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Zee's Income Tax

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United States
Ecorse, MI
Zee's Income Tax

- 50 years of tax preparing experience
- Registered national tax preparers
- Offer cash advancement up to $1000
- Open all year to address tax issues

09/10/2021

Based on new Michigan Department of Health and Human Services guidance, it's likely Michigan will not see scores of students quarantining.

01/05/2021

Year-End Transactions Can Change Your 2020 Tax Refund

Now is the time to prepare to file your 2020 tax return, and the IRS is reminding taxpayers that certain end-of-year financial transactions might have significant tax impacts. Tax withholding from paychecks does not ordinarily take into account income sources like yearly or holiday bonuses, stock dividends, or selling real estate or other property at a profit. If you receive such income, you might end up getting a smaller tax refund than you have been anticipating, or even owing tax and penalties for underpayment.

In addition, the IRS reminds taxpayers that if they have outstanding debts like unpaid taxes from previous years, past-due child or spousal support, or overdue student loan payments, their 2020 tax refunds might be reduced by these amounts under the Treasury Offset Program (TOP).

An experienced tax pro can help you determine the tax implications of income you received late in 2020.

02/10/2020

New W-4 Form for 2020 – Did You Know?

The IRS has made a number of changes to Form W-4, the Employee Withholding Certificate, for tax year 2020. Most employers require employees to complete a Form W-4 in order to receive paychecks. Here are four key facts to remember about the new-look form:

- If you provided a W-4 to your employer in a previous year and are happy with your current withholding amount, you do not need to submit a new W-4 in 2020.
- If you start a new job in 2020, or wish to submit a new W-4 to your current employer to adjust your withholding, you must use the new 2020 form.
If your tax situation is simple (for example, one job, no dependents), you may provide your personal information and filing status in Step 1 of the form, and then skip down and sign the form in Step 5.
- Steps 2, 3 and 4 of the form are intended for those with more complex tax situations, such as couples with two incomes, workers with multiple jobs, and those with non-employee income (self-employment or “gig” work, interest, dividends, etc.).

For privacy protection and the most accurate withholding, use the IRS Tax Withholding Estimator link, found below, in conjunction with Form W-4. This tool helps you calculate any needed adjustments to your paycheck withholding. After using the Estimator, enter the recommended increase to your withholding on W-4 line 4(c), or the recommended deduction from your withholding on line 4(b). A qualified tax pro can help you determine which information to enter into the Estimator to get the most reliable result possible.

IRS Tax Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator.

02/06/2020

Year-End Transactions Can Change Your 2019 Tax Refund

Now is the time to prepare to file your 2019 tax return, and the IRS is reminding taxpayers that certain end-of-year financial transactions might have significant tax impacts. Tax withholding from paychecks does not ordinarily take into account income sources like yearly or holiday bonuses, stock dividends, or selling real estate or other property at a profit. If you receive such income, you might end up getting a smaller tax refund than you have been anticipating, or even owing tax and penalties for underpayment.

In addition, the IRS reminds taxpayers that if they have outstanding debts like unpaid taxes from previous years, past-due child or spousal support, or overdue student loan payments, their 2019 tax refunds might be reduced by these amounts under the Treasury Offset Program (TOP).

An experienced tax pro can help you determine the tax implications of income you received late in 2019.

02/03/2020

2020 Mileage Rate Increase

Starting on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

- 57.5 cents for every mile of business travel driven, a decrease of one half of a cent from the rate for 2019.
- 17 cents per mile driven for medical or moving purposes, a decrease of 3 cents from the rate for 2019.
- 14 cents per mile driven in service of charitable organizations.

You may also have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates.

01/30/2020

Reduce Fees & Penalties - Did You Know?

You should still file your taxes, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to file your tax return and pay as much as you can.

01/27/2020

January 31, 2020 Deadline for Filing 1099 Forms – Did You Know?

If you are self-employed or own a business, remember that you may have to send an IRS Form 1099 to any contractor to whom you paid $600 or more in 2019. In most cases, appropriate 1099 forms must be provided to contractors by January 31, 2020. Any Form 1099-MISC that shows nonemployee compensation (Box 7) must also be filed with the IRS by January 31. The deadline for filing most other 1099 forms with the IRS is February 28, 2020 for paper filing, or March 31, 2020 for electronic filing.

Since filing electronically requires special formatting software and permission from the IRS, many small business owners may still have to file paper 1099 forms, along with a Form 1096 cover sheet. A qualified tax advisor can help you determine which forms you need to file, how you can file them, and which deadlines apply to your situation.

01/22/2020

Tax Rules for Virtual Currency (Bitcoin) – Did You Know?

For individuals, basic currency transactions like exchanging dollars for euros while traveling generally have no tax implications. However, the IRS treats virtual currencies like Bitcoins (also called cryptocurrencies) as property, not as true currencies. As a result, many transactions with virtual currencies result in capital gains (or losses) that must be reported on your tax returns. The amount of your capital gain (or loss) is the difference between your cryptocurrency basis and the dollar-value you receive by selling, trading or using the currency to make a purchase. Usually, your basis is either the number of dollars you paid for the currency or, if you received the currency as payment for a service, the fair-market value of the currency at that time.

For example, suppose a company pays you 2 Bitcoins for a project; on the day you receive the payment, the fair-market value of 2 Bitcoins is $16,000. You later use the same two Bitcoins to purchase a car valued at $21,000. Your capital gain on these two transactions is equal to $21,000 – $16,000 = $5,000. As with all capital gains, you may pay significantly less tax if you held the Bitcoins for more than a year (long-term vs. short-term capital gains tax rates).

If you have any cryptocurrency, a qualified tax advisor can help you to determine your basis and develop methods to track your transactions so that you can properly report them.

01/13/2020

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the September 1 – December 31 quarter of the previous year is January 15, 2020.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

01/07/2020

Filing Season Start - Did You Know?

The IRS has confirmed that the individual tax filing season will start on Monday, January 27, 2020 and the deadline to file 2019 tax returns and pay any taxes owed is Wednesday, April 15, 2020.

Although the IRS systems open for processing on January 27, you do not have to wait until then to begin preparing for your tax return.

12/31/2019

Smart Tax Planning for Those with Irregular Income – Did You Know?

If your income varies from year to year – for instance, if you change jobs often or get a significant part of your income from the gig economy – tax planning can get complicated. Certain activities that increase your tax bill during higher-income years might have little impact during lower-income years. Similarly, an expense that results in a sizable tax deduction during a lower-income year might not be deductible at all during a year when your income is higher.

For example, if your income for a particular year falls into the 10% or 12% IRS tax bracket ($39,475 or below for single filers, or $78,950 or below for joint filers), you might qualify for a 0% long-term capital gains tax rate. Therefore, it might be an especially good year to sell property that you have held for 12 months or longer. Meanwhile, the two major advanced education tax credits, the American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC), have different income limits. As a result, some years might be more favorable than others for pursuing particular educational goals.

A qualified tax advisor can help you determine which activities with potential tax implications would be most appropriate to undertake this year, and which others you might want to defer until a later year. Thoughtful planning can yield substantial tax savings over time.

12/23/2019

'Tis the Season for Important Tax Paperwork

Keeping your records organized will help make sure you don't miss out on valuable deductions when it is time to file.

Some documents to be on the lookout for are:

Wage and income statements (like W-2 or 1099-MISC)
Health Insurance statements (like Form 1095)
Proof of qualifying educational expenses (like Form 1098-T)
Mortgage interest statements
Retirement distribution statements
Investment account statements

Address

3890 West Jefferson
Ecorse, MI
48229

Opening Hours

Monday	10am - 5pm
Tuesday	10am - 5pm
Wednesday	10am - 5pm
Thursday	10am - 5pm
Friday	10am - 5pm

Telephone

+13133833928

Website

http://www.zeeservices.com/

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