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    Month: July 2021

    Repaying Deferred Social Security Tax

    Some taxpayers may have chosen to defer a portion of their self-employment tax that was due as part of their 2020 federal income tax return.  This was discussed on pages 30 to 32 of the 2020 edition of the Tax Year 2020 M+O=CPE Individual Tax Year-End Workshop Reference Book.  This deferral was also available for the employer-share of the Social Security portion of the self-employment tax due ...

    More on Advanced Child Credit Opt-Out

    As discussed in our June 24, 2021 post, the IRS has announced the procedure for taxpayers to optionally opt-out of receiving the advance child credit payments.  It is important to note that spouses that file a joint income tax return must each separately opt out of receiving the advance child credit payments.  If only one spouse opts out, then the IRS will send half of the joint payment amount...