All About Taxes

10/28/2024

Our 2nd fundraiser is Nov 10th. Should be a great night, for a great cause, lots of great raffles. If you can’t make it raffle tickets are available. $20 for 26 chances. Donations are still coming in- Stay tune for a complete list-

06/06/2024

HUGE THANK YOU!! We are officially sold out! Waiting for five confirmations - so we have started a waiting list for the event.

06/03/2024

In just a matter of days, our 2nd fundraiser will be taking place, and we are down to our last ten tickets! Don't miss out on this fantastic event and secure your ticket today. We would like to extend our heartfelt gratitude to our clients who have generously donated spectacular wine, amazing prizes, and their space and time for the occasion. It's going to be an unforgettable night, and we can't wait to see you there!

02/14/2024

Yesterday I spoke with an acquaintance who used a “friend” to do her taxes. She learned that this friend split her true refund into two accounts- and kept it. Her “friend” now has all of her personal information to continue the scam”. I’ll bet the “friend” didn’t mark themselves as a paid preparer. And doesn’t have a signed authorization to efile. I’d report to the irs (see last paragraph for form links)

If you are not paying for a service- you are the service.

Tax Tip 2021-20, February 17, 2021

01/17/2024

With 12 days until the official start of tax season, Congress has unveiled a bipartisan tax bill that, if passed, would include retroactive provisions that will affect how you prepare returns this year.

Proposed changes include:

Expansion of the child tax credit, including a larger refundable portion of the credit
Election of using prior year income for determining earned income for purposes of the child tax credit
Extension of the disaster-related personal casualty losses
Increase in threshold reporting for forms 1099-NEC and 1099-MISC
Deduction for research and experimental expenditures
Extension of 100% bonus deprecation
End of the employee retention credit program as well increase in due diligence requirements and penalties for ERTC promoters/material advisors
We are closely monitoring the details of this news and will be in communication with our members as the proposed legislation becomes law, and how the IRS implements these changes during tax season.

12/10/2021

If you received an email to my new portal- disregard. Made a set up mistake. Account names cannot be the last name when my family units are three generations deep. 🤦‍♀️. Delete, reboot, restart- be on the look out for an updated email. Sorry for confusion and inconvenience.

07/04/2020

A good reminder.

We are masters of perseverance. 🌻🌷The current crisis requires mutual support. This is a good reminder as we go into summer & anticipate the school year whether university or elementary.
Image from. https://helpateacher.com/

04/19/2020

03/25/2020

OPEN POST TO ALL CLIENTS: We are living in an unprecedented time, I appreciate your patience as we navigate the unknown. Over the past week I have assisted many clients with the processing of SBA Disaster Loan applications. I advised all business clients to get an application in ASAP. The details for the loan forgiveness and payback are still being ironed out. I would prefer you have an application in process. The processing of the applications will take months to process, however, will be retroactive back to February 15th. These loans would assist with overhead, including payroll expenses. Please only use https://www.sba.gov/disaster-assistance/coronavirus-covid-19 link to obtain the application. Beware of scams - Be sure the extension of any SBA website is .gov
Unemployment benefits for the independent contractor/self employed are available with the passing of the most recent stimulus program. The application could be up on the Department of Labor website as soon as tomorrow. If you filed a schedule C and are self-employed – this includes realtors, hair dressers, contractors… fill in your application as soon as possible. The caveat with this program is it is based on your net (after expenses) taxable income reported on your most recent filed tax return (2018 or 2019).
Individual stimulus checks will be based on your most recent filed tax return (2018 or 2019) and are subject to income limitations. $1,200 per individual and $500 per child. The phase out of this benefit begins at $75,000 for single filers and $150,000 for Married filing joint. Although this benefit is based on your most recent tax filing, your 2020 tax return will be the return that determines if any of this stimulus payment will need to be repaid and/or taxed. Planning on your 2020 tax return will need to be watched closely as the details are ironed out.
Finally, two major developments that could help a lot of my clients – the early withdrawal penalty on retirement accounts have been removed for 2020. Student Loan payments are suspended until October and interest is being suspend and/or deferred.
There are many developments happening literally overnight. Please beware that as developments are happening so aren’t scams. Beware and when in doubt ask… a simple email or text could save you.
Please be well and stay healthy!!!

SBA Disaster Assistance in Response to the Coronavirus

03/19/2020

We are still open receiving information through secure site or drop off in secure slot. Information changes within each news conference, please ensure what effects you BEFORE acting. These are Unprecedented times for sure.

Keep in mind that this only relates to federal income and c-Corp taxes, currently there is not any extension for payroll or trust taxes. Also, as of right now there is not any extension for any state taxes (income, payroll, or sales tax). We are told they will discuss, after crisis, in a case by case. Further, this is not an automatic extension to file- if you choose an extension, please advise as a simple process is necessary to avoid penalties. Filing an extension could delay your emergency payment from the government. Also- as of right now and with out an emergency disaster unemployment declaration, self employed and those who receive 1099 cannot collect unemployment.
The federal and state agencies are working diligently to assist all taxpayers.
Our office is also working diligently to ensure all clients are handled in a timely fashion. Please understand we have a lot of first responders as well as hospitality workers who need immediate attention.

12/20/2019

Appointments have been made on our online scheduler. Emails have been sent to confirm the appointments, let me know if you haven’t received an email. Appointments can be rescheduled online using the link in the email or by texting or calling. Happy holidays to you and your families.