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John B. Barry, CPA, P.A.

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January 12, 2019 by johnbarrycpa

Welcome!

How can we serve you today?

We look forward to assisting you in the following areas of accounting and tax:

  • Individual Tax Return
  • Corporate Tax Return
  • Non-Profit Tax Return
  • Estate/Trust Tax Return
  • Payroll
  • Bookkeeping
  • Personal Finance
  • Retirement
  • Small Business

You can meet our team here. We look forward to meeting with you soon!

Filed Under: Tax Topics

January 12, 2019 by johnbarrycpa

Tax Season

There have been a lot of changes for the 2018 filing season. Please call or email us as soon as possible to set up your meeting to begin preparing for your tax return filing.

Filed Under: Tax Topics

January 12, 2019 by johnbarrycpa

Tax Tips

Please go to Tax Topics for a list of articles we have written to assist you with understanding various tax issues.

Filed Under: Tax Topics

October 25, 2017 by johnbarrycpa

Federal Income Tax Refund

Refunds generally come from two sources:

Refunds generally come from three sources:

1. Federal income tax is withheld from your paycheck. If too much was withheld during the year, the US Treasury returns your overpayment to you once you file your return.

2. You qualify for a refundable tax credit. The most common refundable tax credits are the Additional Child Tax Credit, Earned Income Tax Credit, Advanced Premium Tax Credit, American Opportunity Tax Credit (partially refundable).

3. You made quarterly estimated tax payments and your tax liability was less than expected. If this is the case, it would be beneficial to review your current estimated tax amounts to ensure they are in line with your projected tax liability.

If the majority of your Federal overpayment is due to overwithholding during the year, we recommend that you adjust your allowances to reduce the amount of tax withheld. This can be done by completing an updated Form W-4 and submitting it to the person who handles your payroll or your company’s HR/payroll department.

If you expect to continue to receive one or more refundable tax credits and you have income tax withheld from your paycheck, you might consider withholding less from your paycheck to offset the refundable tax credit.

If your refund only comes from one or more refundable tax credits, we don’t recommend that you take any action.

Filed Under: Tax Topics

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Recent Posts

  • Welcome!
  • Tax Season
  • Tax Tips
  • Federal Income Tax Refund
John Barry and his team provide accounting services to Boone, NC
and the surrounding area.

John Barry's CPA Certificate: NC #17778

Copyright © 2019 John Barry, CPA, P.A.

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Our Mission and Purpose

To serve our clients in the most effective and efficient way possible by meeting their various accounting and taxation needs.

Recent Posts

  • Welcome!
  • Tax Season
  • Tax Tips
  • Federal Income Tax Refund

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