Anthony Sykes & Company

             There are simple steps all of us can take now to make the filing process in 2022 go as smoothly as possible. Let’s not overlook the fact that we are about a month away from this starting. Here are a few tips that might keep you from being caught off guard.           Organize your tax records. One of the most stressful parts of tax season is searching for documents. We can start to lessen that stress by gathering, or preparing to gather, forms like a W-2 from an employer, a 1099 from unemployment compensation or a pension. Also make sure to have any records related to digital currency transactions. Make it a habit to keep this documentation for at least 3 years.           Review your withholding. Make sure that your withholding is in the right place to start 2022. If there was a surprise tax bill this year, or a larger than expected refund, ...

           With each new year, the Internal Revenue Service ( IRS ) makes changes to the tax law, and 2022 will be no different. Now is the time to get informed about these adjustments.           Economic Impact Payments have been a part of our lives for 2 years. However, some may not have received all of their third payment. A taxpayer in this situation may be eligible for the recovery rebate credit . They would need to file a 2021 tax return to determine how much they could claim. It is also necessary to use the records you already have regarding your previous stimulus payments. Keeping good records is always important.           When it comes to Child Tax Credits , many families got monthly advance payments. If the total was less than they were eligible for, the balance can be claimed on their tax return. If there were no advance payments, the entire amount can ...

             This is the busiest shopping season of the year, and most of it is being done online. This means that criminals are actively trying to find opportunities to steal your information. They often use it to try and get a fraudulent tax refund. This is our second post about how we can protect ourselves.           Beware of scammers using fake charities . This is a time of year when many want to give to organizations. Criminals know this and try to use it to their advantage. Never let anyone pressure you into donating without doing research first. Make sure the charity is real by confirming its exact name, website, and mailing address. If the name is similar to, but not the same, as a well-known charity, this is often a sign of fraud. Give donations by credit card or check, do not give gift cards or wire money.           Businesses need to learn b...

             This is the busiest shopping season of the year. As a result, criminals are doing their best to find ways to steal your sensitive personal information. Another time they try to do this is during tax filing season from January to April. However, according to a recent security report from the Internal Revenue Service ( IRS ), even if someone doesn’t file a tax return, their online interactions can reveal that same data and often it is used to try and get a fraudulent tax refund. How can we protect ourselves?           There are some basic steps that we can all take. Make sure that there is security software on all your devices and that it stays updated. Avoid the trap of phishing scams . These are the messages that seem to be from a legitimate source, but they ask for your personal information. They might claim to have information about Economic Impact Payments, Child Tax Credits, or oth...

             Time seems to move faster and faster. With the end of the year approaching, now is the time to prepare for filing taxes in 2022. Before we know it, different tax forms will be released documenting activity for this year. How can we get ready for that now?           Something that has made this year different from others are the advance Child Tax Credit payments and the third Economic Impact Payment. For those who qualified for this income, all documents need to be saved. This will help determine if the Taxpayer is eligible for a credit, especially if they did not receive their full payment. Now is the time to make sure that any address or name changes have been reported to the Internal Revenue Service ( IRS ) to avoid needless delays. Planning now will make things easier during filing season.