Lewis Accounting Services, Inc

12/23/2022

Venmo, PayPal and CashApp 1099-K $600 threshold delayed.

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

01/24/2022

Traits of People Who Experience Debt-Free Living

1. They’re countercultural
2. They use self-control
3. They’re confident
4. They aren’t afraid to say no
5. They set goals
6. They’re gazelle intense
7. They don’t care about stuff
8. They’re willing to make sacrifices
9. They don’t compare
10. They’re generous

Those who are enjoying debt-free living conduct their lives by a certain set of beliefs and standards. Adopt these 7 habits to become debt-free!

01/24/2022

A reminder to taxpayers before the tax filing season begins: If you end up owing and need to make a tax payment but can’t, the IRS offers several payment options.

Pay your taxes, view your account or apply for a payment plan with the IRS.

01/17/2022

Those who need to reconcile their advance payments of the child tax credit and premium tax credit will need their related 2021 information. Those who did not receive their full third Economic Impact Payments will need their third payment amounts to figure and claim the 2021 recovery rebate credit.

-Letter 6419, 2021 Total Advance Child Tax Credit Payments, to reconcile advance child tax credit payments

-Letter 6475, Your 2021 Economic Impact Payment, to determine eligibility to claim the recovery rebate credit

-Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance premium tax credits for Marketplace coverage

01/08/2022

Rushing to file your taxes can only delay your processing time. It’s ALWAYS best to wait until you get all the required documents before you file your tax return, It helps with smoother processing and less errors.

sending letters to recipients of advance payments and third . Using the information in these letters when preparing your tax return can reduce errors, avoid refund delays. https://go.usa.gov/xt3mm

04/07/2021

Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break - in effect only for the 2020 tax year - lets you exclude the first $10,200 from taxable income.

03/17/2021

MORE TIME TO FILE YOUR TAXES ❗❗

The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month, giving taxpayers additional time to file returns and pay any outstanding levies, according to three people familiar with the discussions.

03/17/2021

🚨🚨🚨

Americans should wait to file an amended tax return if they got unemployment benefits last year and already filed their taxes, the IRS said Friday.

03/16/2021

Carryover of Losses Allowed
If your total net capital loss is more than the limit you can deduct, you can carry it over to next year’s tax return

03/15/2021

❗️Losses Limited to $3,000❗️
If your capital losses are more than your capital gains, you can deduct the difference as a loss on your tax return to reduce other income, such as wages. This loss is limited to $3,000 per year, or $1,500 if you are married and file a separate return

03/15/2021

🚨Capital Gains and Losses Defined🚨
A capital gain or loss is the difference between your basis - the amount you paid for the asset - and the amount you receive when you sell an asset. All capital gains (or losses) must be reported on your tax return.

03/12/2021

Third Stimulus Payment Update

The American Rescue Plan Act of 2021, which was signed into law on March 11, includes a third round of stimulus payments. The IRS will begin the process of depositing payments into accounts immediately, with the first wave of direct deposits hitting accounts early next week.

It is our understanding the IRS will use direct deposit (DD) information from 2020 and 2019 tax returns, with 2020 taking precedent if available. If DD info is not present on tax returns, the IRS will likely use DD info entered by the taxpayer into the Get My Payment (GMP) tool. If no DD info is available, the taxpayer will receive a check or debit card.