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IT'S TAX SEASON.

Posted on January 31, 2019 at 3:59 PM Comments comments (0)
    
  IRS Begins Accepting Tax Returns on Monday, January 28th 2019.
  It's Official; Tax Payers should not worry about their Refund Status being affected by any Happenings within the Government.
  It is also important to note that Monday, April 15, 2019 still remains the Individual Filing Deadline for the majority of the Country, though the Deadline in Maine and Massachusetts is April 17 due to the Emancipation Day Holiday.

     Important Points to Note:

  • The First Refunds will go out in the First Week of February and Many Refunds will be paid by Mid- to Late February.
  • The IRS expects about 90 Percent of the Tax Refunds to be filed electronically. Choosing E-File and Direct Deposit remains the fastest and safest way to file an accurate Income Tax Return and Receive a Refund.
  • The Form 1040 has been re-designed for the Tax Year 2018. The Revised Form consolidates Forms 1040, 1040A and 1040- EZ into one Form, that All Individual Tax Payers will use to file their 2018 Federal Income Tax Return.

  We are Here to Help you with Organizing your Documents and Getting all your Business Expenses correctly and accurately deducted. This will help to reduce your Tax Liability.
 
 Keep Checking for Weekly Updates and Important Information, regarding your Tax Filing.

  Let the Tax Season Begin ......................................................
 

RENEW YOUR ITINS.

Posted on August 17, 2018 at 5:36 PM Comments 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.


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TAX DAY IS APRIL 17 2018.

Posted on April 16, 2018 at 9:27 PM Comments comments (2)
The deadline for filing your taxes is fast approaching — this year, The deadline is April 17, 2018.

We all know, that Life can be busy!!! Maybe your taxes are particularly complicated this year, or maybe you just don’t have the time to sit down and sift through the paperwork.

So, what happens if you don’t file your tax return on time?
If you’re getting a refund on your taxes this year, you don’t need to panic — you have until April 17, 2021 to claim your refund (or until October 17, 2021 if you filed an extension by the April 17 deadline). It’s best to file as soon as possible, however, because if you don’t file within that 3-year period, you’ll lose the refund.

If you owe taxes, things get complicated.
First, you’ll be charged a failure-to-file penalty. That penalty is 5 percent of your unpaid tax bill for every month after the April deadline that you fail to pay. The amount can grow to a maximum of 25 percent of your total unpaid bill.
In addition, you will be charged interest on whatever amount you did not pay. The interest rate is the federal short-term rate plus 3 percent with interest compounded daily. That can add up very quickly.

How to File for an Extension on your Taxes.
If you think you might be unable to file your tax return by the April 17 deadline, the best way to avoid fees and penalties is to file for an automatic six-month extension with the IRS using Form 4868. It’s free and pretty easy.
But if you owe taxes, you’ll still need to pay them by the April 17 deadline or penalties, fees and interest will start to accrue. 
Form 4868 does not grant the taxpayer an extension of time to pay their tax.
If you owe the IRS money and are having trouble coming up with the money, you have a few options. You can file for an extension of time to pay your tax bill using Form 1127: Application for Extension of Time for Payment of Tax Due to Undue Hardship, but be aware that the laws are very strict about granting such extensions.

* The IRS must receive Form 1127 on or before the date that the tax is due.

* The taxpayer must include a complete statement of all their assets and liabilities at the end of the previous month, as well as an itemized list of money they received and spent the previous three months prior to submitting the extension request.

* The taxpayer must show that the payment of tax would result in “undue hardship.” That means more than inconvenience.

*The taxpayer must show that paying by the due date would result in a serious loss of money and that they don’t have the funds, nor can they raise them through borrowing.

When granted, these extensions usually last 6 months. For more information about extensions to pay tax, visit the IRS website at www.irs.gov.

(You can read more about payment plans and other options for what to do if you can’t pay your tax bill here.)
Ultimately, it is the best and safest idea to file your return by the April 17 deadline or file for an extension. That may be a hassle now, but it could save you a significant amount of financial harm in the future. If you need assistance, please call us as soon as possible.
 

Tax Season is Still On.

Posted on February 19, 2018 at 11:55 PM Comments comments (3)
  

Do you have all your required Tax Filing Documents?

* Form W2

* Form 1099 - MISC (If you are a Contractor or Independent Employee)

* Form 1099 - G (To show Payment received from Government Agencies, Unemployment Benefits, Alimony, Child Support).

* Form 1095 - To show that you are enrolled in a Qualified Health Plan, which will allow you to get your Premium Tax Credit).

* Form 1098 - To show Payment Received from Interest (Interest Income).

* Profit & Loss Financial Statements (If you are a Business Entity or Corporation)

* Property Taxes paid on Principal Properties.

*Charitable Contribution Statements.( To show Tithes, Offerings and Donations given to Religious Organization)

* All Receipts of Purchases Made during the 2017 Year. 


Additional Forms, that you may receive:

a) 1099- INT - To Show Payments received on Interest.

b) 1099- DIV - To Show Payments received on Dividends.

c) 1099- R - To show Pensions and Payouts from Individual Retirements Accounts.

d) 1099-B - To show Broker Transactions and Barter Exchanges.

e) 1099-S - To show Real Estate Transactions.


Businesses may not like sending out Forms 109, but they are required by law to send them out. There are also penalties for failing to issue these Forms. No one wants trouble from the IRS.

Generally, Businesses must issue these forms to any Payee (Other than a Corporation), that receives $600 or more during the financial Year. This is the basic threshold.

Do you need more clarification on any of these Required Documents? Feel Free to reach out to us and we will educate you more, help you reduce your Tax Liabilities and guarantee your Maximum Tax Refund.

 

IRS Begins Accepting Tax Returns.

Posted on January 29, 2018 at 7:54 PM Comments comments (7)

  

IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018.

IRS begins accepting Tax Returns Today, Monday, January 29th 2018.
 
Highlights to Note:

  • Even Though the New US Tax Law is in effect, Changes do not apply to 2017 Tax Returns.
  • Tax Payers can start submitting their Returns to the IRS as From Today.
  • You may be able to file for Free; The Sooner, you start Filing, the Better, as this is a precaution to Tax Fraud.
  • The Deadline for this Year's Tax Filing Returns is Tuesday, April 17th 2018.
  • The Fastest Way to get your Tax Refund is by filing electronically and selecting Direct Deposit as the Method for receiving your Refund.


NEW TAX LAWS:

  •  The New US Tax Code, which includes the New Tax Brackets and modified Tax Deductions went into effect on January 1st 2018.
  • This means that even though, it doesn't affect the 2017 Tax Returns, Employees will start seeing a difference in their Paychecks by February.
  • Let the Tax Season Begin. 


   Need a Hand with your Tax Returns? Need Help with Organizing your Financial Reports? Need Help with your Accounting Software?We are here to help you. Contact us for more Information.