PEQ Tax Services, LLC

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PEQ Tax Services, LLC

Family owned business offering Tax Preparation and Accounting for individuals and small businesses.

21/01/2025

Changes that may affect your refund:
Life events, such as purchasing a home, going to college or losing a job, may make you eligible for certain tax benefits. Other circumstances, such as getting married or divorced, welcoming a child or experiencing the death of a spouse or a dependent you claim, could also affect your tax benefit eligibility and filing status. These changes could mean you qualify for tax credits like the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), the Child and Dependent Care Credit and Credit for Other Dependents(ODC).
• For 2024, the CTC is worth up to $2,000 for each qualifying child. A child must be under age 17 at the end of 2024 to be a qualifying child.
• For 2024, the EITC eligible taxpayers with no qualifying children may receive up to $632.
• If your dependent is age 17 or older at the end of 2024, they may qualify for the ODC.
For the Child and Dependent Care Credit, taxpayers may receive up to 35% of their employment expenses. Visit Credits and Deductions for more details.
Energy-related credits and deductions
Clean vehicle tax credit. Review the changes under the Inflation Reduction Act of 2022 to see if you qualify for the new electric vehicles purchased in 2022 or before or the new clean vehicles purchased in 2023 or after credit.
Home energy credits. If you make energy improvements to your home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022.

18/01/2025

It's that time of the year again!!! Time to start gathering your information for tax filing.

We make it easy to use PEQ TAX SERVICES. We do:
Tax Prep & Bookkeeping Drop-offs & Pick-ups
Personal & Business Personalize Appointments Amendments Extensions Electronic Filing

We know you have a busy schedule. Our hours make it easy to get the job done for you.
Monday, Tuesday, Thursday 8:30 am - 7:00 pm
Wednesday and Friday 8:30 am - 5:00 pm
Saturday 9:00 am - 1:00 pm

We are here for you. We welcome your business.

04/02/2024

Did you know .....
We do drop-offs
Just gather your tax documents together and bring to our office.
We'll prepare your returns, call you if we have questions, and get your refund into your pocket faster. No need to try to schedule an appointment on your busy schedule. Leave in our hands and we GET IT DONE!!!

17/01/2024

WE WILL BE CLOSED TODAY JANUARY 17 DUE TO SERVERE WEATHER
PLEASE STAY SAFE

08/01/2024

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation.

As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn't expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

OF COURSE THIS REVISED ACTION FROM THE IRS ONLY MEANS THE THIRD PARTY, I.E. VENMO, EBAY, POSHMARK, ETC., ARE NOT REQUIRED TO SEND YOU A 1099-K1.

You as the taxpayer are still REQUIRED to report any income earned from these sites on your taxes.

Contact us with your questions. We can help.

28/12/2022

The IRS has announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. The IRS also has released guidance outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) that would have generated Form 1099-Ks for taxpayers.

13/12/2022

Some tax credits return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.

Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022.
The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
Visit Credits and Deductions for more details.

No above-the-line charitable deductions. During COVID, taxpayers could take up to a $600 charitable donation tax deduction on their tax returns. However, in 2022, those who take a standard deduction may not take an above-the-line deduction for charitable donations.

09/12/2022

Welcome to PEQ Tax Services, LLC page, a venue that will keep you informed on the ever changing tax laws and how they may affect you and your business.

View our page frequently to ensure you are up to date on the latest tax changes.

Address

3960 Harlem Road

14226

Telephone

+17166330771

Website

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