|Posted on April 3, 2020 at 4:04 PM||comments (3)|
We are aware that these are unprecedented Times and there are a lot of challenges during these Period. We are encouraging you to rise above this Situation and remain confident, that you will come out Stronger, Bigger and Better off.
President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions and we want to enlighten you more about, what in this for us.
The Following are the Basic Things to know about the Stimulus Checks:
It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale.
We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment.
It is always our Pleasure to Help you.
|Posted on August 17, 2018 at 5:36 PM||comments (5)|
More than 2 Million Individual Tax Payer Identification Numbers( ITINs) are set to expire at the end of 2018.
* Tax Payers whose ITIN is expiring and needs to file a Tax Return in 2019 must submit a Renewal Application.
* ITINs that are affected are the ones with the middle digits 73,74,75, 76, 77, 81 or 82. ( For Example: 9NN-73-NNNN) needs to be renewed even if the Tax Payer has used it in the last 3 Years.
*ITINS with middle digits of 70,71,72,78,79 or 80 have previously expired. Tax Payers with these ITINs can still renew at anytime.
* Acting Now to renew ITIN Numbers will help Taxpayers avoid delays, that could affect their Tax Filing and Refunds in 2019.
* As a Reminder, the IRS no longer accepts passports that do not have a Date of Entry into the US as a Stand Alone Identification Document for dependents from a country other than Canada, Mexico or dependents of US Military Personnel Overseas.
* The Dependents passports must have a Date of Entry Stamp, otherwise Additional Documents to prove US Residency will be required.
Read on and Be Enlightened. Feel Free to Share.
|Posted on November 16, 2017 at 2:40 PM||comments (2)|
The IRS had announced sometime in October, that effective from January 1 2018, the contribution limit for Employees who participate in 401(k), 403(b), most 457 plans and the Federal Government’s Thrift Savings Plan will be increased from $18,000 to $18,500.
This is surely a Big Deal. As we all know, this extra $500 can help us more than we may think and it could also mean up to $70,000 more in your retirement account, assuming you decide a retirement age of 67 for yourself and at a 6 percent annual rate of return.
This is also important to know, as we have only few weeks to the end of the Year and most of us have less than 3 Payroll Cycles to the end of 2017. We need to ensure that we are working towards reaching the limit of $18,000 for this Year and if you are over 50, try to ensure that your Payroll Company implements your catch-up contribution limit of $6,000. It’s been discovered that most time, they don’t implement it, unless you inform them.
If you have not been contributing the maximum amount to your 401(k), this IRS Announcement is a useful reminder to push your contribution rate higher. Even if you’re not saving that much, increasing your savings rate by a percentage point or two every year, and anytime you get a pay raise will make a Big Difference to you in Retirement.
In addition to this announcement, the income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Accounts (IRAs), to contribute to Roth IRAs and to claim the saver’s credit is also increased for 2018.
Taxpayers can deduct contributions to a traditional IRA, if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.
Here are the phase-out ranges for 2018:
Highlights of Limitations that Remain Unchanged for 2018:
Please Note that If you don’t have a 401(k), there are other ways to put your money to work. Consider alternate retirement savings accounts, such as Roth IRA , Traditional IRA and/or Health Savings Account.
The IRS issued technical guidance detailing these items in Notice 2017-64
|Posted on December 22, 2016 at 12:23 PM||comments (2)|
|Posted on December 21, 2016 at 12:47 AM||comments (1)|
|Posted on January 18, 2016 at 11:52 PM||comments (4)|
January 19 2016 will mark the beginning of the 2016 Filing Season. The Internal Revenue Service (IRS) announced that Tax Return filing for the year will begin one day earlier than the previous one.
The IRS will begin accepting individual electronic returns from this day. They will also begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper now instead of using the e- file method.
The Tax Day also witnessed slight changes as Washington, DC celebrates Emancipation Day on April 15 instead of the usual April 16th, which is a Saturday. Hence,The filing deadline to submit 2015 tax returns will be Monday, April 18, 2016. Please Note that this Date coincides with Patriot's Day so Massachusetts and Maine will observe their Tax Day on Tuesday, April 19, 2016.
All in all, this Tax Season starts early and ends with a Delay. With this, Tax Payers have more than the regular time period to file their returns. But NOTE that filing the Returns within the IRS time frame can be a smart and effective way to stay safe. The IRS urges all tax payers to make sure that they have all their year-end statements in hand before filing, including Forms W-2 from their employers, Forms 1099 from Banks and Other Payers and form 1095-A from the Marketplace for those claiming the premium tax credit.
One Aspect that Tax Professionals should take care is the tax software that they use for Tax filing and submitting forms to the IRS. It is better not to choose your tax filing software only on the basis of filing dates that they provide.
Below are some tips to consider as you file your Tax Returns:
If you need Assistance with organizing your Documents and Accounting Records, as well as getting them ready for Tax Purposes, Feel free to call us on 202.422.4586.
Let the Tax Season Begin....................................
|Posted on December 22, 2015 at 10:49 AM||comments (5)|
Merry Christmas and A Prosperous New Year 2016 to all our Current and Prospective Clients. We want our Clients and Fans to know that we appreciate them and continually look forward to a great working relationship. The Year is almost coming to an end and It's a Busy Season for everyone. As you make your Holiday Plans, Remember to close your Books and Accounting Records for the Year 2015.
We have listed some Tips to help you close the year properly, so that you can make great plans for the upcoming year:
1) Ensure that the Bank and Credit Card Accounts have been reconciled.
2) Ensure that the Loan Interest has been separated from the Principal Amount and is accurately entered into your Books.
3) Check for the Accuracy of Accounts Receivable and Accounts Payable.
4) Write Off Bad Debts for Customers who are Noncollectable.
Another Tax Season is about to start; Filing your Taxes will probably never be fun, but being proactive when you are not under a Deadline can help ease some of the burden and save you time and frustration when April Comes around. If you need help with getting your Books ready for Taxes, We are available to help you. Please Free to give us a Call on 202.422.4586. You will be glad you did.