Sanborn's Tax Service

03/05/2025

Please visit my website sanborntaxservice.com if you have questions or need to schedule an appointment to see me. I very rarely check this page anymore
Thank you
Mark

Sanborn Tax Service Sanborn Tax Service has been providing expert guidance in navigating the complexities of the tax code since 1996. Our team utilizes state-of-the-art tax software, ensuring compliance with the latest updates in tax law. All tax returns are meticulously prepared and electronically....

11/21/2022

Sanborn’s Tax Service is looking for a Tax Preparer with at least 5 years experience to join the team for the 2022 filing season. If you know of someone please share this message and have them direct message me. Tax Preparer will be self employed and more details will be communicated after qualified person contacts me.
Happy Thanksgiving everyone!!
Thank you
Mark

09/21/2022

Anyone, 6 months of age and older, is eligible to receive the COVID-19 vaccine. Find your nearest vaccination location at vaccines.gov.

03/30/2022

Last year the American Rescue Plan transformed the Child Tax Credit programme for six short months, offering a monthly direct payment for families struggling with the economic consequences of the pandemic.

The bill nearly doubled the total amount of offer and made the first half of it available across six monthly payments to provide more immediate assistance. Crucially, the full entitlement was made available to low-income households for the first time.

However after Congress failed to agree to an extension before the end of the year, the boosted Child Tax Credit expired after December 2021.

02/04/2022

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific situation with a qualified tax professional.

01/27/2022

With the new tax season starting this week, the IRS reminds taxpayers to be aware that criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information.

Here are some telltale signs of a tax scam along with actions taxpayers can take if they receive a scam call.

The IRS will never:
Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes.
Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.
Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.
Call unexpectedly about a tax refund.

Taxpayers who receive these phone calls should:
Record the number and then hang up the phone immediately.
Report the call to TIGTA using their IRS Impersonation Scam Reporting form or by calling 800-366-4484.
Report the number to [email protected] and be sure to put "IRS Phone Scam" in the subject line.

More information:
Tax Scams and Consumer Alerts
Report Phishing and Online Scams

01/25/2022

Revenue Procedure 2022-12 provides three procedures for individuals not otherwise required to file 2021 Federal income tax returns. The first two procedures permit these individuals to file simplified returns in order to receive the child tax credit, the 2021 recovery rebate credit, and the earned income credit. The third procedure enables these individuals to file complete returns electronically even if they have zero adjusted gross income.

01/25/2022

IR-2022-18, January 24, 2022

WASHINGTON — The Internal Revenue Service today kicked off the 2022 tax filing season with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds.

The start of this year's tax season – which takes place earlier than last year's February 12 opening – signals the IRS is now accepting and processing 2021 tax returns. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with most before the April 18 tax deadline.

Most taxpayers face an April 18 deadline this year due to the Emancipation Day holiday in Washington, DC falling on April 15. Taxpayers in Massachusetts and Maine will have an April 19 deadline due to Patriots Day; disaster victims have later filing deadlines in some locations.

IRS Commissioner Chuck Rettig noted that taxpayers need to take special care this year due to several critical tax law changes that took place in 2021 and ongoing challenges related to the pandemic.

"IRS employees are working hard to deliver a successful 2022 tax season while facing enormous challenges related to the pandemic," Rettig said. "There are important steps people can take to ensure they avoid processing delays and get their tax refund as quickly as possible. We urge people to carefully review their taxes for accuracy before filing. And they should file electronically with direct deposit if at all possible; filing a paper tax return this year means an extended refund delay."

For most taxpayers who file a tax return with no issues, the IRS anticipates they will receive their refund within 21 days of when they file electronically if they choose direct deposit – similar to previous years. Last year's average tax refund was more than $2,800.

"There are simple steps that people can take that will help them navigate this challenging tax season," Rettig said. "Filing electronically and using online resources instead of calling are just some of the steps that can help people avoid delays."

"IRS employees will do everything possible with the available resources to serve taxpayers this year," Rettig said. "We will work hard to deliver refunds quickly, serve as many people as possible and work to catch up on past tax returns affected by the pandemic. The IRS thanks you for filing your taxes, a critical part of helping our great nation."

IRS tips for a smooth filing season:
Fastest refunds by e-filing, avoiding paper returns: Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year to avoid refund delays. If you need a tax refund quickly, do not file on paper – use software, a trusted tax professional or Free File on IRS.gov.

Avoid delays; file an accurate tax return: More than ever this year, the IRS urges people to make sure they're ready to file an accurate tax return. An accurate tax return can avoid processing delays, extensive refund delays and later IRS notices.

Special care for EIP, advance Child Tax Credit recipients: The IRS also encourages caution to those people who received a third Economic Impact Payment or advance Child Tax Credit in 2021. Taxpayers should ensure the amounts they've received are entered correctly on the tax return. Incorrect entries when reporting these payments mean the IRS will need to further review the tax return, creating an extensive delay. To help taxpayers, the IRS is mailing special letters about the stimulus payments and advance Child Tax Credit payment amounts. People can also check the amount of their payments in their Online Account available on IRS.gov.

Earned Income Tax Credit or Additional Child Tax Credit refunds: By law, the IRS cannot issue a refund involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February, though eligible people may file their returns beginning on January 24. The law provides this additional time to help the IRS stop fraudulent refunds from being issued.

Avoid phone delays; online resources best option for help: IRS.gov is the quickest and easiest option for help. IRS assisted phone lines continue to receive record numbers of calls, more than the agency can handle with its limited resources. Avoid delays: Check IRS.gov first for refund information and answers to tax questions. Establishing an Online Account on IRS.gov can also help taxpayers get information quickly. The Online Account feature has recently been expanded to allow more people to gain access.

Don't normally file a return? Consider filing for CTC, other valuable credits: For people who don't normally file a tax return and didn't file a 2020 return or use the Non-Filers tool, they can still qualify for important credits they're eligible for, including the Recovery Rebate Credit (stimulus payment), advance Child Tax Credit or the Earned Income Tax Credit. The IRS encourages people in this group to file a 2021 tax return so they can receive all the credits for which they're eligible.

Online options for free help; answers to common questions: Use IRS.gov to get answers to tax questions, check a refund status or pay taxes. There's no wait time or appointment needed — online tools and resources are available 24 hours a day.

Other free options for help: IRS Free File is available to any person or family who earned $73,000 or less in 2021. Qualified taxpayers can also find free one-on-one tax preparation help around the nation through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.

2020 tax return still being processed? Tips to help with filing 2021 tax return: For people whose tax returns from 2020 have not yet been processed, they can still file their 2021 tax returns. For those filing electronically in this group, here's a critical point. Taxpayers need their Adjusted Gross Income, or AGI, from their most recent tax return when they file electronically. For those waiting on their 2020 tax return to be processed, make sure to enter $0 (zero dollars) for last year's AGI on the 2021 tax return. Visit Validating Your Electronically Filed Tax Return for more details.

April 18 tax deadline: The filing deadline is April 18 for most taxpayers; automatic six-month extensions of time to file are available for anyone by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

Page Last Reviewed or Updated: 24-Jan-2022

01/19/2022

Steps you can take now to make tax filing easier in 2022
Use tab to go to the next focusable element
View your account information online

Use online account to securely access the latest information available about your federal tax account and see information from your most recently filed tax return on IRS.gov.

You can:

View the amounts of the Economic Impact Payments you received
Access Child Tax Credit Update portal for information about advance Child Tax Credit payments
View key data from your most recent tax return and access additional records and transcripts
View details of your payment plan if you have one
View 5 years of payment history and any pending or scheduled payments
Act now if you need to create an account.

01/19/2022

What's new and what to consider when you file in 2022
Reconcile advance Child Tax Credit payments

If you received advance payments, when you file your 2021 tax return, you will need to compare the advance Child Tax Credit payments that you received during 2021 with the amount of the Child Tax Credit that you can properly claim on your 2021 tax return. The fastest way for you to get your tax refund that will include your Child Tax Credit is by filing electronically and choosing direct deposit.

If you received less than the amount that you're eligible for, you'll claim a credit for the remaining amount of Child Tax Credit on your 2021 tax return. If you received more than the amount that you're eligible for, you may need to repay some or all of that excess payment when you file.

In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that you received in 2021. You need to keep this and any other IRS letters you received about advance CTC payments you received with your tax records and refer to them when you file.

See Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return for more information.

Claim Recovery Rebate Credit

Individuals who didn't qualify for third Economic Impact Payments or did not receive the full amount may be eligible for the Recovery Rebate Credit based on their 2021 tax situation. The fastest way for you to get your tax refund that will include your Recovery Rebate Credit is by filing electronically and choosing direct deposit.

If you received the full amount for your third Economic Impact Payment, you won't include any information about it when you file your 2021 tax return.

If you're eligible, you'll need to file a 2021 tax return even if you don't usually file to claim the Recovery Rebate Credit and you didn't get the full amount of the third Economic Impact Payment.

File an accurate return to avoid processing delays that slow your refund. You will need the amount of third Economic Impact Payment and any Plus-Up Payments you received to calculate your 2021 Recovery Rebate Credit amount using the 2021 RRC Worksheet or tax preparation software.

In early 2022, the IRS will send you Letter 6475 to provide the total amount of the third Economic Impact Payment and any Plus-Up payments that you received. You need to keep this and any other IRS letters you received about your stimulus payments with your tax records and refer to them when you file. Or you can log in to your online account to securely access your Economic Impact Payment amounts. If you are claiming a 2021 Recovery Rebate Credit, you will need the total amount of your third Economic Impact payment and any plus up payments to file your return accurately and avoid a refund delay.

Remember, only eligible individuals who did not qualify for a third Economic Impact Payment or did not receive the full amount should claim the Recovery Rebate Credit on a 2021 tax return. Do not include amounts of missing first or second stimulus payments on your 2021 return.

See IRS.gov/rrc for more information.

Eligible individuals can claim the Recovery Rebate Credit on their Form 1040 or 1040-SR. These forms can also be used by people who are not normally required to file tax returns but are eligible for the credit.

01/03/2022

Happy New Year!! Be on the look out for these letters you will need them to file your return this year...

IR-2021-255, December 22, 2021 — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when p...

08/02/2021

The IRS, state tax agencies and the nation’s tax industry – working together as the Security Summit – need assistance from tax professionals to spread the word to clients that the IP PIN is now available to anyone who can verify their identity.

“An Identity Protection PIN prevents someone else from filing a tax return using your Social Security number,” said Chuck Rettig, IRS commissioner. “We’ve now made the IP PIN available to anyone who can verify their identity. This is a free way for taxpayers to protect themselves, but we need the help of tax professionals to make sure more people know about it.”

The IRS created Publication 5367, IP PIN Opt-In Program for Taxpayers, in English and Spanish, so that tax professionals could print and share the IP PIN information with clients. There are also special posters available in English and Spanish.

For security reasons, tax professionals cannot obtain an IP PIN on behalf of clients. Taxpayers must obtain their own IP PIN.

Read the full news release: Encourage clients to obtain IP PINs