Peacock Tax Services LLC

10/08/2024

09/15/2024

Do you have a business structured as a C Corporation, Limited Liability Company, Limited Liability Partnership, or S Corporation?

Are you aware that you have an important filing requirement for your business that is due by 12/31/2024?

Effective 01/01/2024, businesses structured as a C Corporation, Limited Liability Company, Limited Liability Partnership, or S Corporation are required to report and disclose information to the U.S. government about who ultimately owns and controls your business and tax-filing entities by filing a Beneficial Ownership Information Report.

Failure to file the Beneficial Ownership Information Report will result in severe penalties civil penalties of up to $500 for every day that the failure to file violation continues and criminal penalties including two years of imprisonment and fines up to $10,000.

If we can assist you with your business's Beneficial Ownership Information Report please do not hesitate to contact us!

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Schedule A Call With Us Today: https://calendly.com/peacocktaxservices

09/11/2024

It is so hard to believe that it has been 23 years already since the attacks of 09/11/2001!

Today we remember and honor the fallen and the heroes.

We will never forget!

07/04/2024

Today we honor all who have proudly served!

Thank you for serving our country and protecting our freedoms!

Thank you for your courage, dedication, and hard work!

Thank you to the military families for their support, resilience, and sacrifice!

From our proud Navy family to yours, Happy Independence Day!

#1776

05/27/2024

“Our flag does not fly because the wind moves it, it flies with the last breath of each soldier who died protecting it.”

On this Memorial Day, we honor the men and women who made the ultimate sacrifice while defending our nation and protecting our precious freedoms.

We will always remember their selfless service, bravery, and patriotism.

02/17/2024

Higher Education Tax Credits – Did You Know?

If you or any of your dependents are enrolled in a higher education program during 2023, you may qualify to claim one or more credits on your 2023 tax return.

The American Opportunity Tax Credit (AOTC) is a credit of up to $2,500 for a student pursuing a degree or certified credential at a college or vocational school. You may claim the credit for up to four years for each qualifying student, and you may claim multiple AOTCs if you have more than one student in your household. The AOTC is partially refundable, meaning that if your tax is reduced below zero, up to $1,000 of the credit may be refunded to you.

The Lifetime Learning Credit (LLC) is available for household members enrolled in one or more courses at a higher learning institution, or in a qualifying course to develop or improve professional skills. A maximum nonrefundable credit of $2,000 (regardless of the number of qualifying students) may be claimed per year, for any number of years.
Both credits are subject to income limits and other eligibility restrictions.

If you have questions about claiming education credits, please don't hesitate to contact us!

02/16/2024

Earned Income Tax Credit – Did You Know?

The earned income tax credit, also known as the EITC or EIC, is a refundable tax credit intended to reduce or eliminate the tax paid by low- and moderate-income wage earners.

Workers with low-to-moderate-income may qualify for earned income credit. The credit amount varies based on income, filing status, and eligible children but is potentially worth up to $7,430 for 2023. Even if you don't have children you may qualify for a reduced earned income credit.

1 in 5 eligible workers miss out each year due to lack of awareness.

If you have any questions about whether you may qualify for the Earned Income Tax Credit, please contact us.

02/16/2024

It's National Wisconsin Day!

Let's celebrate the Badger State!

From Lake Michigan to Superior and numerous rivers and lakes in between, Wisconsin offers ample opportunity for water recreation and sport. There are also year-round trails perfect for summer hiking or substantial snow for winter activities.

Whether you’re passing through or planning to stay a while, join us as we recognize Wisconsin’s state’s history and culture. Uncover and travel to Wisconsin with all her hidden treasures and amazing landscapes!

02/14/2024

Love is in the air!. Even though we believe that love should be spread and celebrated every day, we don’t always remember to do that. So on this dedicated day, go above and beyond in expressing your love for family, friends, and of course, your significant other.

Love is the closest thing we have to magic!

02/13/2024

Crowdfunding and Taxes – Did You Know?

Crowdfunding has become one of the most popular ways to raise money for charities, businesses, and people enduring hardships. Depending on a variety of circumstances, money raised through a crowdfunding campaign may be either taxable or non-taxable.

In many cases, if people donate to a crowdfunding campaign and receive nothing in return, the IRS treats the donations as gifts. Therefore, the person who receives the funds may exclude them from their gross income for tax purposes. Also, if you organize a crowdfunding campaign for someone else's benefit, you may exclude the funds raised from your own income, as long as you do not keep any of the money for yourself.

However, there are situations where funds received through crowdfunding are taxable, such as when an employer contributes to a campaign for an employee. Taxpayers generally must also report income received via crowdfunding if contributors get goods or services in exchange for their donations.

If the funds raised exceed $600 or contributors receive goods or services, you may get a Form 1099-K from the crowdfunding website. Receiving this form does not automatically mean that you have to report or pay tax on the money raised.

A tax professional can help you determine whether you must report income from crowdfunding, whether the income is taxable, and how to properly handle Form 1099-K and any other tax documents you receive.

If you have questions about crowdfunding or if funds received through crowdfunding are taxable, please don't hesitate to contact us!

02/12/2024

Claiming Tips – Did You Know?

Whether you are a barista, bartender, or waiter, all income should be reported. A tipped employee is anyone who earns more than $30 a day in tipped income, according to the IRS.

When you don't report all tip income, it hurts you when you go to get credit. As credit lenders want verified income. You can’t verify what you don’t declare on your W-2.

Additionally, if you fail to report tip income that’s at least 8 percent of your food and drink sales or choose not to participate in your employer’s Attributed Tip Income Program, your employer may allocate tips to you. Which they will report in box 8 of your W-2. Unless you have sufficient evidence that your employer’s allocation is inaccurate, you must report this amount as unreported tip income when calculating your Medicare and Social Security. These required calculations will require an additional IRS form to report additional tip income.

If you have any questions about claiming tip income, please contact us.

02/11/2024

Child Tax Credit – Did You Know?

For 2023, taxpayers may be eligible for a credit of up to $2,000 per child qualifying dependent under the age of 17.

The credit amount decreases if your modified adjusted gross income exceeds $400,000 (married filing jointly) or $200,000 (all other filers).

The credit is nonrefundable, but some taxpayers may be eligible for a partial refund of up to $1,600 through the additional child tax credit when they file in 2024.

If you have questions about the child tax credit, please don't hesitate to contact us!