Tax & Financial Guidance Center, LLC

04/13/2025

03/26/2025

Tax & Financial Guidance Center has moved!
Come see us at our new office located at 7916 Wrenwood Boulevard Suite B

02/21/2022

Prevent Check Washing Fraud

Check Washing Fraud is the most recent wave of mail theft to hit our area.

Criminals change the payee names and often the dollar amounts on check and fraudulently deposit.

Protect yourself from check washing by:

Paying bills online through your bank or other credible bill pay apps

If you must pay by check take to the post office instead of using outdoor collection boxes

Never leave mail in your mailbox overnight

Check your account balances daily

01/06/2022

• Pay yourself first. Determine now how much money you plan to save each month and consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period.
• Pay your bills on time. Alleviate the hassle and late fees by scheduling time once a month to pay bills. Or schedule automatic payments for reoccurring bills.
• Determine needs versus wants. Do you need to eat out every day for lunch? Do you need that gourmet cup of coffee in the morning? Bringing your lunch to work a few days a week could save you hundreds of dollars a year.
• Pay off your credit card each month.
• Consider investments. For long-term goals, such as saving for a home or retirement, look into bonds, mutual funds, real estate and stocks.
• Consult with your banker and tax professional before making life style changes and big purchases.

05/26/2021

Starting July 15, families with children will start receiving a monthly payment of up to $300 per month per child. For more information give us a call - 225-923-2299.

05/17/2021

Most federal tax returns are due; those who can’t pay should still file on time.
The filing and payment deadline for most 2020 federal tax returns is here. Taxpayers should file or request an extension of time to file and pay any taxes they owe by the May 17 deadline to avoid penalties and interest.
Here are some tips for taxpayers who owe tax, but who can't immediately pay their tax bill.
Taxpayers should:
• File their tax return or request an extension of time to file by the May 17 deadline.
• People who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty.
• Taxpayers should remember that an extension of time to file is not an extension of time to pay.
o An extension gives taxpayers until October 15, 2021 to file their 2020 tax return, but taxes owed are still due May 17, 2021.
• Pay as much as possible by the May 17 due date.
o Whether filing a return or requesting an extension, taxpayers must pay their tax bill in full by the May filing deadline to avoid penalties and interest.
o People who do not pay their taxes on time will face a failure-to-pay penalty.
o IRS.gov has information for taxpayers who can't afford to pay taxes they owe.
• Set up a payment plan as soon as possible.
o Taxpayers who owe but cannot pay in full by the deadline don't have to wait for a tax bill to request a payment plan.
o They can apply for a payment plan on IRS.gov.
Taxpayers can also submit a payment plan request in writing using Form 9465, Installment Agreement Request.

Disaster victims in the states of Louisiana, Oklahoma and Texas have until June 15, 2021 to file and pay their 2020 taxes. Taxpayers living overseas, certain military service members and eligible support personnel in combat zones have more time beyond the May 17 deadline to file and pay their taxes.

Taxpayers should also check their state filing and payment deadlines, which may be different from the federal May 17 deadline. A list of state tax division websites is available through the Federation of Tax Administrators.

03/13/2021

IRS begins delivering third round of Economic Impact Payments to Americans
WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week.

Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week.

Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit.

No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020.

People can check the “Get My Payment” tool on IRS.gov on Monday to see the payment status of the third stimulus payment.

03/12/2021

Louisiana — Victims of Winter Storms that occurred February 11-19, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS has announced that affected taxpayers in Texas, Oklahoma and all 64 parishes of Louisiana will receive tax relief. This includes Individuals and households affected by Severe Winter Storms that reside or have a business in any of these states.

The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after February 11, 2021, and before June 15, 2021 are postponed through June 15, 2021. This includes 2020 business returns, normally due on March 15 and individual and business returns normally due on April 15. It also includes the special March 1 filing and payment deadline for farmers and fishers who forgo making estimated tax payments. Taxpayers also have until June 15 to make 2020 IRA contributions.

The June 15, 2021 deadline applies to the first quarter estimated tax payment due on April 15. It also applies to the quarterly payroll and excise tax returns normally due on April 30, 2021. In addition, it applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17, 2021. In addition, penalties on deposits due on or after February 11, 2021 and before February 26, 2021, will be abated as long as the tax deposits were made by February 26, 2021.

If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.

02/09/2021

The first step of tax preparation is gathering records!

As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax return and avoid refund delays.
Taxpayers should have all necessary records handy, such as W-2s, 1099s, receipts, canceled checks and other documents that support any income, deductions or credits on their tax return.
Most taxpayers should have already received income documents including:
• Forms W-2, Wage and Tax Statement
• Form 1099-MISC, Miscellaneous Income
• Form 1099-INT, Interest Income
• Form 1099-NEC, Nonemployee Compensation
• Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
• Form 1095-A, Health Insurance Marketplace Statements
Here are a couple other things taxpayers can do to prepare to file.
View IRS account online
Taxpayers can view their online account. This allows them to see the latest information about their federal tax account and most recently filed tax return through a secure and convenient tool on IRSgov. This can help taxpayers if they need information from last year's return.
People with an account on IRS.gov can also see the amounts of their Economic Impact Payments. This will be helpful to eligible individuals who either did not receive any Economic Impact Payments or received less than the full payments. They may claim the recovery rebate credit on their 2020 federal tax return.

02/03/2021

It's tax time. GIve us a call or text us if you have questions. We can help!

Nextdoor is the neighborhood hub for trusted connections and the exchange of helpful information, goods, and services.

01/16/2021

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need.

01/06/2021

If you deposit a lot of cash, does your bank report it to the government?
Depositing a big amount of cash that is $10,000 or more means your bank will report it to the federal government. That is the threshold created as part of the Bank Secrecy Act passed by congress in 1970.
The law is an effort to curb money laundering and other illegal activities. The threshold also includes withdrawals of more than $10,000.