Back to top

Client Login

Subscribe to our Newsletter


Welcome!

Thank you for visiting our website.

Rhodes Knisley Williams LLP is a full-service accounting firm serving clients throughout central Indiana and across the United States, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.

OUR OFFICE IS NOW OPEN

BY APPOINTMENT ONLY

Tuesday-Thursday 9AM- 4PM 

 

 

If you need our assistance, please call our office at (317) 271-1040.

You may still deliver documents to us electronically, by mail or our office drop box.

  

2021 ADVANCE CHILD TAX CREDIT PAYMENTS
The IRS has recently mailed out letters announcing prepayments of the 2021 child tax credit. These prepayments will be computed by the IRS and mailed out automatically to eligible taxpayers unless the taxpayer opts out using the IRS portal (which as of 6/23/2021 is up and running).
We wanted to clarify a few important points regarding these prepayments:
•The eligibility for the 2021 child tax credit is ultimately dependent on your 2021 tax situation. The IRS will use either 2019 or 2020 tax filings to determine your eligibility. Therefore, the prepayments may be inaccurate if your eligibility changes for 2021. Most taxpayers will have to repay any overpayments on their 2021 tax returns.
•If you are eligible for the child tax credit, you typically receive this credit on your tax return. If you opt for the prepayment, the credit you get to take on your tax return will be reduced by these prepayments. Since your credit will be reduced, the tax on your return will increase – either causing more tax due or a reduced refund with your 2021 tax return.
•If you DO NOT OPT OUT & begin receiving these payments:
-Please keep track of the date and amount of every payment received. We will need this information when we prepare your 2021 tax return.
- If you would like to know the impact of the prepayments on your 2021 tax return anticipated tax due or refund, please contact our office and we will run a projection (our fee typically runs between $75-$150).
•If you OPT OUT of receiving these payments, and you are Married Filing Jointly BOTH spouses must opt out of the payments.

 

 

ECONOMIC IMPACT PAYMENTS

If you wanting more information on the  2021 federal economic impact payment, we refer you to the IRS website https://www.irs.gov/coronavirus/get-my-payment for more information. At this time there is nothing we can do to change the amount you receive, or if and when you will receive this. Again, please refer to https://www.irs.gov/coronavirus/get-my-paymentif you have further questions. 

 

On this website you will find information about Rhodes & Knisley LLP, including a description of our services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news, and links to other useful sites. Whether you are an individual or business, Rhodes Knisley Williams LLP has years of valuable experience assisting clients with their tax, financial, and accounting needs.

We welcome any questions or comments you may have. Feel free to contact us at any time:

  • Telephone...
  • (317) 271-1040
  • Fax...
  • (317) 209-1726
  • Rhodes Knisley Williams LLP
  • 8315 W 10th ST
  • Indianapolis, IN 46234

You can also send us a message directly through the contact page of this website.