Freeman

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners, or others who aren’t independent contractors. If you employ someone

More parents may owe “nanny tax” this year, due to COVID-19 Read More »

Tax credits may help with the high cost of raising children

AGI (Adjustable Gross Income), Child Tax Credit, Dependent Tax Credit, Internal Revenue Service (IRS), Tax Credits, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities, and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes. Changes made

Tax credits may help with the high cost of raising children Read More »

What to do if your business receives a “no-match” letter

Documentation, Employees, No-Match Letters, Social Security / Douglas Freeman

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they

What to do if your business receives a “no-match” letter Read More »