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Nancy J. Winter, CPA – 2021 and 2022 Capital Gains Tax Rates

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The federal income tax rate that applies to gains from the sale of stocks, mutual funds or other capital assets depends on how long you held the asset and your taxable income. Gains from the sale of capital assets that you held for at least one year, which are considered long-term capital gains, are taxed at either a 0%, 15% or 20% rate.

However, which one of those long-term capital gains rates applies to you depends on your taxable income. The higher your income, the higher the rate. Following are the capital gains taxable income thresholds for the 2021 tax year: [Read more...]

Nancy J. Winter, CPA – How Soon Can You File Your Tax Return

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The IRS has announced that the nation’s tax season will begin Monday, January 24, 2022 and reminded taxpayers who are claiming certain tax credits their refunds won’t be available until the first week of March.

In an attempt to reduce fraudulent returns, the IRS, by law, will delay refunds for taxpayers claiming the refundable Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). As a result, taxpayers who claim these credits should not expect their refund before the first week of March. Taxpayers who choose direct deposit and have no issues with their tax returns can expect EITC/ACTC related refunds to be available in their bank accounts or on debit cards starting the first week of March. [Read more...]

Nancy J. Winter, CPA – 2022 Standard Mileage Rates

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On December 17, 2021, The Internal Revenue Service issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes for 2022. Beginning January 1, 2022, the standard mileage rate is 58.5 cents per mile for business use (an increase of 2.5 cents), 18 cents per mile for medical and moving mileage (an increase of 2 cents), and 14 cents per mile for charitable organization mileage (no change). [Read more...]

Nancy J. Winter, CPA – Child Tax Credit and Stimulus Letters

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Over the last six months, millions of families with children have received a monthly financial boost from the enhanced Child Tax Credit payments. These payments were passed as part the American Rescue Plan in early 2021. But while the financial boost has proven beneficial for millions of families, the monthly payments have now officially come to an end. The IRS issued the sixth and final batch of monthly payments on Dec. 15. [Read more...]

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