Your one stop shop for all your Tax Preparation , Tax Planning and Accounting Solutions. Our commitment towards excellence allows us to offer a complete range of accounting, tax and consulting services - delivered with a personal and professional touch. We value our role as trusted partners who know our business and respect yours.
We are committed to help you succeed by providing professional services with a better understanding of the numbers related to your personal and/or business finances, including financial statements, trend analysis, cash flow projections, and changing tax laws that may affect you in your unique situation.
We are IRS recognized Enrolled Agents & CPA Firm with qualified individuals those have vast experience in the field of Accounting, Book keeping, Tax preparation and Payroll Services.
Our Tax Professionals and fully qualified and have in-depth knowledge of all the deductions and credits those guarantees to get you the MAXIMUM refund. Since we take our clients very seriously and are available throughout the year to advise on life changes or IRS problems that may arise. There will inevitably be events that impact your tax situation such as the birth of a child, start of a new business, sale or purchase of a home or inheritance from your parents, IRA(s) and health saving accounts etc. We analyze your life changes not only for tax risks, but for opportunities that can be availed. We help you device a strategy that can surely save you a lot on taxes.
When we prepare your return, we stand behind our work and will take full responsibility to pay any penalties and interest on federal, state and local returns which are assessed due to an ASM error. In addition, if the IRS audits you, we will assist you in the audit process and can represent you as Enrolled Agent with some additional cost.
We conduct an effective interview with the taxpayer to collect and confirm the correct information. We use various communication techniques to probe and secure information we need to prepare a complete and accurate tax return.
We carefully screen the collected information to match it against the IRS available deductions and credits. Our experts work hard to minimize your tax and maximize the refund and the result of all these efforts is rewarding. We double check and make sure your return is prepared 100% accurate. Maximum Refund, Excellent Services, Lowest Prices and eventually Happy Customers!
Our Experts provide advice and insights specific to your industry, type of business or individual tax situation. We help you understand the big picture and lead you to get maximum available benefits in your situation. We have variety of services as follows,
Please note the following tax due dates and come back often to keep up with the changes.
Tax Brackets and Tax Rates. The tax brackets and tax rates were changed in 2018. There are still seven (7) tax rates. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Followings are the details of these brackets and rates:
Taxpayers should be aware of the following dates and deadlines that pertain to their business:
March 15 - Partnerships and S Corporate tax returns are due.
April 15 - C Corporation & Personal (1040) tax returns are due
September 15 - This is the final deadline for extended Partnerships, C Corporations and SCorporations.
Note: Business returns filing deadlines were changed by IRS last year (2019)
This is the due date for the tax return and also for the Schedules K-1 that the entity must provide to its owners. This change actually makes more sense, intuitively: Both S corporations and partnerships are flow through entities, while C corporations are completely separate entities from their owners. Changing the due dates so both partnerships and S corporations (the flow through) is March 15 gives the individual owners of those entities one month to use the tax information from the entity filing for their individual income tax returns, which is due April 15 It also makes more sense for the C corporation returns due date to be April 15 because there is no flow through aspect of C corporations, so that corporate tax filing is not necessary prior to filing the shareholders’ individual tax returns.
Tax Event | 2021 deadline | 2022 deadline (expected) |
---|---|---|
Fourth installment of estimated taxes is due |
January 15, 2021 | January 18, 2022 |
Deadline for employers to send W-2 forms and most 1099 forms |
February 1, 2021 | February 1, 2022 |
IRS begins accepting tax returns |
February 12, 2021 | January 2022 |
File a new W-4 form if you claimed exemption from income tax withholding the previous year |
February 16, 2021 | February 15, 2022 |
Deadline for companies to send 1099-B, 1099-S, and certain 1099-MISC forms to recipients |
February 16, 2021 | February 15, 2022 |
Partnerships must provide each partner with a copy of Schedule K-1 |
March 15, 2021 | March 15, 2022 |
Federal income tax returns are due; first installment of estimated tax is due; deadline to make a prior year contribution to a traditional individual retirement account (IRA) or Roth IRA |
May 17, 2021 (Tax Day) | April 15, 2022 (Tax Day) |
Household employers who paid cash wages of $2,200 or more during the previous year must file Schedule H |
May 17, 2021 | April 15, 2022 |
Second installment of estimated tax payment is due |
June 15, 2021 | June 15, 2022 |
Federal income tax returns due for U.S. taxpayers who received an automatic two-month extension for living abroad |
June 15, 2021 | June 15, 2022 |
Third installment of estimated tax payment is due |
September 15, 2021 | September 15, 2022 |
Tax filing deadline if you requested a tax extension earlier in the year |
October 15, 2021 | October 17, 2022 |
Fourth installment of estimated tax payment is due |
January 18, 2022 | January 17, 2023 |
There are still seven (7) tax rates in 2021. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Here's how those break out by filing status. These are the tax rates use to prepare 2021 tax returns in 2022:Tax rates for trusts and estates have also changed as follows:
The standard deduction amounts will increase to $12,550 for individuals and married couples filing separately, $18,800 for heads of household, and $25,100 for married couples filing jointly and surviving spouses.
• For 2021, the additional standard deduction amount for the aged or the blind is $1,350. The additional standard deduction amount increases to $1,700 for unmarried taxpayers.
• For 2021, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer remains the same. It is cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).
Note: There will be no personal exemption amounts for 2021. The personal exemption amount was set to zero (0) under the Tax Cuts and Jobs Act (TCJA).
The alternative minimum tax (AMT) exemption amounts are adjusted for inflation. Here’s what those numbers look like for 2021:
Kiddie Tax.The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24. Unearned income is income from sources other than wages and salary, like dividends and interest.
For 2021, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of (1) $1,100 or (2) the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).
Capital Gains rates will not change for 2021, but the brackets for the rates will change. Most taxpayers pay a maximum 15% rate, but a 20% tax rate applies if your taxable income exceeds the thresholds set for the 37% ordinary tax rate. Exceptions also apply for art, collectibles and section 1250 gain (related to depreciation). The maximum zero rate amounts and maximum 15% rate amounts are as follows
There are significant changes to itemized deductions found on Schedule A, including:
Medical and Dental Expenses. The “floor” for medical and dental expenses is 10% in 2021, which means you can only deduct those expenses which exceed 10% of your AGI.
State and Local Taxes. Deductions for state and local sales, income, and property taxes remain in place and are limited to a combined total of $10,000, or $5,000 for married taxpayers filing separately.
Home Mortgage Interest. You may only deduct interest on acquisition indebtedness—your mortgage used to buy, build or improve your home—up to $750,000, or $375,000 for married taxpayers filing separately.
Charitable donations. The percentage limit for charitable cash donations to public charities remains at 60% for 2021.
Casualty and Theft Losses. The deduction for personal casualty and theft losses has been repealed except for losses attributable to a federal disaster area.
Job Expenses and Miscellaneous Deductions subject to 2% floor Miscellaneous deductions, including unreimbursed employee expenses and tax preparation expenses, which exceed 2% of your AGI have been eliminated.
There are no Pease limitations in 2021.
Some additional tax credits and deductions were adjusted for 2021 or altered under the conference bill. Here's a look at a few of the most popular:
Child Tax Credit. The 2021 CTC is different than before in 6 keyways, and this is a temporary one-year expansion of the CTC for your 2021 tax return (which you file in 2022):
1. Increases the tax credit amount. The tax credit’s maximum amount is $3,000 per child and $3,600 for children under 6.
2. Makes the credit fully refundable. Even if you don’t owe taxes, you could get the full CTC refund.
3. Removes the minimum income requirement. You can have zero income and still claim the CTC.
4. Raises the qualifying age. Children 17 and under can qualify for the credit.
5. Provides advance payments. If you already qualify for the current CTC when you filed your 2020 tax return (which you file in 2021), you can start receiving part of the new credit during 2021. You don’t have to wait until you file your 2021 tax return (which you file in 2022). The IRS will send you monthly payments for half your new credit between July and December 2021.
6. Lowers the phase out rate. The CTC amount will start to gradually decrease starting at $75,000 ($150,000 for married couples and $112,500 for head of household).
Earned Income Tax Credit (EITC). For 2021, the maximum EITC amount available is $6,728 for married taxpayers filing jointly who have three or more qualifying children.
The EITC was recently increased and expanded to people not raising children between 19-24 and 65 and over. Following is The Earned Income Tax Credit in Tax Year 2021
Number of children: | Single workers with income less than: | Married workers with income less than: | EITC up to: |
---|---|---|---|
3 or more children | $51,464 | $57,414 | $6,728 |
2 children | $47,915 | $53,865 | $5,980 |
1 child | $42,158 | $48,108 | $3,618 |
No children | $21,430 | $27,380 | $1,502 |
You cannot get the EITC if you have investment income more than $10,000 in 2021. Investment income includes taxable interest, tax-exempt interest, and capital gain distributions.
Adoption Credit. For 2021, the credit for an adoption of a child with special needs is $14,440, and the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $14,440. The available adoption credit begins to phase out for taxpayers with MAGI in excess of $216,660; it’s completely phased out at $256,660 or more.
Student Loan Interest Deduction. For 2021, the $2,500 deduction for interest paid on student loans begins to phase out when modified adjusted gross income (MAGI) hits $70,000 ($140,000 for taxpayers filing a joint return) and is completely phased out when MAGI hit $85,000 ($170,000 for taxpayers filing a joint return).
Lifetime Learning Credit. For the 2021 tax year, the credit begins to phaseout once MAGI is $59,000 ($119,000 for taxpayers filing a joint return). The credit is completely phased out for taxpayers with MAGI in excess of $69,000 ($139,000 for taxpayers filing a joint return).
Medical Savings Accounts (MSA). For 2021, a high-deductible health plan (HDHP) is one that, for participants who have self-only coverage in an MSA, has an annual deductible that is not less than $2,400 but not more than $3,600; for self-only coverage, the maximum out-of-pocket expense amount is $4,800. For 2021, HDHP means, for participants with family coverage, an annual deductible that is not less than $4,800 but not more than $7,100; for family coverage, the maximum out-of-pocket expense limit is $8,750.
shared individual responsibility payment There is no shared individual responsibility payment for the tax year 2021.
Foreign Earned Income. For 2021, the foreign earned income exclusion amount is $108,700.
As part of the TCJA, sole proprietors and owners of pass-through businesses are eligible for a deduction of up to 20% to bring the tax rate lower for qualified business income. The deduction is subject to threshold and phase-in amounts. For 2021, those amounts will look like this:
Revocation or Denial of Passport For 2021, the threshold amount for seriously delinquent tax debt before your passport is certified to the State Department to be revoked is $54,000.
Gift Tax Exclusion (& Foreign Gifts) The annual exclusion for federal gift tax purposes will remain at $15,000 in 2021. That means that you can gift $15,000 per person to as many people as you want with no federal gift tax consequences in 2021; if you split gifts with your spouse, that total is $30,000. The exclusion amount for gifts to a spouse who is not a citizen of the United States (other than gifts of future interests in property) is $159,000.
One of the most significant changes under tax reform is the tax treatment of businesses and these are permanent and fairly comprehensive.
Corporate tax rates, like individual tax rates, are progressive. For 2017, corporate rates range from 15% to 39% (except for personal service corporations which are taxed at 35%) while individual tax rates range from 10% to 39.6%.
The new tax law now provides for a flat 21% tax rate for corporations. For Pass through entities, business income that passes through to an individual from a pass-through entity and income attributable to a sole proprietorship will be taxed at individual tax rates less a deduction of up to 20% to bring the rate lower.
It sounds easy, but it quickly can become tricky since the deduction is subject to limits and restrictions. To understand those, you need some definitions:
Qualified business income (QBI). QBI is generally net income from your business without regard for any amount paid by an S corporation that is treated as reasonable compensation, any guaranteed payment for services in business, or any amount paid or incurred to a partner for services outside his or her capacity as a partner. You'll use the "normal" rules when figuring QBI, so capitalize and amortize expenditures accordingly. One last note: QBI is determined on a per business, not a per taxpayer, basis.
Qualified property. Qualified property is tangible property (typically, things you can touch) subject to depreciation and available for use in your business at the end of the tax year. You must use the property to produce qualified business income (as defined above).
Specified service trade or business. A specified service trade or business is any business involving the performance of services in the fields of health, law, consulting, athletics, financial services, brokerage services, or "any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners." If the success of your business depends on you and not on something that you sell, you're pretty much included (except for engineering and architecture services, which were specifically excluded).
Threshold amount. . The threshold amount is the amount above which both the limitation on specified service businesses and the wage limit apply. The threshold amount is $164,925 for individual taxpayers and $329,800 for married taxpayers filing jointly. Phase-ins apply: that means that the benefit decreases as income increases.
Find out when you'll receive your federal and state refund.
In order to make changes, corrections, or add information to an income tax return that has already been filed and accepted by the IRS, you must file a tax amendment to amend your accepted federal or state tax return.
ASM makes it easy for you to prepare your federal amendment if you have efiled your current federal return with us or NOT. You can provide the necessary information and we will take care of your amended return.
You can check the status of your Form 1040X, Amended U.S. Individual Income Tax Return, by clicking Where's My Amended Return? or by calling the toll-free telephone number 866-464-2050 three weeks after you file your amended return.
If you are curious about when you or your clients should receive a tax refund, the answer depends on how the tax return was filed (electronically or by mail) and how the taxpayer chooses to receive the refund (bank deposit or check by mail). You can see the different time tables for tax refund delivery in the calendar below.
Tax Refund Delivery Type | Tax Refund Delivery Time |
---|---|
E-file and direct deposit | 1–3 weeks (usually 2 weeks) |
Paper file by mail and direct deposit | 3 weeks |
E-file and tax refund check by mail | 6–8 weeks |
Paper file by mail and tax refund check by mail | 6–8 weeks |
Are you wondering what date you should receive your federal tax refund? The IRS issues over 90% of tax refunds in less than 21 days after the tax returns are processed. The IRS has currently not released an official tax refund calendar for the 2022 tax season (2021 tax year). Still, based on statements from the IRS and trends over past years, the estimates in the following chart should be accurate for the vast majority of taxpayers (see exceptions below).
The IRS will begin accepting tax returns on January 31, 2022.
Date Return Filed | Date Direct Deposit Sent | Date Paper Check Mailed |
---|---|---|
January 31, 2022 |
February 11, 2022 |
February 18, 2022 |
February 7, 2022 |
February 18, 2022 |
February 25, 2022 |
February 14, 2022 |
February 25, 2022 |
March 4, 2022 |
February 21, 2022 |
March 4, 2022 |
March 11, 2022 |
February 28, 2022 |
March 11, 2022 |
March 18, 2022 |
March 7, 2022 |
March 18, 2022 |
March 25, 2022 |
March 14, 2022 |
March 25, 2022 |
April 2, 2022 |
March 21, 2022 |
April 1, 2022 |
April 9, 2022 |
March 28, 2022 |
April 8, 2022 |
April 15, 2022 |
April 4, 2022 |
April 15, 2022 |
April 22, 2022 |
April 11, 2022 |
April 22, 2022 |
April 25, 2022 |
April 18, 2022 |
April 29, 2022 |
May 6, 2022 |
April 25, 2022 |
May 6, 2022 |
May 13, 2022 |
May 2, 2022 |
May 13, 2022 |
May 20, 2022 |
May 9, 2022 |
May 20, 2022 |
May 27, 2022 |
May 16, 2022 |
May 27, 2022 |
June 4, 2022 |
May 23, 2022 |
June 4, 2022 |
June 11, 2022 |
By law, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law requires the IRS to hold the entire refund — even the portion not associated with EITC or ACTC. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting on Feb. 27, 2018, if direct deposit was used and there are no other issues with the tax return. This additional period is due to several factors, including the Presidents Day holiday and banking and financial systems needing time to process deposits. This law change, which took effect at the beginning of 2017, helps ensure that taxpayers receive the refund they’re due by giving the IRS more time to detect and prevent fraud.
As always, the IRS cautions taxpayers not to rely on getting a refund by a certain date, especially when making major purchases or paying bills. Though the IRS issues more than nine out of 10 refunds in less than 21 days, some returns require further review.
For a Faster Refund, Choose e-fileTax time is the peak season for criminals to try and steal your identity or scam you out of your tax return. IRS scams can easily run all year as criminals work to steal personal information and Social Security Numbers that will allow them to defraud the United States government. Let’s take a quick look at two of the most common scams that target the individual and how to protect your tax refund and identity from predators.
Phone scams and impersonations of IRS workers rise dramatically during the tax filing season. Criminals will use any number of tactics to try and convince you to make a payment or give up your financial information for their gain. They may threaten you with legal action like taking you to court, deportation, or criminal charges. They will often try to intimidate you to put you on the defensive so you make bad decisions in the heat of the moment.
There are some easy ways to spot this type of IRS scam. The IRS does not threaten to bring in law enforcement to arrest you for not meeting their demands. You are entitled to the right to appeal or question the amount of taxes the IRS says you owe. The IRS will never ask you for an immediate payment or payment via a specific method. Con artists like to coerce their victims into using prepaid debit cards because they are harder to track. Furthermore, the IRS will never ask for a debit or credit card number over the phone.
If you run into these things, you are likely dealing with a IRS scam con artist.Email is an everyday part of our lives. It is a prime vehicle for con artists to perform IRS scams. They will try and trick you into revealing your personal information. The practice is called Phishing and it’s been around for decades now. A scammer may spoof email addresses, domains, and send official looking correspondence to appear legitimate. A very common scam includes asking you to verify personal information or financial details through an included URL.
The IRS will not send you emails about tax bills or refunds out of the blue. The easiest way to protect yourself from identity theft via phishing is to never click links in unexpected emails, even if it comes from a person or entity you know. If you are not expecting correspondence, do not click any links in the email as it may lead to malware or theft of your personal information.
There are numerous scams out there that target everyone from the individual to large businesses. These two are most commonly used against the average person who is just trying to get their taxes filed and returned. Stay aware and don’t fall for these scams!
Please contact us ASAP in any of these situationsIn the beginning DO NOT select Option #1 for refund. But then which button should you push to get a real person? The fastest way to talk to a human at the IRS after you select your language is to press Option #2, then Option #1, then Option #4 and finally Option #2.
Here are the detailed steps to speak to a HUMAN at the IRS:
![]() |
IRS Phone Number |
---|---|
IRS Speak to a HUMAN! (M-F, 7 a.m. – 7 p.m. local) | (800) 829-0582 ext. 652 |
IRS Hotline Phone Number to Check Refund Status | (800) 829-1040 (800) 829-1954 |
IRS Identity Theft toll-free formerly called IPSU Identity Protection Specialized Unit (IPSU) | (800) 908-4490 |
IRS TeleTax Topics and Refund Status | (800) 829-4477 (24/7) |
Do you owe prior years taxes to the IRS? | Delinquent tax payers will receive IRS notice that provides a specific number to call for their tax account info. |
Do you have an IRS levy? | (800) 829-3009 |
IRS Phone number to Order Transcripts | (800) 908-9946 |
IRS Offsets Child Support, Student Loans? | (800) 304-3107 |
Order an IRS Return Transcript or Account Transcript | IRS Transcript |
As the year-end approaching, this is the perfect time to take a deeper look at your current situation and get well prepared for the next tax-filing season through proper tax planning and strategizing.
You should consider the following items before the end of the year:
ASM Associates LLC.
41 Middlesex Avenue,
Iselin, NJ 08830
Toll Free: 1-888-960-1628
Telephone: 732 379 4500
Fax: 732 379 4502
email: ask@myasm.com