MNM Tax Service

01/24/2026

Tax Refunds and why making more doesnt equal a big tax return:

A huge tax refund usually doesn’t mean someone worked more. It usually means they’re low-income and qualify for refundable tax credits.

Most big refunds come from credits like:
• Earned Income Tax Credit (EITC)
• Child Tax Credit (CTC)
• Additional Child Tax Credit (ACTC)

These are designed to support working people in or near poverty — especially families with kids.

So when someone making $25k–$45k gets back $6,000–$12,000, that’s not because they paid a ton of taxes. It’s because the government is subsidizing their income through credits.

Tax brackets matter (a lot)

The U.S. tax system is progressive. That means higher income = higher tax rates.

Hope this helps explain why someone may have a higher refund than you.

01/01/2026

Happiest of New Year’s I wish for all of us!!

I had a couple of inquires already asking about tax season. I’ll be there as always ready to help my clients navigate this new tax season. I’ll start seeing clients by appointment only in late January. My phone number has changed so inbox me with any questions or concerns you may have….I appreciate you all so much.

02/15/2025

Today’s appointments have been canceled due to illness. I tried reaching out to everyone, but in case I missed you I’m posting here as well. Please message me to reschedule.

02/14/2025

When checking your transcripts these are a few codes ro look out for

* TC 150 – tax return was filed – which means the return has started processing and posted to your account.
* TC 290 – Additional Tax Assessed
* TC 428 – Examination or Appeals Case Transfer
* TC 460 – Extension of Time for Filing
* TC 480 – Offer in Compromise Pending
* TC 494 – Notice of Deficiency
* TC 520 – IRS Litigation Instituted
* TC 530 – Indicates that an account is currently not collectible
* TC 570 – Additional Liability Pending or Credit Hold
* TC 571 – Reversal of TC 570 code releases the Freeze
* TC 582 – Lien Indicator
* TC 766– Credit to your Account
* TC 766 – Refundable Credit Allowance or IRS TOP Offset Reversal w/OTN
* TC 767– Reduced or removed credit to your account Generated Reversal of Refundable Credit Allowance or Rejected TOP Offset
* TC 768 – Earned Income Credit
* TC 776 – Interest Credited to your Account
* TC 806 – Reflects any credit the taxpayer is given for tax withheld, as shown on the tax return and the taxpayer’s information statements such as Forms W-2 and 1099 attached to the taxpayer’s tax return
* TC 810 – Refund Freeze
* TC 811 – Refund Release
* TC 820 – Refund used to offset prior IRS Debt
* TC 836 – Refund you chose to apply for next year’s taxes.
* TC 840 – Manual Refund
* TC 846 – Refund Issued or approved
* TC 898 – Refund used to offset FMS Debt
* TC 922 – Review of unreported income
* TC 971 – Misc. Transaction
* TC 971 – Notice Issued
* TC 976 – If a duplicate return is filed, TC 976 is attached to your account to indicate more than one return has been posted. Duplicate filings are a strong indication that identity theft may have occurred, and you should contact the IRS to conduct a further investigation into the issue. Your account will be marked TC 971 when identity theft is suspected either by IRS or by your report to the agency.
* TC 977 – Amended Return Filed

01/29/2025

https://www.irs.gov/charities-non-profits/annual-electronic-filing-requirement-for-small-exempt-organizations-form-990-n-e-postcard

Small tax-exempt organizations can use Form 990-N, Electronic Notice (e-Postcard), instead of Form 990 or 990 EZ to meet their annual reporting requirements.

01/23/2025

What is EIN and Why Is It Important for Your Business in the USA?

An Employer Identification Number (EIN) is a unique identifier assigned to businesses in the United States by the Internal Revenue Service (IRS). Think of it as the equivalent of Nigeria's National Identification Number (NIN) for individuals or the Social Security Number (SSN) for U.S. residents—but designed specifically for businesses.

Also referred to as a Federal Tax Identification Number, the EIN is crucial for operating a registered business in the U.S.

Why Does Your Business Need an EIN?

Here are key reasons why having an EIN is vital for your business success in the USA:

1. Tax Compliance: It ensures your business complies with IRS regulations for tax reporting.

2. Opening a Business Bank Account: Most U.S. banks require an EIN to open a corporate account.

3. Obtaining Licenses and Permits: An EIN is often mandatory for applying for business licenses and permits.

4. Hiring Employees: Managing payroll taxes and hiring employees legally requires an EIN.

5. Building Business Credit: Establishing and maintaining good business credit starts with having an EIN.

6. Vendor and Supplier Relationships: Many vendors and suppliers require an EIN for invoicing and partnerships.

How Can We Help?

At Mnm tax service, we specialize in simplifying the process of obtaining an EIN for your business. With our assistance, your EIN can be ready the same day.

If you have questions or need further clarification, we’re here to help!

📞 Contact Us

(731) 259-2227

Let’s help you take the next step toward growing your business.

01/19/2025

Still getting inquiries about filing with the last check stub.

Tax payers listen up! It is prohibited by the IRS and here is why you should avoid it:

1. It’s Not Accurate

Your last pay stub may not include all the information your W-2 does, such as:
• Adjustments for year-end deductions or contributions.
• Employer-reported income, benefits, and taxes withheld.
• State and local tax data, if applicable.

2. Risk of IRS Rejection or Delays

The IRS matches your tax return against your employer’s W-2. If there’s a mismatch:
• Your return could be flagged or rejected.
• You may face significant processing delays.

3. Legal and Compliance Issues

The IRS requires you to file using your official W-2 to ensure accuracy. Filing with incomplete or unofficial information could result in:
• Penalties for underreporting income.
• The need to amend your tax return later, costing you time and money.

4. Employer Responsibility

Employers are legally required to send out W-2s by January 31st. Using your last pay stub before receiving your W-2 can cause:
• Confusion if the amounts don’t match.
• Errors that may require IRS follow-up.

What to Do Instead:
1. Wait for Your W-2: Employers typically issue them by January 31st.
2. File Accurately: Use the correct information from your W-2 to ensure compliance.
3. Explore Refund Advance Options: If you need funds quickly, ask about refund advances.

DM for further questions. I’m open!

01/18/2025

Medicaid recipients may be unaware that their benefits are being sponsored through HealthCare.gov. If your tax return is rejected due to a missing 1095-A, please contact 1-800-318-2596 for assistance. If you have a policy with HealthCare.gov, you can obtain the necessary information over the phone to facilitate the processing of your tax return. Your tax preparer can also override the rejection and submit your return if you believe the IRS has made an error. Note that failure to provide a 1095-A will delay the processing of your tax refund. HealthCare.gov

Welcome to the Health Insurance Marketplace®. Official government website.

01/15/2025

Tips for selecting a tax return preparer
Here are a few tips to consider when choosing a tax return preparer:

Look for a preparer who's available year-round. If questions come up about a tax return, taxpayers may need to contact the preparer after the filing season is over.

Review the preparer's history. Check the Better Business Bureau website for information about the preparer. Look for disciplinary actions and the license status for credentialed preparers. For CPAs, check the State Board of Accountancy's website, and for attorneys check with the State Bar Association. For enrolled agents go to Verify the Status of an Enrolled Agent or check the IRS Directory of Federal Tax Return Preparers.

Ask about service fees. Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of the refund into their own financial accounts. Be wary of tax return preparers who claim they can get larger refunds than their competitors.

Ensure their preparer offers IRS e-file. The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit.

Provide records and receipts. Good preparers ask to see these documents. They'll also ask questions to determine the client's total income, deductions, tax credits and other items. Do not hire a preparer who e-files a tax return using a pay stub instead of a Form W-2. This is against IRS e-file rules.

Understand the preparer's credentials and qualifications. Attorneys, CPAs and enrolled agents can represent any client before the IRS in any situation. Annual Filing Season Program participants may represent taxpayers in limited situations if they prepared and signed the tax return.

Never sign a blank or incomplete return. Taxpayers are responsible for filing a complete and correct tax return.

Review the tax return before signing it. Be sure to ask questions if something is not clear or appears inaccurate. Any refund should go directly to the taxpayer – not into the preparer's bank account. Review the routing and bank account number on the completed return and make sure it's accurate.

01/14/2025

I just finished my compliance webinar and I have some good news for existing clients.

If you provided me documentation last year, you will not need to provide me the same documentation this year unless your tax situation has changed.

Examples:
Married at least 6 months of 2024 tax year
Divorced or LEGALLY Separated & (you lived apart from spouse a minimum of 6 months out of the year)
You added a new dependent (babies born on the last day of 2024 still qualify)

All Schedule C (cash) income must have documentation.

If you have any questions my inbox is open

01/07/2025

This coming Wednesday. will be my first full day in the office. So yes, I’m still doing taxes for those of you inquiring. I’m excited to see you all again and ready to answer any tax related questions you may have. Tuesdays and Thursdays I’ll be in school, appointments can be scheduled after 2:30pm on those days. Appointments may be made 9am-7pm all other days. Virtual and in office appointments are available now. The IRS estimates it will begin accepting and processing new returns the week of Jan. 27, though an official start date hasn't been announced yet. The agency says most taxpayers will get their refunds within 21 days of when they file electronically, barring any issues with processing their tax returns. I’ll see you all soon.

1683 Hwy 51N
Dyersburg TN
731-259-2227
Monday-
Sunday by appointment only