Tax Geekz Software

02/20/2022

📣 Path Act has lifted what is the next step❓
* Disclaimer before I continue‼ My clients have already received this email but I wanted to share with you guys here to assist; however, If I did not prepare your tax return 🛑 please reach out to your tax pro with your questions, if you self prepared I hope Turbo n Nem can assist you!

A few of you have already started seeing dates depending on your cycle code and a few of you will get dates 📆 later in the week. A huge batch of you all may see a date this morning 🙏

Key things to be aware of
* Some returns will be pulled for ID verify
* Some returns will be put on a 60 day hold so that the IRS can catch up.
* Some files will be resequenced

THE ABOVE 3 REASONS HAS NOTHING TO DO WITH YOUR TAX PRO AND UNFORTUNATELY THEY CAN'T DO ANYTHING ABOUT IT‼

🧑🏿‍💻✅Where's My Refund
Guys it's just not reliable. It hasn't been for years now. The best and only way we recommend to check the status of your refund is to view your IRS Transcipt.

🚩IRS Codes
846 = Refund issued
472 = Audit
570 = Hold or Resequence

❌Now what are some reasons that there would be a hold or Audit❓
* Failure to report all income, this may be leaving off w2s, Unemployment, 1099s.
*Filing with the last check stub which did not match the w2 when it came in.😭
*You chose to spread your retirement distribution last year over three years but did not file the applicable form this year 💵
*Them kids you been carrying they mama decided she was getting all the money this year and paper filed her return on you 😆
Good luck‼

02/16/2022

The PATH Act message has been lifted for most people and some are getting a deposit date of 02/22/2022

If your status says "we have received tax return and it's still being processed"

Don't panic, the IRS announced an estimate that most people claiming the EITC or ACTC will get their refunds by March 1st

The most accurate way to check the status of your refund is Where's my refund or by viewing your 2021 Record of Account Transcript and look for code 846

How do I view my transcript?

1. Go to IRS.gov/transcript
2. Click get transcript online
•If it says please wait high demand just literally wait, the login screen will come up next
3. Login to your account or create one if you don't have one
4. For reason select other and leave CAF number blank
5. Click 2021 under record of account transcripts
• If yours says N/A this means your return has not been fully processed
6. Next, look for code 846 that ends in the year 2022
•This is your refund and deposit date

Get your tax records online or by mail including prior-year tax returns, tax account transactions, wage and income statements and confirmation of non-filing letters.

02/16/2022

You heard it herer first! Straight from the source! get those documents together and give us a call!! Dont have all the documents no problem we have your back call a tax geek today!! 1877-738-0553

This is "Small Business Summit" by ATL26 on Vimeo, the home for high quality videos and the people who love them.

01/24/2022

If you have clients still waiting on their 2020 returns to be processed, see below issued by the IRS.

Waiting on a 2020 tax return to be processed? Special tip to help with e-filing a 2021 tax return: In order to validate and successfully submit an electronically filed tax return to the IRS, taxpayers need their Adjusted Gross Income, or AGI, from their most recent tax return. For those waiting on their 2020 tax return to be processed, here’s a special tip to ensure the tax return is accepted by the IRS for processing. Make sure to enter $0 (zero dollars) for last year’s AGI on the 2021 tax return. For those who used a Non-Filer tool in 2021 to register for an advance Child Tax Credit or third Economic Impact Payment in 2021, they should enter $1 as their prior year AGI. Everyone else should enter their prior year’s AGI from last year’s return. Remember, if using the same tax preparation software as last year, this field will auto-populate

01/13/2022

Thats right you read it correctly Tax Geekz wants to send you a FREE vacation of your choice as a token of our appreciation for allowing us to prepare you 2021 tax return. To claim you r vacation is simple. Go to our website www.taxgeekzsoftware.com and schedule an appointment to meet with a tax geek. Once we have filed your return you will be able to claim your FREE vacation!

01/13/2022

The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax Read the full release:https://www.naea.org/wp-content/uploads/2022/01/IR-22-08.pdf

01/09/2022

I dont know who needs to hear this but....

01/09/2022

Lines of credit are arrangements between lenders and borrowers that gives a maximum loan balance for the borrower to pull funds from. With a line of credit, you can borrow funds at any time as long as you don't exceed the maximum credit line amount amount. For a small business owner, the largest advantage of a line of credit is the flexibility. You don't have to use the total amount you're approve for, which means you don't have to pay that total amount back.

Lines of credit come as secured, unsecured, revolving, non-revolving and a demand lines of credit. With a revolving credit line, you're able to continuously borrow money until you've reached your credit limit. Like a credit card, whenever you make a purchase, that amount is taken from your total credit limit, and whenever you make a payment, your credit limit goes back up.

01/06/2022

Its that time of year again! Refund Advances will be available beginning January 5, 2022. Recieve a portion of your tax refund up to $7000 within 24 hours. Call today to speak with a tax geek to book you appointment. 1-877-738-0553

01/06/2022

The IRS is cracking down on payments received through apps, such as Cash App, Zelle or Paypal, to ensure those using the third-party payment networks are paying their fair share of taxes. This policy shift will mainly impact business owners using third-party payment network providers.

What You Need To Know
Payments of $600 or more through third-party payment networks like Venmo, Cash App, or Zelle will now be reported to the IRS

The IRS is cracking down on the apps to make sure everyone is paying their fair share of taxes

This new rule does not apply to payments received for personal expenses

The new tax reporting requirement will impact your 2022 tax return filed in 2023