As we put the 2021 tax season behind us, here are a few reminders for individuals and small businesses:
- Privacy – Be sure to protect you sensitive financial information. There are still cases of identity theft so be sure to safeguard credit card statements, your social security number and other personal information.
- Keep Up with Tax Estimated Payments: If you’re a small business owner or a high income earner, it never hurts to formally prepare a 2022 tax projection, pay any needed estimated taxes to comply with IRS Rules and save a few bucks in underpayment of estimated tax penalties.
- IRS Service Levels: Be aware that the IRS is still not running at acceptable services levels. If you need to reply to a notice, do it in writing if you cannot get an IRS representative on the phone. Most days, as of 5/18/22, it is still very difficult to get in contact with a live person at the IRS. Try later in the day or early morning to increase your changes of speaking with a live person to resolve any tax issues. Check www.irs.gov for basic answers to your question(s). In the mean time, be aware of any notice deadlines and put your questions or explanations in writing to the IRS and send via certified mail.
- IRS Notices: Finally, if you receive a notice from a tax agency, contact our office, and we can provide assistance with resolving the issue. We will need to see a copy of the notice in order to help so please fax, mail, email or drop a copy by our office.
We thank our clients for using our firm services. Have a relaxing summer and contact us if we can be of any assistance.