Money Matters

The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment.

The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the rest of 2021.

A new year means New Year’s resolutions, cold weather, and tax returns! It’s a good idea to check this item off your to do list as early as possible, so make your appointment with your tax advisor today. Here's a handy checklist of the documents you’ll want to bring to your appointment.

Copies of Prior Year Returns

If you are a new client, please bring copies of your federal and state income tax returns for the last three years.

It's a scenario that keeps people up at night: you've discovered that you made a mistake on your taxes. Will the IRS come knocking on your door? Will federal agents sweep into your home and arrest you in the middle of the night?

Fortunately, neither of those scenarios is likely. Every year, thousands of taxpayers make honest mistakes on their forms and file Amended Returns using Form 1040X. Amended returns aren't just limited to mistakes that will cost you money. Often a correction involves claiming deductions that you missed, or additional tax credits, which can mean a larger refund for you.