May Newsletter

Thank you to our new and returning clients for trusting us to assist you this tax season. We appreciate your continued support.

Review Your Withholding

Did you owe with your 2021 tax return? Did we suggest that you update your W4? Do you expect to have changes to your income for 2022? If you said "yes" to any of these questions, we recommend that you review the W4 that you have on file with your employer. 

If you have more than one income source or file a joint return, please be sure to use the "Multiple Jobs Worksheet" on page 3 of the W4.

The IRS Tax Withholding Estimator is a valuable tool to help you correctly fill out your W4. If you're unsure how you should complete the form, try the link below.

Child Tax Credit & Dependent Care Credits

For 2022, the Child Tax Credit has reverted back to $2,000 per child under 17 with no monthly payments.

The Dependent Care Credit has also returned to previous amounts, with a maximum credit of $2,100.

It's important to understand that if you claimed one or both of these credits in 2021, your refund for 2022 may be significantly less. 

How Can We Contact You?

If you're moving, have a new phone number, or have updated your email address, please contact us during the year to notify us of the changes. This will ensure that you receive our communication throughout the year and during the 2022 tax season. 

Tax Planning Appointments

If you're concerned about your withholding or you expect significant changes this year, we recommend that you contact us for a tax projection. If you're interested, please call us at 810-991-1761.

How Long Should You Keep Records?

-Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

-Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

-Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.

-Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

Where's My Refund?

If you would like to track the status of your 2021 refund, you can refer to the IRS Where's My Refund resource. Please be aware that refunds may take longer than expected due to delays at the IRS, and we cannot provide any further information on the status of your refund.

Monday - Friday

9 AM - 4 PM

*From May 27th to September 5th, our office will be closed on Fridays.