LG Accounting Services

LG Accounting Services Tax Preparation and Consulting, Business Formation

04/02/2024

When you are filling out a W-4 form at work, they ask you if you are withholding Single or Married. Very important: they are NOT asking you for your marital status. Withholding married means that you have a spouse that does not work. If you support a spouse who does not work, who is a stay-at-home parent for example, you will be in a lower tax bracket so your employer withholds half amount of tax. That only works out if it's a 2 (or more) person household with only 1 source of income. If both spouse's work but at least one is claiming "Married" on the W-4, this is a major problem because not enough federal income tax is being withheld from your paycheck. So not only you will end up owing money to the IRS when you file your tax return, but you will also pay a penalty for not paying enough throughout the year.

01/17/2024

We are in the second half of January. Tax season is scheduled to start on January 29th. Now Congress has decided to implement retroactive tax law changes for 2023. It hasn't been finalized yet. This feels like it will be a very delayed tax season.

This reminds me of people who attempt to do their own tax returns:
12/11/2023

This reminds me of people who attempt to do their own tax returns:

It feels like many people need a reminder. If you have a business or just some income reported to you on Form 1099, it d...
11/29/2023

It feels like many people need a reminder. If you have a business or just some income reported to you on Form 1099, it does not automatically mean that you can now "write-off" your car on your tax return.

A client just forwarded to us this email that they received. If they had clicked on the link without asking first, they ...
07/10/2023

A client just forwarded to us this email that they received. If they had clicked on the link without asking first, they would've suffered a phishing event with a possible identity theft. There are just so many things wrong with it so you must be diligent. And as a reminder:

1) Real IRS would only initiate contact by regular mail.

2) no taxing authority would send you personalized information, such as providing specific numbers and refer to you as "Tax Payer".

3) If you're due a refund, those don't come with penalties.

4) They wouldn't write you an email to inform you "abount" anything.

5) Personal tax matters are not handled by the Office of Disaster Assistance nor by the US Small Business Administration.

12/30/2022

Happy New Year!

The IRS announced 2023 mileage rates just in time to ring in the new year.

Beginning Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be as follows:

• 65.5 cents per mile driven for business use

• 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces

• 14 cents per mile driven in service of charitable organizations

These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

Attending a 2-day tax seminar on annual tax updates. Need to learn this entire book just to be able to properly answer c...
11/14/2022

Attending a 2-day tax seminar on annual tax updates. Need to learn this entire book just to be able to properly answer client questions and prepare their tax returns.

12/12/2021

LG Accounting Services opened exactly 13 years ago today, right in time for the 2008 tax filing season. What started out as a "side hustle" has grown into a full time business. Due to the expanded growth and in order to provide better service to our clients, we are expanding and bringing on an additional employee for the upcoming tax filing season. We can officially say that the clients of LG Accounting Services will now be working with a team of Enrolled Agents. Very grateful to our clients for this opportunity and the ability to give back to the community.

10/06/2021

Unfortunately this extra cost will have to be passed on to our clients. We can't resolve any tax notices, letters, audits, etc. without calling the IRS and this company is clogging up the phone lines so that we paid them to get through. And unfortunately in most cases, the only way to resolve anything with the IRS is to call them (and actually get through)

https://www.latimes.com/business/story/2021-10-05/column-tax-calls-irs-enq

03/24/2021

Today is March 23, 2021. And the IRS has just now changed the worksheets for calculating taxes to be paid on the unemployment received in 2020. Yes, they just changed last year's tax forms again after half of the people have already filed their tax returns. Yes, they changed the tax forms retroactively 83 days into the next year.

03/17/2021

According to the IRS Issue Number IR-2021-59 that arrived in my inbox at 5:38 PM EDT today, our regular after tax season party has been postponed for after May 17th. This gives us the opportunity to assist more clients with their tax filing needs without the need for extension

02/26/2021

We should find out today if the unemployment income exclusion will be passed retroactive to 2020. But at this point, it seems somewhat unlikely. Stay tuned for more updates.

Address

3522 Fillmore Avenue
Brooklyn, NY
11234

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 3pm
Sunday 9am - 5pm

Telephone

+16467525577

Website

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