Bear Financial & Tax Specialist LLC

06/28/2021

A prolonged tax season in 2021, including 3 different deadlines due to Covid-19 and the winter storm.

In 2021, I completed over 150 individual/business tax returns! It was hard to see a lot of individuals and businesses have drastically different financials due to a harsh 2020 year.

Already looking forward to 2022 and getting the opportunity to meet many more people that contribute to the DFW area!

Thank you to all my clients, helping you is my calling and I will strive to continue to improve year after year!

05/21/2021

To all my friends and clients who have children or are expecting children in 2021!

IRS will be launching a portal on July 1 to update your family information and to begin receiving advanced child tax credit payments starting July 15 through December!

Credit Chart (Phase out for AGI greater than “Single” $75,000 and “MFJ” $150,000)

Age 6 or less: $3,600
Age 6 to 17: $3,000

You will receive 50% of your overall child tax credit in advanced payments then receive the remaining credit on your 2021 tax return!

If you need help with this process please let me know!

04/02/2021

Incredible golf event yesterday at Cowboys Golf Club, had a blast meeting many members of this great company! Hoping nothing but the best for them moving forward!

https://www.facebook.com/EklundsInc/

Eklund's | Total elevator cab solutions

03/22/2021

To my clients and friends, the IRS will automatically refund any tax withheld for unemployment proceeds up to $10,200 received in 2020 (Income threshold of $150,000)! If you have already filed your 2020 return please be on watch for a direct deposit!

No amended returns necessary to take advantage!

The IRS plans to automatically process refunds for people who paid taxes on unemployment income before the American Rescue Plan made a portion tax-free.

02/23/2021

Important update for all Texans!

https://www.irs.gov/newsroom/irs-announces-tax-relief-for-texas-severe-winter-storm-victims?fbclid=IwAR3DbNf7cHrkyoSYN01ZyAHXsBWnpf1U5k_a0SelDwxGSk8zdHPVTvhsUic

TX-2021-02, February 22, 2021 — Victims of winter storms that began February 11, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced today.

02/05/2021

First up in the Stars Foundation Small Business Spotlight: Smokey John's is serving up home cooking and family spirit for the Dallas community

02/05/2021

Even though the IRS is delaying processing returns until mid February! Don’t wait, the quicker you are in the queue, the quicker you can get your refund!

Please email [email protected] to get started or for any questions you might have!

01/13/2021

It’s that time of year! If you would like some assistance on your taxes and/or your taxes to be filed please DM or text me your email to start the process! If you have any questions don’t hesitate to ask.

12/17/2020

Extremely excited to announce a partnership between Tom B. Johnson CPA, PC and Bear Financial for this upcoming tax season & potential acquisition during 2021!
Eyes up, keep climbing!

11/20/2020

College is restricting young Americans to start businesses and colleges only promote to work for Fortune 500 companies and large firms as the only successful avenue.

Millennial barriers. With the overabundance of articles about millennials’ professional habits, preferences and even personality traits, it’s easy for contradictory information to circulate. Some claim that millennials are starting more businesses than previous generations, while some claim they’re starting fewer. The reality is, millennials are starting lots of businesses worldwide — but in America, they’re started by a small percentage of the generation. Most millennials are interested in becoming entrepreneurs, but aren’t able, for one reason or another.

As one of the most significant reasons, millennials are burdened with crushing amounts of student debt and are forced to take whatever jobs they can to cover those debts as they try to build a life. The last thing they want to do is take a massive financial risk that might result in even more debt. A lack of encouragement for millennials to take the plunge compounds this effect.

Four reasons why it's happened, including risks that don't exist

11/13/2020

https://taxfoundation.org/joe-biden-tax-plan-2020/

Key Points found from review of Joe Biden's Tax Plan:

-Social security payroll tax on income earned over $400,000 at 12.4%
-Individual income tax above $400,000 increase from 37% to 39.6%
-Increased Renewable-energy tax credits to individuals
-Child tax credit increase from $2,000 to F$3,000 including a $600 bonus for children under 6
-First-time homebuyers' tax credit of $15,000
-Small business tax credits for adopting workplace retirement savings plan

Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021 primarily...