We Specialize in Tax Preparation for individual and small businesses, minimizing your taxes and maximizing your refund! We’re dedicated to our clients.
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And we've represented them in audits with the IRS, FTB, and EDD. This keeps us current on tax law so we’re always ready for the toughest situations. We can replace your back office with accounting, payroll, and bookkeeping support. When it comes to complex issues, rely on us. We developed strategies for both business and individual clients. And we work hard and long hours when they need us—even after tax season. So let us tackle your most pressing financial issues.
Operating as usual
The paid sick leave credit and paid family leave credit are available for eligible employers who pay qualified sick leave wages or qualified family leave wages during the COVID pandemic. To find out who qualifies and how to claim them contact us.
2020 has been a tough year for us all. Some people who may not have been eligible to claim the Earned Income Tax Credit before may qualify this year, don’t count it out. To learn more about this valuable tax credit, click here: www.irs.gov/eitc
#IRS and the Treasury Department began a second round of Economic Impact Payments to millions of Americans. There is no action required by eligible individuals to receive this new payment. Initial direct deposit payments have started arriving for some and continue into next week for many. Paper checks have started being mailed starting today and continue into January.
Some people may see the direct deposit payments as pending before the official payment date of Jan. 4, 2021. Please keep in mind that the payments are automatic, and you don’t need to contact your financial institution or the IRS with payment timing questions.
Most recipients will receive payments by direct deposit. People who got the first payments via Direct Express will receive this second payment the same way. For anyone who receives payments by check or debit card, these will be mailed through January. Carefully check your mail. Eligible individuals who didn’t receive an Economic Impact Payment this year – either the first or the second payment -- will be able to claim it when they file their 2020 taxes in 2021. You can check the status of your payments in a few days by using the Get My Payment tool, available in English and Spanish on IRS.gov.
For details, see: https://go.usa.gov/xAK4f
#Stimulus #EIP #EconomicImpactPayments #COVIDreliefIRS #covid19 #covid_19 #coronavirus #tax #taxes
The $600 payments may arrive in some accounts by direct deposit as early as tonight, and will continue into next week.
U.S. Treasury Secretary Steven Mnuchin said some Americans could receive $600 COVID-19 stimulus checks as soon as Tuesday night as a second round of payments begins rolling out.
WHO IS ELIGIBLE FOR THE NEW PPP 2.0 LOANS?
First, similar to the first rounds of PPP, eligible small businesses may include:
• Small businesses, nonprofit organizations, veterans organizations, Tribal business concerns, and small agricultural cooperatives that meet the SBA size standards.
• Sole proprietors, self employed individuals or independent contractors.
• Certain news organizations, destination marketing organizations, housing cooperatives, and 501(c)(6) nonprofits may now also be eligible.
In addition, this round of assistance is meant to target smaller businesses impacted by COVID-19. As a result, applicants who qualify generally must also meet the following criteria:
1) The business may not have more than 300 employees and
2) The business must have at least a 25% reduction in revenues in at least one quarter in 2020 when compared to previous quarters (more details below)
Also the business that got a first PPP loan must have used, or plan to use, their full PPP loan already received.
Certain types of businesses are not eligible including most businesses normally not eligible for SBA loans, businesses where the primary activity is lobbying, and businesses with at least 20% ownership by China. (Note the CARES Act did make an exception for certain non-profits and agricultural cooperatives, for example, which are not normally eligible for SBA 7(a) loans.) Publicly traded companies are not eligible to receive the new PPP loans.
As part of the SBA's Economic Injury Disaster Loan (EIDL) program, you can apply for a grant of up to $10,000 that does not need to be repaid.
Here’s everything you need to know about the EIDL grant.
What is the grant?
An additional $10 billion was allotted through the CARES Act to pay SBA EIDL applicants an advance on their loans. (Check out our breakdown of the CARES Act and how it affects small businesses) With best guesses for the SBA processing time ranging from 90 days to several months, this is evidently a response to how slowly the SBA has been able to process these applications. This injection aims to help small businesses bridge the critical time spent waiting for a final decision on their loan.
How much will I get?
This is not a flat $10,000 grant to all applicants. $10,000 is simply the maximum you could possibly receive. Currently, the SBA is providing $1,000 per employee, up to ten employees (and if you’re a sole proprietor, you’re eligible for $1,000 only).
I HOPE YAL GOT YOUR BUSINESSES IN ORDER....I TOLD YOU IT WAS COMIMG!!!!!!
Would you like to make 25k -50k in 3 to 4 months? If so be sure to sign up with Ink Tax Training for this up coming Tax Course. Our experts are ready to teach you everything you need to know about business, tax prep & IRS rules and regulations.
Ink Tax Course includes :
**Online training course with a mandatory 3 day hands on Training
**Web Based Software & Bank Product
**Promoting & Marketing Materials
**PTIN Assistance
**Ability to be your OWN BOSS!
📍 Location is in Downtown Dallas with the option to work virtually from your home.
Your New Financial FREEDOM Starts Here!!💫
My kids are worth how much? These are the special tax breaks for parents.
The government offers some fairly generous tax breaks to help ease the financial burden
If you were affected by a disaster your tax deadlines might have changed. Click here to see if you qualify: www.irs.gov/disasters
Business owners do you have a shoe box full of receipts? Feeling overwhelmed with bookeeping? Let us help you get organized so you can have more time to grow your business.
Tax Ink at your service. 214-620-0057. email:[email protected]
Would you like to make 25k -50k in 3 to 4 months? If so be sure to sign up with Ink Tax Training for this up coming Tax Course. Our experts are ready to teach you everything you need to know about business, tax prep & IRS rules and regulations.
Ink Tax Course includes :
**Online training course with a mandatory 3 day hands on Training
**Web Based Software & Bank Product
**Promoting & Marketing Materials
**PTIN Assistance
**Ability to be your OWN BOSS!
📍 Location is in Downtown Dallas with the option to work virtually from your home.
Your New Financial FREEDOM Starts Here!!💫
Your IRS tax refund may have grown a bit! Due to COVID-19, the tax deadline had a disaster-related postponement.
As a result, nearly 14M individual income tax filers who timely filed their federal income tax returns and got a refund will also get interest payments. Most taxpayers who had direct deposit will get the interest deposited. Everyone else will get paper checks. To learn more, click here: https://go.usa.gov/xfzb6
Breaking News!
The Internal Revenue Service announced today the annual fee for 2021 that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).
https://www.irs.gov/newsroom/irs-announces-2021-ptin-fees-for-tax-return-preparers
IR-2020-159, July 15, 2020 — The Internal Revenue Service announced today the annual fee for 2021 that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).
This is HUGE!!
House Democrats push new round of stimulus checks in coronavirus bill
The Democratic legislation provides for another $1,200 per person with income thresholds similar to the CARES Act
Who wants to apply for an EFIN and needs assistance?
Happy Mother’s Day!
Learn how easy it can be for you to start your own lucrative tax business. Get trained & certified right from the comfort of your own home. It’s time to innovate it’s time to start!
Inbox for details 📥
#EarlyBirdPricingHappeningNow #Taxpreneur #StartUp #Coaching #TaxBiz #MakeMoney #Entrepreneurship #SelfEmployed #Freedom
Starting a tax business allows you the opportunity to earn a substantial income all year while safely working from home. $500 could change everything. Ask us how.
To address this, Congressional leaders have made two separate proposals, one that would provide Americans over the age of 16 with a $2,000 monthly check for up to 12 months, and one that would cancel rent and mortgage payments through the duration of the coronavirus emergency. 🤞
$2,000 Monthly Stimulus Check for up to 12 Months and Canceled Rent & Mortgage Payments for 1 Year
We have a process in place to quickly return those payments to the IRS for distribution to the recipient. Our system and agents do not have visibility into these payments. It historically takes the IRS 7-10 business days to have visibility into the returned funds. Please contact the IRS directly for further details.
To help everyone check the status of their Economic Impact Payment, IRS is launching a tool that will provide the status of a payment, including the date it’s scheduled to be deposited or mailed. www.irs.gov/eip #COVIDreliefIRS
The delivery of Economic Impact Payments into bank accounts started today. #IRS will continue to swiftly issue these payments in the days ahead. More on this and other #COVIDreliefIRS at: www.irs.gov/coronavirus
The IRS is opening the Non Filers Tool!
How do I use the Non-Filers: Enter Payment Info tool?
For those who don’t normally file a tax return, the process is simple and only takes a few minutes to complete. First, visit IRS.gov, and look for “Non-Filers: Enter Payment Info Here.” Then provide basic information including Social Security number, name, address, and dependents. The IRS will use this information to confirm eligibility and calculate and send an Economic Impact Payment. Using the tool to get your payment will not result in any taxes being owed. Entering bank or financial account information will allow the IRS to deposit your payment directly in your account. Otherwise, your payment will be mailed to you.
“Non-Filers: Enter Payment Info” is secure, and the information entered will be safe. The tool is based on Free File Fillable Forms, part of the Free File Alliance’s offerings of free products on IRS.gov.
Who should use the Non-Filers tool?
This new tool is designed for people who did not file a tax return for 2018 or 2019 and who don’t receive Social Security retirement or disability benefits or Railroad Retirement benefits. Others who should consider the Non-Filers tool as an option, include:
Lower income: Among those who could use Non-Filers: Enter Payment Info tool are those who haven’t filed a 2018 or 2019 return because they are under the normal income limits for filing a tax return. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019.
Veterans beneficiaries and Supplemental Security Income (SSI) recipients: The IRS continues to explore ways to see if Economic Impact Payments can be made automatically to SSI recipients and those who receive veterans disability compensation, pension or survivor benefits from the Department of Veterans Affairs and who did not file a tax return for the 2018 or 2019 tax years. People in these groups can either use Non-Filers: Enter Payment Info option now or wait as the IRS continues to review automatic payment options to simplify delivery for these groups.
Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents: These groups will automatically receive $1,200 Economic Impact Payments. People in this group who have qualifying children under age 17 may use Non-Filers: Enter Payment Info to claim the $500 payment per child.
Students and others: If someone else claimed you on their tax return, you will not be eligible for the Economic Impact Payment or using the Non-Filer tool.
The Site is up in Running people for none filers!!
Steps to receive the Economic Impact Payment if you haven't filed a tax return for 2018 or 2019, and aren't receiving Social Security, SS Disability Income or Railroad Retirement benefits. This payment is also referred to as "stimulus checks" or "coronavirus relief."
IRS and The U.S. Department of the Treasury launch new tool to help people who normally don’t file taxes to register for Economic Impact Payments www.irs.gov/eip #COVIDreliefIRS
Social Security recipients not typically required to file tax returns will automatically receive economic impact payments. To get the latest information on economic impact payments from the IRS, click here: www.irs.gov/coronavirus
If IRS doesn’t have your direct deposit info, a check will be mailed to your address on file. For your #TaxSecurity, do NOT provide your direct deposit or banking information for others to input on your behalf into the IRS secure portal. https://go.usa.gov/xvrf7 #COVIDreliefIRS
🦠The Internal Revenue Service (IRS) will start directly depositing the economic impact payment—otherwise known as the stimulus check—into Americans' accounts for mid-April, around April 15
These first direct deposits will go to Americans who filed tax returns in the past two years and whose payment details are already on record.
For those who have not filed tax returns recently, the Treasury said it was developing "in the coming weeks" a web-based portal to allow these people to provide their bank details and receive immediately the economic impact payment rather than waiting for checks in the mail.
IRS that allows Americans who are not required to file a tax return to register their details with the IRS to receive the economic impact payment directly into their accounts.
Anyone else will have to wait for a paper check. The Washington Post reported that checks for lower-income individuals will be prioritized and mailed first, citing an internal IRS plan circulating internally.
The IRS will reportedly start mailing checks out to those unable to receive the economic impact payment digitally from April 24, but some may not arrive until September.
The Treasury Department said late Wednesday that Americans on Social Security will not be required to file a "simple tax return" to receive a stimulus check from the U.S. government. The announcement reversed an earlier statement from the Internal Revenue Service that participants in the federal retirement program would need to file such a return to get the funds.
Treasury said late Wednesday that Social Security recipients won't need to file extra tax forms to receive the checks.
If you refund was taken due to student loans during the month of March. Call the department of Education at 800-621-3115. They will issue up to 75% of your refund back.
https://www2.ed.gov/fund/grants-college.html?src=rn
Ok heres a summary...
Stimulus Payments – What You Need to Know about the CARES Act.
Here is how the payments will work.
**Disclaimer:This is based on what is known now, and the IRS will work out the mechanics of delivery.**
Who gets a payment:
1. U.S. residents are eligible for a stimulus payment.
2. Recipients can’t be a dependent of another person and receive a stimulus payment
3. Recipients need to have a social security number and authorization to work in the United States.
How much will I get:
1. For individuals with income up to $75,000, you are eligible for a rebate of $1,200.
2. For individuals, the payment reduces ratably down from $1,200 to $0 with incomes between $75,000 and $99,000.
3. Individuals with income exceeding $99,000, are not eligible for a stimulus payment.
4. For married couples with income up to $150,000, you are eligible for a $2,400 rebate.
5. For married couples, the payment reduces ratably down from $2,400 to $0 between incomes of $150,000 and $198,000.
6. Married couples with income over $198,000 are not eligible for stimulus payments.
7. For those filing head of household, the payment is ratable reduced to $0 at $146,500 of income.
8. If you have dependents, you are eligible for an additional $500 per child.
9. If you have no income or your income comes from SSI or non-taxable sources, you are still eligible for the rebate. If you were not required to file a tax return, the payment will be automatic.
10. The IRS will use your 2019 tax return information. (if you have filed).
👉🏼NOTE: If you have significantly lower income for 2019 and have not filed, it would be a good idea to get 2019 filed.
11. Alternatively, the IRS will use your 2018 tax return information, if you have not yet filed for 2019
12. It is not clear what the cutoff date is for the 2019 return to be filed and affect the payment calculation.
Is the payment taxable?
No. The check you receive is really just an advanced payment of a tax credit for the 2020 tax year. As such, it won't be included in your taxable income.
Our office will take calls to help people understand the stimulus and help small business navigate through the process.
#TaxInkTaxPros
Ok heres a summary...
Stimulus Payments – What You Need to Know about the CARES Act.
Here is how the payments will work.
**Disclaimer:This is based on what is known now, and the IRS will work out the mechanics of delivery.**
Who gets a payment:
1. U.S. residents are eligible for a stimulus payment.
2. Recipients can’t be a dependent of another person and receive a stimulus payment
3. Recipients need to have a social security number and authorization to work in the United States.
How much will I get:
1. For individuals with income up to $75,000, you are eligible for a rebate of $1,200.
2. For individuals, the payment reduces ratably down from $1,200 to $0 with incomes between $75,000 and $99,000.
3. Individuals with income exceeding $99,000, are not eligible for a stimulus payment.
4. For married couples with income up to $150,000, you are eligible for a $2,400 rebate.
5. For married couples, the payment reduces ratably down from $2,400 to $0 between incomes of $150,000 and $198,000.
6. Married couples with income over $198,000 are not eligible for stimulus payments.
7. For those filing head of household, the payment is ratable reduced to $0 at $146,500 of income.
8. If you have dependents, you are eligible for an additional $500 per child.
9. If you have no income or your income comes from SSI or non-taxable sources, you are still eligible for the rebate. If you were not required to file a tax return, the payment will be automatic.
10. The IRS will use your 2019 tax return information. (if you have filed).
👉🏼NOTE: If you have significantly lower income for 2019 and have not filed, it would be a good idea to get 2019 filed.
11. Alternatively, the IRS will use your 2018 tax return information, if you have not yet filed for 2019
12. It is not clear what the cutoff date is for the 2019 return to be filed and affect the payment calculation.
Is the payment taxable?
No. The check you receive is really just an advanced payment of a tax credit for the 2020 tax year. As such, it won't be included in your taxable income.
Our office will take calls to help people understand the stimulus and help small business navigate through the process.
#TaxInkTaxPros
1920 Mckinney Ave Ste 700
Dallas, TX
75201
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Congratulations to Lee Young on Achieving her Dream as a Business Owner in Real Estate & Property Investments!!🏠💰🎉 I’m so excited for her success and showing others that there is unlimited earning potential for everyone!! Thanks for giving me the opportunity to assist you in Incorporating & establishing your business venture!!! Go Lee Lee Go!!! 🤞
Tax Ink has a single mission, to be the most successful, creative and ground-breaking business formation, accounting firm in Dallas Texas. We approach each of our clients with fresh eyes to develop customized, unique strategies.
We’re dedicated to our clients, and we've represented them in audits with the IRS. This keeps us current on tax law so we’re always ready for the toughest situations.
Your business is our business! We developed strategies for both business and individual clients. We work hard and long hours when they need us—even after tax season. So let us tackle your most pressing financial issues.
We can replace your back office with accounting, payroll, and bookkeeping support. When it comes to complex issues, rely on us.
Tax Ink Incorporated exists to solve the critical issues facing our clients, both large and small. Our unique approach is not only what differentiates us, but also what makes us successful. We provide a broad range of services and solutions to help organizations, and individuals facilitate change, achieve their vision and optimize their goals.
Though we’ve grown since our founding, we’re still the same accounting firm at heart. Let us help make your dreams a reality. Are you ready to set your business on the path to success? Give us a call today and see what we can do for you!
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