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February 2022 Newsletter

Preparing for Tax Season

Do I Need a Tax Preparation CPA?

Tax laws are complicated and using a reputable tax preparer can help avoid errors! You need to work with someone who has the experience necessary to minimize your taxes while remaining in compliance with IRS rules. If you choose an inexperienced tax accountant, you may end up paying more than you have to in taxes, and if you choose a careless or unscrupulous accountant, your tax return may raise red flags that lead to an audit. Here are some common errors that cost taxpayers:

- Incorrect filing status

- Entering information inaccurately

- Filing too early

- Math mistakes

- Missing tax forms

Contact us today! Our professional tax preparers are educated and trained to assist in finding any and all ways to reduce your tax bill.

Contact Us

Tax Questionnaires & Organizers Coming Soon!

A completed questionnaire and review of your organizer is one of the “must-haves” we need to start preparation on your return. We will utilize the SmartVault portal to facilitate delivering the questionnaires and organizer to you. Keep a look out for an email regarding these documents from SmartVault come mid-January.

Use the link below to access your SmartVault Portal:

Chandler & Knowles CPAs - SmartVault

Vote C&K Best of 2022 Important Dates

Living Magazine started counting votes for the Best of 2022 Reader's Choice Awards. If you've found our firm to help you or your business, we'd love your vote! Voting ends March 15th.

Click here to VOTE

March 15, 2022

- Deadline for corporate tax returns and partnership tax returns

- Deadline to request six-month extension for corporations and partnerships

April 18, 2022

- Deadline for individual tax returns

- Deadline to request six-month automatic extension for individuals

Important Tax Documents

Do NOT Throw Away!

Letter 6419 - Advanced Child Tax Credit Payment Letter

To reconcile and receive ALL the 2021 child tax credits, you will need this letter that includes the total amount of advance child tax credit payments you received in 2021 and the number of qualifying children used to calculate the advanced payments.

Letter 6475 - Economic Impact Payment Letter

This letter will help Economic Impact Payment recipients determine if you are entitled to and should claim the recovery rebate credit on your 2021 tax returns.

This letter applies to the third round of Economic Impact Payments, which were issued in March through December of 2021.

IMPORTANT: Your tax preparer will need both letters to help prepare your 2021 federal tax return. Please contact our office if you have any questions or click on the button below to read more details from the IRS website.

Read More - IRS Website

What Is Financial Forecasting?

Financial forecasting is an important aspect of your business. It is a way of predicting how your company will perform in the future. Creating a financial forecast can also assist with obtaining financing for projects or purchases. Potential investors and lenders will want to know you have a stable future.

If you are looking for assistance to figure out your financial forecasting, contact our financial planning team today.