Davis & Company, PC

09/12/2021

Davis & Company is a sponsor of the 2021 Kennett Mushroom Festival 🍄. Come out and support the community. Open until 5pm today.

06/22/2021

The advanced child tax credit payments will begin going out 7/15/21. If you do not wish to receive your child tax credit early, you will need to unenroll at IRS.Gov. For joint filers, both you and your spouse need to complete the unenrollment process. You have until 6/28/21 to unenroll from the first payment. Use the following link to unenroll. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

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

03/17/2020

IRS and Treasury today announced that, as part of the federal government coronavirus response, taxpayers will have an additional 90 days to file and pay any taxes due. Interest and penalties will not be assessed during this deferral period. This is for the federal government only. Check with your state for any changes.

01/28/2020

Be alert to IRS phone impersonation scams. They surge this time of year. The callers claim to be IRS workers and alter the caller ID readout. Victims are told they owe taxes and must pay up. If you get one of these calls, hang up...and be sure not to give out any information.

01/08/2020

The IRS will begin accepting tax returns February 12th for the 2020 tax filing season.

01/08/2019

Despite the government shutdown, the Internal Revenue Service confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

12/21/2017

Child tax credit increases to $2,000 per qualifying child. Adjusted gross income phase out begins at $400,000 for joint filers and $200,000 for all others.

12/21/2017

State and local tax deductions, including real estate taxes, are limited to $10,000 for itemizers in 2018.

12/21/2017

New tax bill: mortgage interest deduction limited to first $750K of mortgage indebtedness. Amounts of mortgage debt held by end of 2017 may be grandfathered.

12/21/2017

Tax Cuts and Jobs Act - the standard deduction for married filing joint filers rises to $24,000 (up from $13,000). Head of household rises to $18,000 (up from $9,550). All other filers $12,000 (up from $6,500).

12/21/2017

Tax Cuts and Jobs Act - 7 tax brackets with following rates: 10, 12, 22, 24, 32, 35, and 37 percent. These rates expire after 2025. You may need to submit a new W-4 to your employer to avoid over/under withholding of federal income tax.