EROWE TAX CO

01/12/2022

TAX UPDATE:

Please remember that even though the IRS begins excepting tax returns on Jan 24th, refunds that include the EITC(Earned Income) or the ACTC(Addistional Child Tax Credit) Credits WILL NOT be issued before Feb. 15th!!!

The Path Act is still in play and all returns will continue to be governed according to this law. Please also remember that any advances that you got WILL BE DEDUCTED from your tax refund.

01/08/2022

ADVANCE CHILD TAX CREDIT PAYMENTS
PAY CLOSE ATTENTION
What if I got too much?
. IRS will be using 2019 or 2020 information for the Advance Payments
. What if the payment is too much or do not qualify when filing 2021 tax return?
ANSWER: If you file your tax return the same way with same dependents you WILL NOT have to pay back. If you delete a dependent you WILL owe back. Also, if one of your dependents turned 18 years of age during the year 2021 (the year the advance payments were made) you WILL owe the Advance Payment on that dependent.
. Expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan enacted in March, 2021
. Payments started on July 15, 2021

THERE IS A

. SAFE HARBOR RULE - DO NOT have to repay some or all of the credit to the IRS if:

. 2021 MAXIMUM ADJUSTED GROSS INCOME LESS THAN $40,000FOR SINGLE
. 2021 MAXIMUM ADJUSTED GROSS INCOME less than $60,000 for Married Filing Jointly
. 2021 MAXIMUM ADJUSTED GROSS INCOME less than $50,000 for Head of Household

Tax Preparation Service

01/07/2022

Attention Virtual Assistants. Here are the 21 most common tax write off that are missed.

Office supplies-Office-related purchases like stationery, photocopies, and monitors are tax deductible.
Website expenses
Website hosting fees, plugins, stock photos, and themes are tax deductible!
Phone & accessories
If you use your phone for work (who doesn't?) then it's partially deductible.
Phone bill
Your monthly phone bills are expensive! Good thing the cost is partially deductible.

Conferences & classes
Conferences and classes that help you keep up with the industry are tax deductible.

Writing Software
Word and other editing software are 100% necessary for your job, write it off!

Creative and Editing Software
Write off any software you use for video and photo editing or content creation.

Electronics
A new computer, cell phone, keyboard, printer, monitor, mouse, it all counts!

Online Advertising
Every dollar you spend on Facebook Ads, Google Adwords, etc. is a tax deductible expense!

Legal fees
If you've had to set up an LLC or have other legal fees for work, that's tax deductible.

If you drive for work

Gas
Gas is expensive! A portion of your gas station fill ups are tax-deductible.

Car maintenance
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.

Insurance & registration
Car insurance, roadside assistance, registration costs, etc. are all tax-deductible.

Parking
Parking for a meeting downtown or other work trip is tax-deductible!

Tolls
A toll while driving to or from a work destination is tax-deductible!

Vehicle depreciation
If you drive you own vehicle, you can write off the annual depreciation of it's value!

If you work from home ...
Unless you work exclusively from the kitchen table or living room couch, most VAs should be able to claim the home office deduction.
Note: you don't need to work from a separate room to claim these write offs. A dedicated desk is sufficient. Learn more

Home office furniture
A desk, chairs, lamps, and other home office necessities are all tax write offs.

Wifi bill
Your comcast bill is a tax write off. You need internet to do your job!

Property insurance
Whether rental or homeowner insurance, you can write off a portion as part of home office.

Power bill
Gotta keep the lights on in your home office! A portion of your electricity bill counts.

Water bill
It'd be hard to work in an office without running water, huh? You water bill counts.

Part of your rent
Whether you pay rent or own your home, a portion of those expenses are deductible.

These are the most common ones but we can help you find them all. Message us today to get professional help.

Tax Preparation Service

01/06/2022

Just FYI this only applies to business bank accounts. If you receive payments through your personal bank account you will not receive the 1099-k for collecting over $600!

If you have a business bank account use zelle!

01/06/2022

Business Owners:

The IRS definition of conducting business is conducting a trade or business for profit. You must have proof of earnings such as 1099’s and bank deposits to prove earnings.

Additional proof of conducting business would be a business license and invoices to customers.

Make sure that you have your records organized when it is time to have your taxes prepared. This can save you from incurring additional fees for bookkeeping expenses.

Feel free to use this handy guide for general expenses to total and organize your records before visiting your tax pro. (Which is Hopefully ME because ummm I got that sauce)

Tax Preparation Service

01/06/2022

Jan 3rd First day to file a federal tax return, though the IRS generally will not accept e-file and free file returns until the date below. Even paper based filings won't be processed till later in the month
January 31st IRS E-file to go live, allowing submission of electronic tax returns for the vast majority of tax filers. Paper tax returns will begin processing later in mid-February as IRS system updates continue (IRS recommends e-filing for faster refunds).
Feb 1st 1099-G forms for reporting Unemployment Compensation and Taxes paid to you for the prior calendar year. Contact your state UI agency if not received by this date.
Feb 1st Date by which you should have received a W-2 from employers you worked for during the tax year. If not, contact their HR/Payroll department to resend tax documents
Feb 1st Deadline for 1099 statements (factors in your AGI income) that report non-employee compensation, bank interest, dividends and distributions from a retirement plan. This date is also the deadline for self-employed individuals to file and pay in full their fourth-quarter estimated tax payment
Feb 1st Financial institutions (e.g Vanguard, Fidelity) must mail out 1099-B, 1099-S and 1099-MISC forms by this date. See what these forms are and if you will need one for your return
March 15 S Corporation and Partnership tax returns due
April 15 *Tax Day* Last day for filing federal and state income tax returns and extension requests. Extended by the IRS from the normal April 15th date.
April 15 Deadline for filing state income tax returns (for most states) and extension requests. Last day to make a contribution to a Traditional or Roth IRA, Health Savings Account (HSA), SEP-IRA or 401(k)
April 15 FBAR (Foreign Bank Account Report) forms due for taxpayers who have signature authority over $10,000 in total in foreign bank accounts in the prior year. Laws enacted last year change the standard FBAR due date to "tax day" (vs June 30th as in years past). No extensions are allowed and forms must be filed electronically.
September 15 U.S. citizens or resident aliens living abroad must file tax returns and pay any taxes due by this date (or file for a four-month extension)
October 15 Filing approved extended federal, state and S-Corp/Partnership income tax returns Note: you still need to file for an extension request by April 15th

Tax Preparation Service

01/06/2022

🚨🚨🚨🚨🚨🚨

01/06/2022

01/04/2022

🚨🚨🚨🚨🚨🚨The IRS can use your tax refund to offset certain obligations. The Treasury Offset Program (TOP) collects past-due (delinquent) debts (for example, child support payments) that people owe to state and federal agencies.

TOP matches people and businesses who owe delinquent debts with money that federal agencies are paying (for example, a tax refund). To the extent allowed by law, when a match happens, TOP withholds (offsets) money to pay the delinquent debt.

Worried? Check the Treasury Offset Program (Phone 1-800-304-3107)🚨

Tax Preparation Service

01/04/2022

These are not my fingers but you get the picture.
You get it? The picture? 🤣

Seriously they iRS had mailed out letter 6419 which reflects the amount a taxpayers received in stimulus payments.

DO NOT, REPEAT DO NOT THROW THIS LETTER AWAY!!!

You will need to proved this letter to your tax professional so they can reconcile for accuracy.

Failure in doing ao may result
In a LOOONG tax delay.

You’re welcome. 😃

01/04/2022

Wake up do not sleep on this years taxes stop by dm me call me what ever you decide to do come see me . tired of being over charge and not getting nothing back say no more not only I can get you to max we also fix credit. Let’s get these documents together and Let EROWE TAX CO get you RIGHt your favorite ThE

Tax Preparation Service