As we are already approaching July, I wanted to provide some helpful updates to consider. Hopefully we continue to see strides in returning to normalcy. In the mean-time, here are some things to consider for 2021:
- Tax season 2020 – if you have not filed your return yet, please be mindful of the September business filing deadline and October individual deadline. The extension deadline will be here before you know it, and we strongly encourage focusing on it now.
- 2021 planning – this is a GREAT time of year to do a mid-year checkup for not only your business/financial planning, but also updating your estimated tax planning. We are able to help with this, and are currently focusing on this for a lot of our clients.
- Advanced Payments for the Child Tax Credit – this is new and possibly just a 2021 item, but for qualified taxpayers, the IRS is going to start sending monthly payments. Any received payments will reduce your tax credit claimed when we file 2021, and you DO have the option to decline the advance payments by visiting IRS.GOV.
- Business Advisory/Planning services – a quick reminder for business-owners who are looking to grow/scale their business or looking to buy/sell a business: we offer strategic support, advanced analytics, and we also offer business valuation services.
Let us know if you need help with anything, are looking for planning services, or just have general questions. Be safe, and enjoy the summer!
-Brian P. Pry, CPA