Lockhart Tax Professionals

03/01/2025

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03/01/2025

WASHINGTON — The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information.
Ranging from email schemes to misleading tax credits, many of the Dirty Dozen items peak during filing season as people prepare their tax returns. In reality, these scams can occur throughout the year as fraudsters look for ways to steal money, personal information and data.

02/26/2025

IRS wants you to know about schemes, scams and cons
"If it sounds too good to be true, it probably is!" Don't become a victim to any scheme that offers instant wealth or exemption from your obligation as a United States citizen to file tax returns and/or pay taxes. Some of these schemes can literally cost you your life savings. Others can result in your prosecution and imprisonment if you knowingly participate in them.

02/25/2025

The portion of benefits that are taxable depends on the taxpayer's income and filing status.
To determine if their benefits are taxable, taxpayers should take half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends and capital gains.
If they are single and that total comes to more than $25,000, then part of their Social Security benefits may be taxable.
If they are married filing jointly, they should take half of their Social Security, plus half of their spouse's Social Security, and add that to all their combined income. If that total is more than $32,000, then part of their Social Security may be taxable.
Fifty percent of a taxpayer's benefits may be taxable if they are:
Filing single, head of household or qualifying widow or widower with $25,000 to $34,000 income.
Married filing separately and lived apart from their spouse for all of 2020 with $25,000 to $34,000 income.
Married filing jointly with $32,000 to $44,000 income.
Up to 85% of a taxpayer's benefits may be taxable if they are:
Filing single, head of household or qualifying widow or widower with more than $34,000 income.
Married filing jointly with more than $44,000 income.
Married filing separately and lived apart from their spouse for all of 2021 with more than $34,000 income.
Married filing separately and lived with their spouse at any time during 2021

02/22/2025

Who is eligible to claim the EITC?
Workers may use the EITC Assistant, an online tool, to check their eligibility, which may be affected by changes in marital, parental or financial status. Workers also may visit the Child-related tax benefits comparison page to learn more about basic eligibility rules for the EITC and several other tax credits.
EITC is for workers whose income did not exceed the following limits in 2024:
No. of dependents Single filer income limit Married, filing jointly income limit
No children $18,591 $25,511
1 child $49,084 $56,004
2 children $55,768 $62,688
3+ children $59,899 $66,819
*Investment income limit: $11,600
Workers also must:
Be a U.S. citizen or resident alien all year.
File a tax return even if their income level doesn’t usually require them to file.
Have a valid Social Security number (SSN) for themselves, as well as for their spouse, if filing a joint return, and for each qualifying dependent claimed for the EITC.

02/20/2025

! IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns with unpaid balances – In a major step to help people who owe back taxes, the IRS announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.
The relief will total about $1 billion and most of those receiving it make under $400,000 a year.
Given the unusual situation due to the pandemic, the IRS is taking several steps in advance of resuming normal collection notices for tax years 2020 and 2021 to help taxpayers with unpaid tax bills. They include:
Issuing a special reminder letter starting next month
taking steps to waive the failure-to-pay penalties for eligible taxpayers affected by this situation for tax years 2020 and 2021
This penalty relief is automatic. Eligible taxpayers don't need to take any action to get it.

02/19/2025

Get ready to file your taxes
Tax planning is for everyone. Get ready today to file your federal income tax return. Planning ahead can help you file an accurate return and avoid delays that can slow your tax refund.
Steps you can take now to make tax filing easier
Create or access your account information at IRS.gov/account
Gather and organize your tax records
Check your individual tax identification number (ITIN)
Get an identity protection personal identification number (IP PIN)
Make sure you've withheld enough tax
Get banked to speed tax refunds with direct deposit Lockhart Tax Professionals

02/17/2025

Largest federal funding of the year arriving February 24 & 26
We have been notified that the IRS is releasing two large federal tax refund deposits to taxpayers Monday Feb. 24 and Wednesday Feb. 26. Here's what to expect.
Wednesday (Feb. 19) or Friday (Feb. 21)
Green Dot® Prepaid Visa® Card deposits will reach taxpayer accounts
Monday (Feb. 24) or Wednesday (Feb. 26)
Direct deposits will reach taxpayer bank accounts as early as Feb. 24 or Feb. 26
Cashier's checks will also be ready to print as early as Feb. 24 or Feb. 26
Please note: Some web features including check printing may be temporarily unavailable Feb. 19 and Feb. 21 starting at 6pm EST to expedite refund processing.

02/14/2025

Largest federal funding of the year arriving February 24 & 26
We have been notified that the IRS is releasing two large federal tax refund deposits to taxpayers Monday Feb. 24 and Wednesday Feb. 26. Here's what to expect.
Wednesday (Feb. 19) or Friday (Feb. 21)
Green Dot® Prepaid Visa® Card deposits will reach taxpayer accounts
Monday (Feb. 24) or Wednesday (Feb. 26)
Direct deposits will reach taxpayer bank accounts as early as Feb. 24 or Feb. 26
Cashier's checks will also be ready to print as early as Feb. 24 or Feb. 26
Please note: Some web features including check printing may be temporarily unavailable Feb. 19 and Feb. 21 starting at 6pm EST to expedite refund processing.

02/14/2025

Renee Pardon Lockhart Tax Professionals Lockhart Tax Professionals

Watch out for misleading tax advice on social media regarding the Fuel Tax Credit. Some scammers are tricking ineligible taxpayers into claiming the credit. Learn how to avoid this scheme: https://ow.ly/QY8j50UZv5s