A Fast Tax & Insurance service

A Fast Tax & Insurance service The best place for larger income tax refund. Home Auto INSURANCE. Business Liability Insurance
Payroll and Accounting
Service and accuracy distinguish us.

Personal Income Tax. Call 401 729 0900

01/18/2023

The new year brings lots of Tax changes. The massive funding legislation contains a slew of retirement savings provisions. green energy tax breaks and a few business provisions.
Upping the age for first taking required minimum distributions to age 73 this applies to account who turn 72 after 2022.
Enhancing tax credits for small firms that offer retirement plans.
Relief for military spouses, firefighters, etc.
Many key dollars on retirement plans and IRAs are higher in 2023.
The maximum credit for buying an electric vehicle this year is $7,500.00. Electrical vehicles need to meet a battery component rule. Also, final assembly of the auto must take place in service after Aug 16, 2022.
The 30%credit for adding solar panels and the like to your home is extended through 2032.
The credit for adding energy efficient improvements to your home is revamped to a maximum of $1,200.00.

02/15/2022

The 2022 Tax Season has begun but IRS still has many issues including a backlog of unresolved refunds for at least six million people. IRS isn't responding timely to written correspondence.
IRS automated service keeps sending notices to people and assessing penalties and interest to people who had sent responses and payment plans by mail.
IRS is promoting online accounts for individuals so they can see if the owe back taxes, interest and penalties and various payment plans options. However, submitting driver licenses or face recognition for some is getting complicated and various groups and individuals say the process is invasive.

09/10/2021

IRS looks to increase Tax compliance.
Underpaid employment taxes are a top target. Employers withholding taxes from workers' paychecks but spending the withheld funds on personal expenses or to pay creditors rather than sending the money to IRS. Businesses paying their employees in cash. Serial offenders with unpaid payroll taxes over $100.000.oo are feeling the heat.
Misclassified workers remain a priority. IRS knows that some firms circumvent payroll taxes by treating their employees as Independent Contractors.

05/25/2021

Inflation??? From all the money the Federal Reserve is creating and all the money that congress is spending?
The ingredients for inflation are present: Lots of fiscal and monetary stimulus for the economy to withstand pandemic which is up to about $5 Trillion.....or a quarter of GDP.
lots of demand from consumers eager to spend money after months of confinement. Already, signs of inflation are bubbling up:
Rising commodity prices and bond yields. A housing boom.
The fed sees all of this, but they are not worried.

09/09/2020

One group that needs to act soon are recipients of federal benefits... such as Social Security, Veterans' pensions and supplemental Security income...who didn't file a federal return for 2019 or 2019, and who have minor children.
They can use the Non-filers tool on IRS's website until Sep. 30 to enter information about dependent children under the age of 17 for whom they haven't got the extra $500 per eligible child in Oct.

09/09/2020

Good news for some individuals who haven't received their stimulus checks... or were paid too little. IRS will be able to correct amounts in certain cases..
It is creating a process to help some people who were due an economic impact payment but never got it or received an incorrect amount. For example, identity theft victims, innocent spouses and filers of returns with math errors can work with the Service to resolve the underlying issue before getting their stimulus payments adjusted.
Also, IRS is bringing on more workers to answer stimulus payment queries. It is hiring about 5000 employees to help with the backlog of e-mails and calls.
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11/21/2019

People without health coverage will find it easier to file their 2019 returns.
The 2017 reform law repealed the fines under the Obamacare's individual mandate for post 2018 years.
So taxpayers who chose to forgo getting health insurance for 2019 needn't worry about paying the penalty or combing thru the many exemptions. Also, IRS is removing the box on the 1040 for people with full-year coverage to check

11/21/2019

If you are planing to buy health insurance coverage for 2020 through the marketplace, the enrollment period starts Nov 1 to December 15

10/10/2019

The house of representatives's focus on impeachment will deter congress's Tax to-do list among the items that face headwinds: A batch of expired tax breaks technical fixes to the late-2017 tax reform law. Relief for victims of natural disasters. Repeal or further delay on excise tax on medical devices and the "Cadillac" tax. Plus a house-passed bill to bolster workplace retirement plans and help IRA owners, although the odds of this proposal to becoming law before year-end remain pretty good.

09/18/2019

If you suffer damage from hurricane Dorian or any declared disaster and your home or car were damage,you can deduct your losses to the extent you are not reimbursed by your insurance. Your loss is equal to the smaller of the property's adjusted basis or decline in value, less any insurance proceeds you got. Use from 4686 to figure the loss.
Si usted sufrio daños por el huracan Dorian u otra zona declarada como desastre y su automobil o casa sostuvo daños, usted puede deducir perdidas por las cantidades no reembolsadas por su compañia de seguros. Su perdida sera igual al menor del valor ajustado o valor perdido por uso, menos cualquier cantidad rembolzada por su compañia de seguros. Usted debe usar la forma 4686 para calcular su perdida.

Address

442 Dexter Street
Central Falls, RI
02863

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Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm
Saturday 9am - 3pm

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+14017290900

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