July and August Child Tax Credit (CTC) prepayments have now been distributed to qualifying families across the country. The cash payments were added as part of the myriad of relief enacted through the American Rescue Plan of 2021 (ARPA). ARPA expanded the Child Tax Credit to $3,600 per child under 6, $3,000 for children ages 6 to 17, and $500 for 18-year-old children or full-time students who are 19 to…  Read more

As 2020 ends, it’s time to think about year-end tax planning. Proper planning allows for significant savings that can positively impact your financial situation. Due to changes in tax guidelines, tax reform provisions, and tax relief granted through the CARES and SECURE Acts, business owners and individuals should review circumstances and look for opportunities to reduce, defer, or accelerate tax obligations. The 2020 Year-End Tax Planning Guide outlines significant tax…  Read more

In order to simplify all of the newly released information from the IRS and Virginia Department of Taxation on tax filing deadlines for individuals, we at Harris, Hardy & Johnstone, P.C. have put together a simplified set of instructions for our clients on how we would like to approach the upcoming filing deadlines. Virginia deadlines for Individuals Filing deadline for 2019 tax returns is May 1, 2020.  Please note, this has not…  Read more