Reservoir Tax Service

01/27/2023

We’re looking for someone who can work Monday, Tuesday, Thursday and Friday afternoons through April 15, 2023. Hours are from 2 or 3 until 5 four afternoons a week. Job duties will be some filing, taking client drop off and pick up, answering phone calls.

01/25/2022

IMPORTANT NEWS for those who received Advanced Child Tax Credit money last year! The IRS will be sending out Letter 6419 to reflect the amount of credit you received. DO NOT THROW THIS LETTER AWAY!!! You will need this letter along with W-2's and other important tax paperwork in order to complete your tax return. Please keep an eye out for this!

07/15/2021

IRS: Monthly Child Tax Credit payments begin

WASHINGTON — The Internal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes.

This first batch of advance monthly payments worth roughly $15 billion reached about 35 million families today across the country. About 86% were sent by direct deposit.

The payments will continue each month. The IRS urged people who normally aren’t required to file a tax return to explore the tools available on IRS.gov. These tools can help determine eligibility for the advance Child Tax Credit or help people file a simplified tax return to sign up for these payments as well as Economic Impact Payments, and other credits you may be eligible to receive.

Under the American Rescue Plan, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. Normally, anyone who receives a payment this month will also receive a payment each month for the rest of 2021 unless they unenroll. Besides the July 15 payment, payment dates are: Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.

Here are further details on these payments:

Families will see the direct deposit payments in their accounts starting today, July 15. For those receiving payment by paper check, they should remember to take into consideration the time it takes to receive it by mail.

Payments went to eligible families who filed 2019 or 2020 income tax returns.
Tax returns processed by June 28 are reflected in these payments. This includes people who don’t typically file a return, but during 2020 successfully registered for Economic Impact Payments using the IRS Non-Filers tool or in 2021 successfully used the Non-filer Sign-up Tool for Advance CTC, also on IRS.gov.

Payments are automatic. Aside from filing a tax return, including a simplified return from the Non-Filer Sign-Up tool, families don’t have to do anything if they are eligible to receive monthly payments.

Additional information is available on a special Advance Child Tax Credit 2021 page, designed to provide the most up-to-date information about the credit and the advance payments. It’s at IRS.gov/childtaxcredit2021.

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

05/26/2021

https://www.wsj.com/articles/child-tax-credit-expansion-when-does-it-start-who-is-eligible-and-how-much-is-it-11621369448?mod=hp_major_pos1

Payments will go to about 39 million households starting July 15. Here are questions and answers about the benefit.

03/30/2021

https://www.usatoday.com/story/money/taxes/2021/03/30/irs-stimulus-check-2021-ssi-social-security-covid-payment/4805986001/

When can Social Security recipients expect third stimulus checks? The IRS projects many COVID payments to be sent electronically by April 7.

03/25/2021

Have you ever thought about adoption?

The adoption process can be expensive. Fortunately, the adoption tax credit can help offset some those expenses Taxpayers who adopted or started the adoption process in 2020 should review the rules for this credit.

Here are some facts to help people understand the credit and if they can claim it when filing their taxes:

• The maximum adoption credit taxpayers can claim on their 2020 tax return is $14,300 per eligible child.
• There are income limits that could affect the amount of the credit
• Taxpayers should complete Form 8839, Qualified Adoption Expenses. They use this form to figure how much credit they can claim on their tax return.
• An eligible child must be younger than 18. If the adopted person is older, they must be physically or mentally unable to take care of themselves.
• This credit is non-refundable. This means the amount of the credit is limited to the taxpayer's taxes due for 2020. Any credit leftover from their owed 2020 taxes can be carried forward for up to five years.
• Qualified expenses include:
o Reasonable and necessary adoption fees.
o Court costs and legal fees.
o Adoption related travel expenses like meals and lodging.
• Other expenses directly related to the legal adoption of an eligible child.
• If the taxpayer and someone other than a spouse each paid qualified adoption expenses to adopt the same child, the $14,300 credit must be divided between the two of them.
• Expenses may also qualify even if the taxpayer pays them before an eligible child is identified. For example, some future adoptive parents pay for a home study at the beginning of the adoption process. These parents can claim the fees as qualified adoption expenses.
• Qualified adoption expenses don't include costs paid by a taxpayer to adopt their spouse's child.

03/22/2021

https://www.usatoday.com/story/money/2021/03/22/check-my-stimulus-check-2021-irs-third-covid-payment-update/4801162001/

When can Social Security recipients expect the third stimulus check? The IRS says more payments are on the way but no date has been announced for SSI.

01/19/2021

https://www.forbes.com/advisor/personal-finance/wheres-my-600-stimulus-check-7-reasons-it-hasnt-arrived-yet/

Many Americans may have been buoyed by President-elect Joe Biden’s announcement that he plans to send additional $1,400 stimulus checks as part of his American Rescue Plan. But millions of Americans still haven’t received their $600 second stimulus checks—and the deadline to distribute them is...

07/11/2020

The deadline to file your taxes is July 15, if you need an extension filed please call the office and let us know ASAP.

601-992-7669

05/06/2020

We are still processing returns, if you are ready to get your tax return prepared please call us at 601-992-7669.

04/27/2020

https://www.foxbusiness.com/lifestyle/irs-enhances-get-my-payment-online-application-to-help-taxpayers

The "Get My Payment" tool can be accessed through IRS.gov

03/24/2020

We are asking you to send us your tax information as soon as possible. We would like to stick as close as possible to the original April 15 deadline. This will not affect your ability to pay any tax due at the later payment deadline.

We are taking tax returns via drop off. In addition, our outdoor dropbox is available. You can reach us at 601-992-7669 or [email protected].