Teinert Consulting, Inc./TAXPROS of Texas, Inc.

02/19/2023

Friends - can you do us a favor?! It seems we have been shadowbanned on Facebook and Instagram. Can you help us increase our audience and amplify our posts by sharing this post. Thanks!

// Free Naloxone THIS SATURDAY, February 18th from 10am-2pm. At the following locations:
- Southwest corner of the Walmart parking lot on Pawnee & Broadway
- Lincoln Park (1323 S. Topeka St.)
- Parking lot of Kansas Nonprofit Chamber (700 N. Market Ste 3)

01/13/2023

IRS has issued Notice 2023-1 in response to the new 2023 Clean Vehicle Tax Credit, a provision of the Inflation Reduction Act. Taxpayers may be eligible for a credit of up to $7500 for purchasing and placing a qualifying new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in service if the following income limitations are met.
Modified adjusted gross income (AGI) must not exceed:
· $300,000 for married couples filing jointly
· $225,000 for heads of households
· $150,000 for all other filers
Sellers must report all required information to the IRS at the time of sale. Please visit the Department of Energy's Electric Vehicles with Final Assembly in North America page and use the VIN (Vehicle Identification Number) Decoder tool under "Specific Assembly Location Based on VIN" to see if a specific vehicle meets assembly requirements. To review the rules for qualifying used clean vehicles, visit the Used Clean Vehicle Credit page on

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

01/04/2023

Check out my new website

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12/25/2018

New and helpful information.

07/15/2016

New Law to Affect Refunds in 2017

Post Date: 6/27/2016
Last Updated: 6/27/2016

Summary
Cross References
- www.irs.gov

The IRS has announced initial plans for processing tax returns involving the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) during the opening weeks of the 2017 filing season. The IRS is sharing the information now to help the tax community prepare for the 2017 season, and plans are being made for a wider communication effort later in the summer and fall to alert taxpayers about the changes that will affect some early filers.

This action is driven by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted into law on December 18, 2015. Section 201 of this new law mandates that no credit or refund for an overpayment for a taxable year shall be made to a taxpayer before February 15 if the taxpayer claimed the Earned Income Tax Credit or Additional Child Tax Credit on the return.

This change begins January 1, 2017, and may affect some returns filed early in 2017.
- To comply with the law, the IRS will hold the refunds on EITC and ACTC-related 2016 returns until February 15, 2017.
- This allows additional time to help prevent revenue lost due to identity theft and refund fraud related to fabricated wages and withholdings.
- The IRS will hold the entire refund. Under the new law, the IRS cannot release the part of the refund that is not associated with the EITC and ACTC.
- Taxpayers should file as they normally do, and tax return preparers should also submit returns as they normally do.
- The IRS will begin accepting and processing tax returns once the filing season begins, as they do every year.
- The IRS still expects to issue most refunds in less than 21 days, though IRS will hold refunds for EITC and ACTC-related tax returns filed early in 2017 until February 15 and then begin issuing them.

11/03/2013

Here are the 2014 Tax Changes. Tax Clients will be interested. Or it cures insomnia! Comment with questions. Free advice on Facebook till January!

11/03/2013

IRS CHANGES 2014

The Internal Revenue Service issued its annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes for 2014.

The tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts:

• The tax rate of 39.6 percent affects singles whose income exceeds $406,750 ($457,600 for married taxpayers filing a joint return), up from $400,000 and $450,000, respectively. The other marginal rates—10, 15, 25, 28, 33 and 35 percent—and the related income tax thresholds are described in the revenue procedure.
• The standard deduction rises to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly, up from $6,100 and $12,200, respectively, for tax year 2013. The standard deduction for heads of household rises to $9,100, up from $8,950.
• The limitation for itemized deductions claimed on tax year 2014 returns of individuals begins with incomes of $254,200 or more ($305,050 for married couples filing jointly).
• The personal exemption rises to $3,950, up from the 2013 exemption of $3,900. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $254,200 ($305,050 for married couples filing jointly). It phases out completely at $376,700 ($427,550 for married couples filing jointly.)
• The Alternative Minimum Tax exemption amount for tax year 2014 is $52,800 ($82,100, for married couples filing jointly). The 2013 exemption amount was $51,900 ($80,800 for married couples filing jointly).
• The maximum Earned Income Tax Credit amount is $6,143 for taxpayers filing jointly who have three or more qualifying children, up from a total of $6,044 for tax year 2013. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phase-outs.
• Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.
• The annual exclusion for gifts remains at $14,000 for 2014.
• The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) remains unchanged at $2,500.
• The foreign earned income exclusion rises to $99,200 for tax year 2014, up from $97,600, for 2013.
• The small employer health insurance credit provides that the maximum credit is phased out based on the employer’s number of full-time equivalent employees in excess of 10 and the employer’s average annual wages in excess of $25,400 for tax year 2014, up from $25,000 for 2013.