Moran Tax Service, Inc.

Moran Tax Service, Inc. Registered Tax Return Preparer with 30+ years of experience in tax returns and bookkeeping.

12/29/2022

IMPORTANT INFORMATION TO GET YOUR AFFAIRS IN ORDER!!

💰Make sure all bank accounts have direct beneficiaries. The beneficiary need only go to the bank with your death certificate and an ID of their own.

🏡 TOD = Transfer On Death house deed if you own a home. Completing this document and filing it with your county saves your heirs THOUSANDS. This document allows you to transfer ownership of your home to your designee. All they need to do is take their ID and your death certificate to the county building and the deed is signed over. Doing this will avoid the home having to go through probate.

🚗 TOD = also Transfer on Death your auto title(s). You can do that too. All these things will help your heirs avoid the probate process!

👨‍👩‍👧‍👦 Living Will: Allows one to put in writing EXACTLY what you want done in the event you cannot speak for yourself when it comes to healthcare decisions as well as other final decisions.

👩🏽‍⚖️ Durable Power of Attorney: Allows one to designate a person to make legal decisions if one is no longer competent to do so.

🏥 Power of Attorney for Healthcare: This document allows one to designate someone to make healthcare decisions for their person.

🛍 Last Will and Testament: Designates to whom personal belongings will go too.

🪦 Funeral Planning Declaration: allows one to say exactly one’s wishes as far as disposition of the body and the services.

If the above documents are done, you can AVOID probate.

If all the above is not done, you have to open an estate account at the bank. All money that doesn’t have direct beneficiaries goes into this account. You have to have an attorney to open the estate account. The attorney also has to publicize your passing in the newspaper or post publication at the county courthouse, to allow anyone to make a claim on your property. - It’s a complete PAIN.

📚 💳 Make a list of all banks and account numbers, all investment institutions with account numbers, lists of credit cards, utility accounts, etc. Leave clear instructions as to how and when these things are paid.

📂 Make sure your heirs knows where life insurance policies are located.

📝 Make 100% sure SOMEONE knows your Apple ID, bank ID account logins and all passwords! A password keeper will streamline that - only one password needed to access all accounts.

🚗 Make sure you have titles for all vehicles, campers, etc in the SAME PLACE.
Set up a trust for intended beneficiaries that are too young, and appoint a trustee of said trust.

MOST IMPORTANTLY!!!! - Talk with those closest to you and make all your wishes KNOWN. Talk to those whom you’ve designated, as well as those close to you whom you did not designate. Do this to explain why your decisions were made and to avoid any lingering questions or hurt feelings.

⚡️Hope this helps! ⚡️I also hope this lights a spark to encourage all your friends and family to take care of these things to make it easier for those we all leave behind!

Do it! Start an important conversation with your loved ones.

(REPOST)

01/29/2022

Moran Tax Service has merged with Parker and Associates. Our new location is at the offices of Parker and Associates at 502 S. Woodbine Road. Feel free to call 816-233-6944 to make an appointment with Julie, or feel free to drop your tax information off.

02/19/2021

UPDATE on 2019 Returns and IRS Progress
The IRS is now opening mail within normal timeframes. The IRS has also made significant progress in processing prior year returns. As of Jan. 29, 2021, the IRS still had 6.7 million individual tax returns in the processing pipeline. For refunds that could not be issued in 2020 because the tax return is being corrected or reviewed, or is awaiting correspondence from a taxpayer, the refund will be issued as a paper check in 2021 per the IRS’s normal processes. Taxpayers are encouraged to continue to check Where’s My Refund for their personalized refund status.

In some cases, the IRS is still processing tax returns dated as early as July 15, 2020. However, they are re-routing tax returns and taxpayer correspondence from locations that are behind to locations where more staff is available. Tax returns are opened in the order received.

11/25/2020

There is a special $300 tax deduction for charitable contributions on your 2020 tax return – even if you don’t itemize deductions.
The new provision will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year, this special cash donation deduction is available for taxpayers who file using the standard deduction.

04/29/2020

Having problems checking on the status of your stimulus check? While checking the "Get My Payment" on the IRS website, are you getting the "payment status not available" message? Here is a possible fix. Try entering your street address in all capital letters. Sometimes this will let you into the site and enter your bank information.

04/06/2020

Changes to your 2020 required minimum distribution from your IRA or similar retirement account(s).

We want to let you know that you may waive your 2020 required minimum distribution (RMD) due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed on March 27, 2020.

If you have already taken all or part of your 2020 RMD, you should talk with your tax advisor to see whether you’re eligible and may have the option to return the funds to your retirement account through a 60-day rollover contribution.

04/03/2020

ECONOMIC STIMULUS PAYMENTS
If you do not normally file a tax return, you will not automatically get a stimulus check. You will be expected to file a "simple tax return". The simple return will ask for your name, social security numbers, dependents information and direct deposit information. The IRS plans to release information on this "simple return" in the upcoming weeks.

Social Security recipients who do not typically file a tax return will not need to file a "simple return" to receive the stimulus payments. Payments will be automatically deposited in the same bank account their Social Security benefits are deposited into. The IRS will use the information from the Social Security Administration and Railroad Retirement Board.

If you normally file, but still haven't filed a 2018 or 2019 return, you are urged to do so as soon as you can in order to receive the stimulus payment.

03/20/2020

Secretary Steve Mnuchin announced today that the filing deadline for 2019 tax returns has also been extended to July 15, 2020. Previously, only the payment deadline had been extended. I encourage my clients to go ahead and get their returns prepared as soon as possible. If you have a balance due, then you can take advantage of the July 15 due date for tax payments. If you have a refund, it would be best to go ahead and file and get your refund back now.

03/18/2020

Additional Information Regarding Delayed Payment of Taxes. All you have to do is file your taxes. You will automatically not get charged interest and penalties. YOU MUST STILL FILE BY APRIL 15th, but you have til July 14th to pay any balance due shown on your timely filed return. Maybe this will be July 15th when the IRS puts things in writing.

Again, the announcement does not change the April 15th due date of the return. Only payment of tax is delayed. Many insiders are still expecting a delay to the Form 1040 filing date— but that hasn’t been announced yet.
There is no mention of 2020 first quarter estimated tax payments normally due April 15th.

Warning. Nothing is in writing. This delay is from a press conference. Watch for more information and details from the IRS.

03/18/2020

SPECIAL ALERT. 90 Day Relief for Tax Payments Due. Today during the White House’s daily coronavirus briefing, Treasury Secretary Steven Mnuchin announced that tax payments up to $1 million for individuals can be deferred for 90 days.

The $1 million threshold was chosen for those who report pass-through business income on their individual return. Corporations are able to defer up to $10 million in tax payments. Penalties and interest that would otherwise apply during this nearly three-month period will be waived.

Mnuchin is encouraging Americans who can file taxes by the April 15 deadline to do so. He also noted that refund issuance will not be affected for those who file.

03/08/2020

The IRS decided to audit Grandpa, and summoned him to the IRS office. The IRS auditor was not surprised when Grandpa showed up with his attorney.

The auditor said, “Well, sir, you have an extravagant lifestyle and no full-time employment, which you explain by saying that you win money gambling. I’m not sure the IRS finds that believable.”

“I’m a great gambler, and I can prove it,” says Grandpa. “How about a demonstration?”

The auditor thinks for a moment and says, “OK. Go ahead.”
Grandpa says, “I’ll bet you a thousand dollars that I can bite my own eye.”

The auditor thinks a moment and says, “It’s a bet.”
Grandpa removes his glass eye and bites it. The auditor’s jaw drops.

Grandpa says, “Now, I’ll bet you two thousand dollars that I can bite my other eye.”

The auditor can tell Grandpa isn’t blind, so he takes the bet.
Grandpa removes his dentures and bites his good eye. The stunned auditor now realizes he has wagered and lost three grand, with Grandpa’s attorney as a witness. He starts to get nervous.

“Want to go double or nothing?” Grandpa asks. “I’ll bet you six thousand dollars that I can stand on one side of your desk, and p*e into that wastebasket on the other side, and never get a drop anywhere in between.”

The auditor, twice burned, is cautious now, but he looks carefully and decides there’s no way this old guy could possibly manage that stunt, so he agrees again.

Grandpa stands beside the desk and unzips his pants, but although he strains mightily, he can’t make the stream reach the wastebasket on the other side, so he pretty much urinates all over the auditor’s desk.

The auditor leaps with joy, realizing that he has just turned a major loss into a huge win. But Grandpa’s attorney moans and puts his head in his hands.

“Are you OK?” the auditor asks.
“Not really,” says the attorney. “This morning, when Grandpa told me he’d been summoned for an audit, he bet me twenty-five thousand dollars that he could come in here and p*e all over your desk and that you’d be happy about it.”

Don’t mess with old people!

SHARE if this made you laugh! 😂

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Easton, MO
64443

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