IRS will begin processing electronically filed tax returns January 23, 2023. Most refunds are issued in 2-3 weeks. However, some refunds are delayed until the end of February. This includes Earned Income Credit, refundable portion of the Child Tax Credit, and the American Opportunity Credit.

With the tax deadline of October 17, 2022 for extended individuals, our office will be open 9-5 October 10, 11, 12, 13 and Oct 17. We will be open 9-2 on Friday, October 14. We are closed on the weekend, October 15-16.

Not required to file taxes? Maybe this year you should anyway. This year (due to covid), taxpayers are allowed to use their 2019 earnings for the Earned Income Tax Credit (EITC). Also, a brand new law removes the 65 year age restriction and expands the credit for people with no children. This creates a unique situation for certain people, particularly recent retirees. We’ve seen folks qualify for the EITC who otherwise had no reason to file. If you, or someone you know, is not filing taxes this year, but had earnings in 2019, you might want to check it out.  

A tax law change passed in March 2021 allows you to exclude up to $10,200 of unemployment compensation from your 2020 income. This is a benefit to you. 

However, if your taxes were filed before this change was in effect, you may have paid too much tax.

What should you do? For now, do nothing. Later, keep in touch.

The IRS has stated they will automatically adjust for this change. They will start sending refunds in May, continuing over the summer months. However, they will not adjust for other tax breaks that might kick in when you lower your income (e.g, Earned Income Credit, Retirement Savings Credit, etc.).

To ensure you receive the full amount related to this tax change, when you get your unemployment-related refund from the IRS please let us know how much you received. We will review your tax return and calculate what we believe you should have received from the IRS. We can then determine what action, if any, is necessary. Keep in mind, this refund is separate and different from the EIP (Stimulus) money.

There is no charge for us to double check your refund amount. If it turns you didn’t get the full amount allowed, we will charge a fee for the additional work to amend your taxes.

This change affects Ohio taxes as well. We are hopeful Ohio will also make the adjustment automatically. 

We expect the IRS adjustment to be correct most of the time. But, just in case, please keep us posted so we can double check.  Please let us know if you have any questions.

We are sorry we aren’t able to meet face to face at the current time. We miss seeing our long-time clients and meeting friendly new faces! That said, we are available by phone and email to answer all of your questions.

You can still schedule an appointment if you like, to ensure we have time set aside for you on a certain day. (We might work on your tax return before your appointment if we have your W2s, etc.) Keep in mind, as of now our building is closed to the public.

We ask that you get us your tax documents at your earliest convenience. Drop off or upload (unsecured email is not always safe!) or mail to us. We will contact you with a few check-in questions. These will be things like confirming your address, dependents, bank info, and other necessary and beneficial tax questions. Then your tax documents will go to your preparer. If you don’t have a particular preparer in mind you can choose first available for faster service.

Once the preparer has your tax documents, they will call with any additional questions, and then your refund (we hope!) amount.

Once we are finished, it’s your turn. You will receive a folder with your tax documents and completed tax returns. Your folder might include “action” items. It is IMPORTANT you review all of your ACTION ITEMS to avoid penalties.

If you prefer a digital copy of your tax returns, let us know. We can deliver your completed returns securely through email or a client portal. You can sign electronically as well.

Most eligible taxpayers will receive their second stimulus (EIP2) by January 15, 2021. If you have not received a payment or any IRS guidance by then, you can claim the refundable Recovery Rebate Credit on your 2020 tax return. 

The total of both stimulus payments are reported on your tax return. It is NOT TAXABLE. It is only included to ensure you receive the full amount.

Parking lot pick-up now available!  Call from the parking lot during business hours and we will bring your completed taxes to you. A secure drop– off box is still right by the front door 24/7. Remember, tax day is Wednesday, July 15.

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
* 4/2/20 change from original answer** Due to the hardship this presents to many citizens, IRS is developing a process to send the stimulus checks WITHOUT the need to file a tax return.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?

The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

We strongly encourage everyone to adhere to Ohio’s stay-at-home order. As a professional service we are allowed to remain open. However, in the spirit of the order, we are closing our walk-up window effective Tuesday, March 24 through April 6. 

If you have an appointment with us, we regret that it is cancelled. When you get your tax documents to us, we will contact you. We invite you to upload your tax documents or mail them to us and we will work on them. Please stay at home as much as possible. 

Our building will be closed to the public and we will have greatly reduced staff, with strict social distancing rules enforced. We will be periodically checking messages and returning calls and emails. Our preparers will be working on alternate days. If you contact our office please be patient if it takes a couple days for us to respond. The tax deadline has been extended until July 15, and while no one really wants to be doing taxes in June and July, we can relax about taxes for the next two weeks. Stay at home and help flatten the curve. Once COVID-19 is under control we will be back at work in full force.