Volume XXVIII | November 3, 2021
Monthly News and Updates
Upcoming Dates...
November 15th - Extended due date for Form 990s

November 25th - Happy Thanksgiving (office closed)

November 26th - P+G office closed
Thank you...
The P+G team wants each and every one of our clients to know how much we appreciate your business. We appreciate you choosing us as your trusted tax and accounting advisors and we consider ourselves privileged to help you meet your goals and watch your businesses thrive.

Over the next few weeks and the Thanksgiving holiday we want you all to know how much we truly appreciate each and every one of you. Thank you for choosing and working with the team at P+G Built Solutions.
Income Changes & Child Tax Credit...
If your income has recently changed you my be due for an update to your child tax credit. The IRS has launched a new feature that allows any family receiving monthly Child Tax Credit (CTC) payments to update their income using the Child Tax Credit Update Portal (CTCUP) at www.irs.gov . Changes to income entered by 11/29/21 will be reflected in the December payment. If an update is made, the IRS will adjust the remaining payment amount to ensure individuals receive their total eligible advance payment for the year. For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses' future monthly advance payment of the CTC. The total advance payment for the years is up to $1,800 for each child under age six and up to $1,500 for each child ages six through 17.

If you have any questions please don't hesitate to contact us.
Do you understand your financial statements?
Being able to read your business' financial statements is an important part of being a business owner. Knowing how to look at certain numbers on the balance sheet or income statement on a given day a get a sense of how your business is doing will help your to make better decisions and meet your goals.

The balance sheet will provide you a picture of your company's position at a certain date. It gives you the detail of the Assets, Liabilities and Shareholders Equity at that specific point in time. The balance sheet is integral when planning and setting goals.

The income statement will provide you a picture of your company's income, expenses, gains & losses over a period of time. This information is essential in tax planning as well as goal setting. It gives you a picture of the companies financial footing and helps in timely decision making.

Other aspects of financial statements including cash flows give more details on your businesses financial situation. We discuss more financial statements and how to analyze them in more detail in our November 4th blog.

As a team P+G strives to help our clients fully understand their financials and tax returns. Please do not hesitate to ask questions when you have them.
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