A local accountant recently shared advice for individuals and businesses who have not yet filed their tax returns.
Robert Roper, a certified public accountant and senior tax manager with Grand Rapids-based Kroon & Mitchell, recently spoke to the Business Journal about a few things to know this year as far as tax filing goes.
For individuals, the first thing to note is the reporting of the advance child tax credit. According to the Internal Revenue Service, under the American Rescue Plan (ARP) Act of 2021, advance payments of up to half the 2021 child tax credit were sent to eligible taxpayers.
Roper said households already should have received or will receive a document called letter 6419 — one letter per parent, rather than one per household — that will need to be saved and given to the tax preparer so they can be input on the child tax credit worksheet of the household’s 2021 tax return. The letters contain documentation, for each parent, of half the amount of the payment for half of the children in the home, so each parent will need to retain letter 6419 to claim the dollar amount and the number of children listed on their letter on their return.
See the full article at the Grand Rapids Business Journal HERE.
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