Zeph United financial service

Zeph United financial service A company thats takes your struggle for succes personal.Become more financially literate.Our company
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09/25/2023

Let's break down some of the primary differences among several common business structures: LLC, Sole Proprietorship, S Corporation, and C Corporation.

1. **LLC (Limited Liability Company)**:
- **Liability**: Members (owners) have limited personal liability for business debts and actions.
- **Taxation**: Typically, LLCs have pass-through taxation where profits and losses are reported on the owners' personal tax returns. However, they can choose to be taxed like a corporation.
- **Management**: Flexibility in management structure; doesn't require a board of directors or annual meetings.
- **Ownership**: Can have multiple members, but specific rules might vary by state.

2. **Sole Proprietorship**:
- **Liability**: The owner has unlimited personal liability for business debts and actions.
- **Taxation**: Profits and losses are reported on the owner's personal tax return. There's no separate business taxation.
- **Management**: Owned and operated by a single person.
- **Ownership**: Only one owner; cannot be transferred or shared.

3. **S Corporation (Subchapter S Corporation)**:
- **Liability**: Shareholders have limited personal liability for business debts and actions.
- **Taxation**: Pass-through taxation. Profits and losses are reported on shareholders' personal tax returns, avoiding double taxation. Some restrictions apply (e.g., no more than 100 shareholders, only one class of stock).
- **Management**: Must have a board of directors and hold regular meetings.
- **Ownership**: Restrictions on who can be a shareholder (e.g., no non-resident aliens).

4. **C Corporation (or just "Corporation")**:
- **Liability**: Shareholders have limited personal liability for business debts and actions.
- **Taxation**: Subject to double taxation. The corporation pays taxes on its earnings, and shareholders also pay taxes on dividends.
- **Management**: Must have a board of directors and hold regular meetings.
- **Ownership**: No restrictions on ownership; can have multiple classes of stock.

**Other Considerations**:
- **Formation & Maintenance**: Forming an LLC or corporation typically involves filing articles of incorporation with the state and may have ongoing requirements like annual reports. A sole proprietorship doesn't require formal registration (unless doing business under a different name).
- **Cost**: There are often costs associated with establishing and maintaining an LLC or corporation, including filing fees and potential franchise taxes.

Each structure has its pros and cons, so the best choice depends on your business needs, the industry you're in, and your personal preferences. It's advisable to consult with legal and financial professionals when making a decision.

09/13/2023

🤯CAR PAYMENT HACK🤯 101

Did you know that paying half of your car note every two weeks (instead of one payment a month) can shave time off your auto loan and could save you hundreds or even thousands of dollars in interest??

Interest is compounded daily, for example if your car note is due on the 30th of each month they calculate how much interest you have accrued. So when you make your payment they deduct the interest and then apply the rest to the principal.

But if you make half of the payment on the 15th , it will bring your balance down a bit so when your interest is calculated on the 30th the balance will be less than what it would have been if you waited to make a full payment when it was due!

I have spots for tax business startup comes with a tax course, software and mentorship. No money to start. Hands on supp...
09/03/2023

I have spots for tax business startup comes with a tax course, software and mentorship. No money to start. Hands on support.

09/01/2023

This is is very important information for all my
Business owners so you need to defintely pay attention

Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024 😮

The IRS has issued a new directive for businesses: Starting from January 1, 2024, businesses must now e-file Form 8300, which is the Report of Cash Payments Over $10,000. This transition to electronic filing is in place of the traditional paper submission, in alignment with the updated regulations for e-filing of information returns, including but not limited to Form 8300.

Make sure you read up about this and talk to your tax professional to make sure you are ready!

Let's not make the same mistakes and get mad when your return is much lesser than expected let's change this now
08/23/2023

Let's not make the same mistakes and get mad when your return is much lesser than expected let's change this now

Business funding is stacked by knowing what credit agency they pull from. Ex. Chase pulls from experian. Say you are app...
08/22/2023

Business funding is stacked by knowing what credit agency they pull from.

Ex. Chase pulls from experian. Say you are approved for 20k

Navy federal business pulls from transunion& they approve you for another 20k

Then you go to citizens bank and get another 20k through Equifax.

Now you have 60k in one day!

Do not go into debt acquiring funding with no real plan for ex*****on. your plan needs to include ways to double the pay back

Remember if you DO NOT OWE, we can file your taxes up to October no penalty, no extension is needed. If you owe IRS you ...
04/19/2023

Remember if you DO NOT OWE, we can file your taxes up to October no penalty, no extension is needed. If you owe IRS you will need an extension to extend your filing, however it does not extend what you owe them...

02/19/2023

I do NOT do Tax quotes. I do NOT do Tax estimates, I DO Not work for free and I will not be rushed, Im a tax professional, I do not have time for "shoppers", where I am in my business, I am ok with turning you around, before I waste my time......

02/19/2023

🚨TAX TIPS🚨

✅Taxpayers: Understand that your preparer handles the preparation & submission of your return ONLY. Once in the IRS hands any processing questions should be directed to them.

✅If your preparer answers IRS processing questions for you, understand that your Tax Professional is going ABOVE & BEYOND doing this.

✅One should not feel like you are ENTITLED to harass your tax preparer, blame them for IRS delays or make your financial hardship their responsibility.

✅Reading transcripts, trying to guess dates is YOUR choice! IRS takes up to 21 days to process a Tax Return! It is not your preparers job to try and GUESS what the IRS is doing throughout that process. We don’t know why you don’t have a date and that is simply outside of our control. Furthermore, that is not what we are paid to do.

✅The only reason a tax preparer should be contacted past the initial preparation is if you find an error, you got an additional document that requires an amendment, you have a question about something on your return, your deposit didn’t post or if you’ve been audited.

✅Also- Identity Verification is random. It’s not based on who prepared your return or what income you claim. The irs randomly selects people to confirm who they are to prevent identity theft and your preparer has no control over that. People are flagged for ID verify even when they self preparer. 🪪

✅Last but not least! Most Tax Preparers do not get paid until you receive your Tax Refund so it is in OUR best interest that your tax return is processed without delay!

Great morning!Dates are dropping Looks like 2-22-23 is the first big payout day 🤑IRS Transcript Codes: 📑 150- Tax Return...
02/19/2023

Great morning!

Dates are dropping Looks like 2-22-23 is the first big payout day 🤑

IRS Transcript Codes: 📑

150- Tax Return Filed
846- Refund Issued
766- Credit to your account (EIC/ACTC or other)
826- Refund Used to Pay debt
151- Refund Reduced or
Held- TAX OFFSET
570- Processing Hold
571- Hold removed
420/424- Examination/ Possible Audit
971- Notice/Letter Sent

02/09/2023

This is for any of my tax clients or potential tax clients.

Please if you submit information to me please send everything and not one document at a time. Your ID is always required. Filling out your intake forms is required. (It don't matter how long you have been getting your taxes done with me). If you want direct deposit it is an area for you to put that information on the form.

I can't do anything with you texting me documents. They have to be printed. We have where you can upload documents or you can email them if you want to.

I don't collect the documents. I have office assistants to collect documents and prepare your paperwork so I can work on your returns. If you have to add something to your file we have two ways for you to submit it so that we can keep up with your paperwork so that we do not leave nothing off your return.

Please Help Me To Process The Most Accurate Tax Return As I Can By Following Our Office Process and Procedures.

My paperwork and your file has to be in order or else I will have high fines and be out of business.

Also know if you submit your information virtual that we don't start working on your return immediately. We prepare and process returns in the order they are received.

I love all of you but we are not a company that don't care about our business. I like order and with a high volume of clients I could get your return complete faster if you would just follow the process.

Client made $95,000Was getting less than $900 back but at zeph united we getting what's yours a refund of $6,360Contact ...
02/08/2023

Client made $95,000
Was getting less than $900 back but at zeph united we getting what's yours
a refund of $6,360
Contact us at Www.zephunitedservices.com
@833-205-2148

A new tool for our day to day business. Something to look forward to!
05/26/2022

A new tool for our day to day business. Something to look forward to!

03/16/2022

Compliments of George Dandridge!
🤣🤣🤣🙃🙃 - #’s 1 and 3!

TAX COMMANDMENTS
1.Your urgency doesn't constitute tax pros emergency.
2.Money on the wood make the appointment good.
3.Don't get hush hush when we charge a rush rush.
4.Don't become a headline because you waited till the deadline.
5. Get in your understanding, prepping ain't planning
6. So there's no confusion prepping ain't resolution.
7. Once we're done, we don't control your refund.
8. In order to pick my brain, you gotta spend a lil change.
9. If fees come from your refund, you're not #1
10. Last thing you must learn, if you leave the shield there is no return.

03/09/2022

Credit Tip 🗣

Paying off collections & charges off accounts DOES NOT help your credit score or increase your score at all ‼️

A paid off collection/ charge off has the SAME negative 🚫 impact as an UNPAID one.

Once something goes into collections there is nothing you can do to make it a positive again it must be DELETED off your credit report.

02/25/2022

Repost but it is accurate.

Here are your answers. The most I can do is wait with you for a refund or a letter and then we will go from there.

⚠️Tax Topic codes 2022⚠️

✅152 - Processing. All returns will receive this code once accepted by the IRS
✅151 - Your return is under review. Due to tax liens, DD, various reasons but it is not a AUDIT. You will receive a letter in the mail within 30 days for further action. Not big issue ! Until you know why !
✅203 - Offset. Refund will be reduced due to past due debt owed. You can Always call the offset line for further information. You will receive a notice in the mail about your partial or full refund due to your debts. *You can always call BFS if you are having significant hardship. About your debts*
✅424 - Audit. Your return is being set aside for examination. May take 30 - 45 Calendar Days until review is completed. If you have not received anything in mail or any action has been taken after those days. Please contact tax advocate service line. They will help you for free !
✅766 - A claimed/missed credit. Refund will be adjusted.
✅810 - ERROR. Refund freeze. Definitely have to wait for a letter in the mail or call the irs. This code can be for many reasons.
✅846 - Refund has been issued. 🤑🤑🤑

🛑Some codes can be easily fixed. Please just call or wait for the letter.🛑
♦️Tax Advocate Service Line - 1-877-777-4778
♦️Tax Refund Offset -
1-800-304-3107
*Please call before your refund is processed or released so you can make adjustments for any past debts. Before you refund is fully processed.*

♦️IRS -
1-800-829-1040

02/25/2022

Happy Funding Day!

Before you call any tax office acting like you missing or somebody stole your money remember this:

1. If you got a cash advance on your refund they took that off the top

2. Your tax prep fees were deducted from your refund. If you got a cash advance, your total fees include the tax prep fee, regular bank and admin fees and the cash advance fee.

3. Check to see if you have a debt by calling 1-800-304-3107 or by looking on Where's my refund to see if they mention a debt

4. That the amount on the IRS site is before any fees have been deducted unless you paid for your fees out of pocket

5. If your refund was over 10k and you opted to receive a check then you should receive 2 checks

6. If you refund was over the limit of the account that you selected for it to be deposited in then your bank will reject it and a check will be issued

7.The deposit you receive today could possibly be your federal and state refund. If your deposit is more than your preparer quoted you then 9 times out of ten that's your federal and state

Let's break down some transcripts. Teal= This is your refund amountRed= This is the as of date (means absolutely NOTHING...
02/16/2022

Let's break down some transcripts.

Teal= This is your refund amount

Red= This is the as of date (means absolutely NOTHING and it will change, frequently sometimes)

Yellow=Code 766= your credits. (All refundable credits)

Yellow=Code 768= This is EIC (EARNED INCOME CREDIT) If you have this Code you are considered a PATHER and have to wait until AFTER Feb 15th for a date (Although you could have already processed)

Blue= Code 150= This is the amount of your TAX liability. (If this line is zero, stop worrying about them NOT taking federal taxes out of your checks!)

Purple (top one)= Code 806= This is all of your Federal witholding you had on your taxes.

To calculate your refund (if you don't want to go by the amount in teal)

Add the 3 purple lines (you might only have 1 2 or all 3 lines)

Then minus the blue line

=your tax refund

****If you added any missing stimulus it might not show until the refund is actually funded!

Here is a few common codes:

Code 570- Hold Code. Could be a hold for a few things, PATH (not all pathers get it) Wage review, basic review, No reason 🤦🏼‍♀️

Having NA on your transcripts means the return has NOT started to process. This could mean either, you just haven't starting processing because the hub your return went to is backed up, you got selected for an ID verification (you can actually do these right online now WITHOUT waiting on the letter) Please make sure you know for 100% that's what it is before you do, or you could delay yourself further)
Or it means you got kicked out of the system and someone has to manually reenter you. ALL of these things are COMPLETELY RANDOM!

CODE 424=You were randomly selected for an audit by the computer. It was sent over to the audit department they now have 10 business days to either audit you or put you back into normal processing.

420= (The 420 NOBODY WANTS)This is an audit. If you don't have your paperwork together, get it together now!!!

You'll also get a code 810= refund freeze until the audit is over then you'll get a code 811= reverse refund freeze.

Code 971= is a letter was sent to you. If you have an IDME. Account you can view some letters online now.

Getting transcripts is easier than ever now!! Did you have an IDME account to go on the ctc portal? Guess what you can use those same creditals to login to the irs site now.

Don't have one. Go create one now, you no longer need a credit card, loan, etc.

They can't verify you? Keep trying, eventually they will put a live person on. (Could take over 20 tries)

You want to look at your 2021 ACCOUNT transcript.

https://www.irs.gov/individuals/get-transcript

02/16/2022

Just a heads up for everyone with a DDD for Feb 22nd.

Republic will probably receive the deposit this Friday and they turn around and send it right back out, but because it's a Holiday, it wouldn't post into your account until Wednesday (unless you have a card or bank that funds early)

The top Question of the week: Does the PATH Message mean my tax refund is done processing and approved?https://refundtal...
02/14/2022

The top Question of the week: Does the PATH Message mean my tax refund is done processing and approved?

https://refundtalk.com/does-the-path-act-message-mean-i-am-done-processing/

Most people think that once they see the PATH ACT message while checking Where's My Refund they are automatically approved for a refund and done processing. Check out our PATH ACT facts here for the latest information on the PATH ACT Delays.

Trying to determine when the next Where's my Refund? & Tax Transcript Updates will happen?📆Take a look at the Where's My...
02/14/2022

Trying to determine when the next Where's my Refund? & Tax Transcript Updates will happen?

📆Take a look at the Where's My Refund? Update Calendar for 2022!


https://refundtalk.com/updates-calendar/

Use our Updates Calendars to find out important Where's my Refund and Tax Transcript update schedules.

02/01/2022

This credit is really good this year!!!!!!!!! For 2021, the Child and Dependent Care Credit has the following changes:

It is fully refundable
The amount of qualifying expenses has increased to:

• $8,000 for one qualifying child (maximum credit $4,000)
• $16,000 for two or more qualifying children (maximum credit $8,000)
The credit rate and income limits were increased as follows:
• 50% of expenses for taxpayers with AGI under $125,000
• Credit rate gradually declines to 20% when the AGI reaches $183,000
• 20% rate applies for taxpayers with AGI between $183,001 and $400,000

This credit will be nonrefundable for any taxpayer whose main home was outside the U.S. for more than half the year.

TAX IRS Child Tax Credit letters may have wrong informationBy  Michael CohnJanuary 25, 2022, 3:19 p.m. EST7 Min ReadThe ...
01/26/2022

TAX IRS
Child Tax Credit letters may have wrong information
By Michael Cohn
January 25, 2022, 3:19 p.m. EST
7 Min Read

The letters that the Internal Revenue Service has been sending to taxpayers about the amounts they received on advance payments of the Child Tax Credit may have outdated information.

The IRS began sending information letters to taxpayers last month about the expanded Child Tax Credit payments and asked taxpayers to save the letters to use when they fill out their 2021 tax return (see story). However, in conjunction with the start of tax season on Monday, the IRS has relaunched a revamped website for the Child Tax Credit with up-to-date information on the amounts to put on their tax returns (see story). Taxpayers and practitioners are being asked to use the information they find in on the site and in their online taxpayer accounts. Letter 6419 may contain outdated information, especially for taxpayers who have moved or if their checks or direct deposit payments were undeliverable, or if they changed bank accounts.

“If taxpayers have questions or concerns about the information in their letter, they can also go to IRS.gov and look on their online account and look for the information on IRS.gov,” said Ken Corbin, chief taxpayer experience officer at the IRS and commissioner of the IRS’s Wage and Investment Division, during a news conference Monday. “We are still looking into some of the information we’ve heard about the notices not being correct. We do not believe this is a widespread problem, and as soon as we get through looking at that, we’ll put some more information out that will be helpful to the taxpayers and to you to share back with them.”

Leaders of tax professional organizations have been warning the IRS about the problems they are seeing, especially with automated penalty notices going out to taxpayers when the IRS is still dealing with a backlog of millions of unprocessed tax returns.

The problem with the incorrect Child Tax Credit letters is likely to add to the headaches of what is already shaping up to be a challenging tax season. The IRS stopped sending the advance monthly payments on the Child Tax Credit after the final payment on December 15. Congress remains at odds over whether to extend the payments this year by passing the Build Back Better Act, which is currently stalled in the Senate.

“How big of a problem will this be?” said Steve Mankowski, co-chair of the National Conference of CPA Practitioners, during a press conference Tuesday to discuss the concerns of a coalition of accounting and tax practitioner organizations about IRS backlogs and automated penalty notices. “At a recent IRS meeting, they came out and told us they started sending these letters December 14, which was one day before the December 15 payments were being made, so that data wasn’t even on the letters that were sent out. I believe it was around 50 million that were being sent out all told. There’s a significant portion that doesn’t include the December information, and then there’s always the issue of parents that may alternate children in different years. Some may have gotten the money, and some may have gone to the wrong partner, so there’s a lot of issues potentially at hand here.”

It’s unclear how many taxpayers and preparers will know about going to the website for the updated information when they are told to rely on the information in the letters they have received in the mail. Taxpayers may need to follow the complicated new procedures the IRS is requiring for accessing self-help tools and taxpayer accounts, which now involve sending a government document like a passport or a driver's license and a selfie of the taxpayer (see story).

“It’s really difficult to gauge how much the site is going to be used because there’s a lot of issues with logging onto the site,” said Mankowski.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

01/14/2022

If you think you are going to get one of these huge tax refunds and you don't have a bank account then you need to go get one.

If you have one of these prepaid card companies or a fintech company as your account make sure you check what their deposit limits are.

If you usually get a check and your refund end up being 12k plus then know Walmart and these liquors stores are not going to be able to cash them.

IRS issued standard mileage rates for 2022→58.5 cents per mile driven for business use. The optional standard mileage ra...
01/10/2022

IRS issued standard mileage rates for 2022→58.5 cents per mile driven for business use. The optional standard mileage rates are used to calculate the deductible costs of operating a car for business, charitable, medical or moving purposes.

To learn more, click here: https://go.usa.gov/xetnV

IR-2021-251, December 17, 2021 — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

If you are earning money from a hobby, be sure to check these   tips: http://go.usa.gov/xdQYX
01/10/2022

If you are earning money from a hobby, be sure to check these tips: http://go.usa.gov/xdQYX

How do you distinguish between a business and a hobby?

You may need to pay   estimated taxes to avoid a tax bill and possibly a penalty. The final payment for 2021 is due Tues...
01/10/2022

You may need to pay estimated taxes to avoid a tax bill and possibly a penalty. The final payment for 2021 is due Tuesday, January 18. https://go.usa.gov/xtCHV

IR-2022-03, January 5, 2022 — The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes.

01/10/2022

2022 tax filing season starts on Jan 24th

  sending letters to recipients of advance   payments and third  . Using the information in these letters when preparing...
01/09/2022

sending letters to recipients of advance payments and third . Using the information in these letters when preparing your tax return can reduce errors, avoid refund delays. https://go.usa.gov/xt3mm

COVID Tax Tip 2022-03, January 5, 2022 — The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January.

IRS Operations Update as of 1/7/22. The IRS is opening mail within normal timeframes and all paper and electronic indivi...
01/07/2022

IRS Operations Update as of 1/7/22. The IRS is opening mail within normal timeframes and all paper and electronic individual refund returns received prior to April 2021 have been processed if the return had no errors or did not require further review. As of December 23, 2021, we had 6 million unprocessed individual returns. Unprocessed individual returns include tax year 2020 returns with errors and those returns requiring special handling such as those that require correction to the Recovery Rebate Credit amount or validation of 2019 income used to figure the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). This work does not require us to correspond with taxpayers but does require special handling by an IRS employee so, in these instances, it is taking the IRS more than 21 days to issue any related refund and in some cases this work could take 90 to 120 days. The IRS is having to correct significantly more errors on tax returns than in previous years. The IRS has reduced the number of returns requiring special handling from an historical high of 9.8 million on May 1, 2021 to the current level of 51,000 individual returns as of December 23. If a correction is made to any RRC, EITC or ACTC claimed on the return, the IRS will send taxpayers an explanation. Taxpayers are encouraged to continue to check Where’s My Refund? for their personalized refund status and can review Tax Season Refund Frequently Asked Questions.

How long you may have to wait: The IRS understands the importance of timely processing of tax returns and refund issuance. We have processed all error free refund returns received prior to April 2021 and continue to work the returns that need to be manually reviewed due to errors. We are continuing to reroute tax returns and taxpayer correspondence from locations that are behind to locations where more staff is available, and we are taking other actions to minimize any delays. Tax returns are opened and processed in the order received. As the return is processed, whether it was filed electronically or on paper, it may be delayed because it has a mistake including errors concerning the Recovery Rebate Credit, is missing information, or there is suspected identity theft or fraud. If we can fix it without contacting you, we will. If we need more information or need you to verify that it was you who sent the tax return, we will write you a letter. The resolution of these issues could take 90 to 120 days depending on how quickly and accurately you respond, and the ability of IRS staff trained and working under social distancing requirements to complete the processing of your return.

What you should do: In most instances, no further action is needed but you may check Where’s my refund or you can view your account. If you filed electronically and received an acknowledgement, you do not need to take any further action other than promptly responding to any requests for information. If you filed on paper, check Where’s my refund? If it tells you we have received your return or are processing or reviewing it, we are processing your return, but it may be under review. We’re working hard to get through the backlog. Please don’t file a second tax return or contact the IRS about the status of your return.

Status of Processing Form 1040-X, Amended Individual Tax Return: As of January 1, 2022, we had 2.3 million unprocessed Forms 1040-X. We are processing these returns in the order received and working hard to get through the inventory. The current timeframe can be more than 20 weeks instead of up to 16. Please don't file a second tax return or contact the IRS about the status of your amended return. Taxpayers should continue to check ​​​​​​Where's My Amended Return? for the most up to date processing status available.

Status of Unemployment Compensation Exclusion Corrections: The IRS continues to review tax year 2020 returns and process corrections for taxpayers who paid taxes on unemployment compensation, to exclude the compensation from income if eligible. To date, the IRS has issued over 11.8 million refunds totaling $14.5 billion. The IRS is now concentrating on more complex returns. Some taxpayers will receive refunds, while others will have the overpayment applied to taxes due or other debts. The IRS will mail a letter to affected taxpayers to inform them of the corrections, generally within 30 days from when the corrections were completed. See the 2020 Unemployment Compensation Exclusion FAQs for more information, including details on filing an amended return. https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

The Internal Revenue Service reminds taxpayers and tax professionals to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments. To protect the public and employees, and in compliance with orders of local health authorities around the country...

Please guys read the announcements before trying to post! Student loans will not be offset UNTIL MAY 2022! If you have s...
01/06/2022

Please guys read the announcements before trying to post!

Student loans will not be offset UNTIL MAY 2022! If you have student loan debt ONLY you WILL NOT need to file an IS form this year ONLY as long as you file BEFORE May 2022.

https://www.cnn.com/2021/12/22/politics/student-loan-pause-biden/index.html

President Joe Biden announced Wednesday he is extending the pause on student loan payments until May 1.

01/05/2022

TOP REASONS FOR BEING AUDITED

1) The Computer Trigger

The IRS has a computer system called Discriminant Information Function (DIF) that's specifically designed to detect anomalies in tax returns. It scans every tax return the IRS receives. DIF looks for things like duplicate information—maybe two or more people claimed the same dependent—as well as deductions and credits that just don’t make sense.2The computer compares each return to those of other taxpayers who earned approximately the same income. For example, most people who earn $40,000 a year don’t give $30,000 of that money to charity and claim a deduction for it, so DIF is pretty much guaranteed to throw a flag if you do. DIF's flag prompts review by human agents.

2) You Overlooked Income

Your employer must issue a W-2 for your earnings and submit a copy to the IRS as well. Independent contractors and freelancers receive Forms 1099-MISC, typically when they’re paid more than $600 for services, and the IRS gets copies of these, too.
You can expect a Form 1099-INT or 1099-DIV at the end of the year if you have interest or dividend income and, yes, the IRS gets a copy. You can even expect that you and the agency will receive a Form W-2G if you win big at the casino or hit the lottery.
All these information forms are fed into DIF, so up goes the flag if your tax return fails to include any of these sources of income. With very few exceptions, all income you receive is taxable and must be reported, including tips, cash you were paid for services, or income that falls under the $600 threshold so it doesn't require Form 1099-MISC. You still have to pay taxes on it. Alimony is an exception as of Jan. 1, 2019, thanks to the Tax Cuts and Jobs Act (TCJA). Spouses receiving alimony no longer have to report it and pay taxes on that income.

3) You Spent or Deposited a Lot of Cash

Under the Bank Secrecy Act, various types of businesses are required to notify the IRS and other federal agencies whenever anyone engages in large cash transactions that involve more than $10,000. The idea is to thwart illegal activities. A side effect is that you can expect the IRS to wonder where that money came from if you plunk down or deposit a lot of cash for some reason, particularly if your reported income doesn’t support it.
The IRS will be notified if you make a large deposit over this amount. You should be prepared to show how and why you received that money if you file a tax return.
These reporting rules for banking and financial institutions impose time limits as well. A $9,999 deposit on Monday might be reported unless you deposit an additional $1 or more on Tuesday. The IRS says you're "structuring" your deposit in this case, and there are rules against this, too.

4) You Claimed a Lot of Itemized Deductions

The IRS expects that taxpayers will live within their means. They earn, they pay their bills, and maybe they’re lucky enough to save and invest a little money as well. It can trigger an audit if you're spending and claiming tax deductions for a significant portion of your income.
This trigger typically comes into play when taxpayers itemize. Mother Teresa might have been able to get away with giving 75% of her income to charity, but it’s just not a realistic scenario for most individuals. Likewise, if you claim that you spent a great deal on mortgage interest when you just don’t earn enough based on your reported income to qualify for such a large mortgage, that scenario will raise questions as well.
Avoid trouble by having the item appraised, getting a receipt, and submitting Form 8283 with your tax return if you give away anything that's valued at more than $500.

5) You're Self-Employed

Sole proprietors and freelancers are entitled to a host of tax deductions that most other taxpayers don’t get to share, such as home office deductions, mileage deductions, and deductions for meals, travel, and entertainment. These expenses are tallied up on Schedule C and are deducted from your earnings to determine your taxable income from your business.
DIF is on the lookout for deductions that are above the norm for various professions. It might be expected that you would spend 15% or so of your income on travel each year if you're an art dealer, because that's about what other art dealers spend. You can probably expect the IRS to take a closer look at your return if you claim 30%.
Have you noticed those occupational codes that appear on your tax return? The IRS uses those to make sure that your travel expenditures are in line with others who report those same codes. You'll most likely get a second look from the IRS if you've claimed a lot more than the average for your profession.
Likewise, if you use your car for business purposes and you want to deduct your expenses or mileage, the IRS doesn’t want to hear that 100% of your travel was solely for business purposes, especially if you have no other vehicle available for personal use. Presumably, you drove to do personal errands at some point.

6) Your Business Is Home-Based

The IRS knows that taxpayers who claim home office deductions often get the rules wrong, so there are potentially some additional tax dollars to be had here.
The ironclad rule is that you must use your home office area for business, and only business. You—and your family members—literally cannot do anything else in that space. Review IRS Publication 587 if you're planning to claim a deduction for a home office. You'll want to get this one right.

7) You Own a Cash Business

Operating a mostly cash business—no one is issuing you 1099s for your services but rather they’re handing over $50 for that haircut—can put you on the IRS radar as well.
Businesses that fall into this category include salons, restaurants, bars, car washes, and taxi services, according to the IRS. Perhaps unfairly, the government takes the position that it's pretty easy for the owners of cash businesses to stuff those $50 bills into their pockets and forget about them at tax time.
A flag will go up if your lifestyle is such that your reported income just isn't significant enough to pay all your bills. How would the IRS know about your lifestyle? It takes tips from concerned citizens. The IRS might find out about it if you've made a few enemies over the years and you're driving around in a Ferrari while you're reporting income of $50,000.

8) You Claim Your Hobby as a Business

Maybe you breed puppies and sell them. Does this mean you’re self-employed? Possibly, but a whole lot of tax rules determine the distinction between a business and a hobby.
You'll get all those neat Schedule C tax deductions if you're self-employed, but you're pretty much out of luck if your enterprise is a hobby. It used to be that you could deduct expenses up to the amount of income you received from your endeavor if you itemized, but the TCJA has repealed this deduction, at least through 2025.
Your hobby is not a business if you haven’t shown a net profit from it in at least three of the last five tax years. An exception exists if you’re breeding horses—in this case, it’s two out of seven years. If you're just starting out and this is your first year at your enterprise, you can file Form 5213 to give yourself four more years to generate a profit, but this can trigger a closer look by the IRS, too.
The IRS probably won’t consider your enterprise a business if you don’t depend on the income to make ends meet or devote the necessary time, effort, and money to maximizing your profits. In other words, you have to really work at it for a significant amount of time each day. You'll need records to prove this if you're audited.

9) You Have Investment Income

Remember, the IRS receives copies of all information returns bearing your Social Security number. It can be all too easy to overlook or misunderstand some of them, particularly when you have investments. Keep an eye out for those 1099 forms that will be arriving after the first of the year, because the IRS will be.
If the IRS receives a 1099 showing that you were paid interest or dividends and if that interest or those dividends aren't reported on your tax return, you'll receive a letter from Washington inquiring about it. The letter shouldn't lead to a full-blown audit, however, if you simply agree to the income adjustment and pay the tax.

10) You Claimed the Earned Income Tax Credit (EITC) or Other Refundable Credits

Claiming the Earned Income Tax Credit is something of an automatic audit trigger, but you probably won't even know that the IRS is reviewing your return.
The EITC is a refundable tax credit that increases with the number of child dependents you have. There are income limits for qualifying as well. The IRS sends you a check for the difference if you're eligible to claim the EITC and the amount of credit you qualify for is more than any tax you owe.
But the government doesn't want the IRS to do that before making absolutely sure that you really are entitled to claim those dependents and that the income, you're reporting is accurate. The Protecting Americans from Tax Hikes (PATH) Act therefore prohibits the IRS from issuing refunds to any taxpayers who claim this credit until mid-February. This gives the agency time to review these returns and make sure everything is on the up-and-up. The same rule applies to the Additional Child Tax Credit, Dependent Care Credit, CTC (for Tax Season 2021) HOH filing status, Sick and Family Leave Credit for Self Employed (Form 7202), and AOTC American Opportunity Tax Credit (College Credit).

How Far Back Can the IRS Audit?

The IRS can include returns from the past three years in an audit. If they find errors, they can add additional years. They typically don't go back more than six years. The IRS also has three years to assess additional taxes, but the IRS can also request an extension to that statute of limitations. You don't have to agree to the extension, however. There's also a statute of limitations of three years for making additional refunds.

How Long Should You Keep Your Tax Records in Case of an Audit?

In most cases, you should keep tax records for three years, which lines up with how long the IRS has to audit you. If you want to be extra cautious, you could keep records for up to six or seven years since that's the furthest back the IRS is likely to go if it finds errors. If you don't file a return, the IRS recommends keeping your records indefinitely.

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Who is Saint Valentine
The Catholic Saint of Love

In 496 AD, Pope Gelasius I declared February 14 as Saint Valentine's day.

Google:
1 - Feast of Saint Valentine
2 - Saint Valentine

Who created love? Was Saint Valentine around when The Most created Adam and Eve? Who established Saint Valentine as the authority over love?

Since the Romans (Europeans or Edom) conquered almost the entire world, they imposed their pagan traditions over those whom they conquered, including Israel.

*Esau (Edomites) brought his Roman gods with him to every place they colonized. Thus, Saint Valentine became tradition to the slaves (Israelites). That was prophesied in Deut. 28:64 "...thou shalt serve other gods..."