The American Rescue Plan is allowing a potential bigger deduction on your 2021 tax return for child and dependent care expenses. Depending on income you could get a max credit of $4,000 for one child (up from $1,050) or $8,000 for multiple children (up from $2,100). http://ow.ly/2HZk50HuPbb

Just keeping at the top of every ones mind that sooner than we probably think they will be new regulations and reporting requirements for cryptocurrency. Some good information. http://ow.ly/Y3z850Hp2i4

Cost of Living increase for social security benefits to take effect. http://ow.ly/xOwV50Ho1jw

If you received the Advanced Child Tax Credit, you will receive a letter from the IRS (Letter 6419) detailing how much you received. Please take this information along with your other tax documents to your tax professional. http://ow.ly/U42B50Hn3Pp

We can not stress enough the importance of year end planning with your tax professional. Great article about year end moves you can make to avoid any tax surprises. To book an appointment call the Foster & Dolleck, CPA’s team at 402-391-7030 or email contact@fosterdolleckcpas.com http://ow.ly/aUeZ50HeOlp

How does your state rank for business taxes? There are a lot of great things in this article. With well over 90% of all business being small business it is important to make sure you aren’t going to be taxes into oblivion. Link to full article is here if you want more information. http://ow.ly/73Fu50HeOtL

After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate.

With some of the intended help during the pandemic comes potential unintended consequences. Some families may be obligated to pay back some of the funds if they received an overpayment of the Advance Child Tax Credit. Great article on who potentially might be affected. http://ow.ly/qJjk50HgGWk

The Senate has released its version of the Build Back Better Legislation. Here is a great summary unless you want to read the whole 1,080 pages on your own. http://ow.ly/X4vh50HgHnR

I’m sure most people have heard stories about scammers preying on elderly individuals. This is a great article on some things we can do to help them not fall prey to these unfortunate scams. http://ow.ly/ECkh50Hhwpo