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February 2022 Newsletter

Dear Valued Client,

Welcome to the start of tax season. 

This edition of our newsletter covers essential information about the child tax credit, college saving tips, continued IRS delays, preparing for a business sale, and much more. 

It would be best to talk to us before making any significant tax or business decisions. Careful planning can make a big difference in your financial outcome. 

If you or your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities to keep all of our clients prosperous. Your kind reviews and referrals are appreciated.

 






Another Rough Tax Season for IRS and Taxpayers?

This could be another rough tax season for the IRS and taxpayers. Although this year's filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to process and is plagued by staff shortages due to the pandemic and reduced funding in the last few years.

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Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return

Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the credit to $3,000 for each child under age 18 and to $3,600 for children under age 6 at the end of the year.

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Now's the Time to Brush Up Your Bookkeeping Habits

Here are some of our top tips for small steps that will go a long way towards improving your operations in 2022.

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Planning for a Child's College Expenses Should Start Early

Some in Congress have proposed “free” (i.e., government-paid) tuition for community college attendance. Even if that proposal were to become law, it still leaves parents and their children-students responsible for paying for college and university attendance if the student wants a bachelor or other degree. Over the years, Congress has provided a variety of tax incentives to help defray the cost of education. Some tax-related education benefits are currently available while others will be beneficial only with long-range planning, and the sooner these plans are implemented, the better.

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Strategic Preparation is Key to Selling Your Company

What few who are ready to move on realize is that selling requires almost the same amount of effort and planning. Details below.

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Don't Think You Have to File a Tax Return? You May Be Missing Out!

These days the tax return is used for more than just collecting taxes. It has also become a tool for the government to provide social benefits. This article discusses the various reasons and resulting benefits available to you when you file, even if you are not required to, as you may be eligible for a refund of withholding or estimated payments or a refund as a result of a refundable tax credit or even a stimulus payment that you didn’t previously receive. Here are some of the possibilities.

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Costs for Installing Medically-Related Home Improvements Have Tax Benefits

According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 16% of Americans were age 65 or older, and by 2030 all boomers will be at least 65. Boomers aren’t the only reason the nation’s overall population is aging – people are living longer due partly to better health care (even though deaths from COVID-19 have lowered life expectancy projections).

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What's Next for the Child Tax Credit?

If your family received advance child tax credit funds, you are not alone in wondering what will come next from Congress for 2022. Learn more.

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How Can a Nonworking Spouse Qualify to Fund an IRA?

One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to build up their retirement nest egg through their employers’ retirement plans. However, those who are married have an option to accumulate retirement funds that will help make up for some of their lost retirement savings.

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10 Must-Have Policies for 2022

Some laws require employers to provide information to employees via a written policy. Policies are also important for communicating company expectations and requirements. This article discusses 10 policies that are considered must-have for 2022.

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How to Automate Email Reminders for Overdue Customers

One way to keep your company's cash flow positive is by sending email reminders to overdue customers. QuickBooks Online can automate this.

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February 2022 Individual Due Dates

Here are the February 2022 Individual Due Dates.

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February 2022 Business Due Dates

Here are the February 2022 Business Due Dates.

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Financial Concepts, Inc. (San Rafael)
4040 Civic Center Drive, #200
San Rafael, CA 94903
Ph: (415) 492-2832
Fax: (415) 892-3442
joe@efinancialconcepts.com
Financial Concepts of Scottsdale, LLC
7702 East Doubletree Ranch Road, #300
Scottsdale, AZ 85258
Ph: 480-423-7042
Fax: (415) 892-3442
joe@efinancialconcepts.com
 

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