Davis Tax Services

11/07/2025

04/23/2024

Form 990, 990-EZ, Form 990-N, or 990-PF must be filed by the 15th day of the 5th month after the end of your organization's accounting period. For a calendar year taxpayer, Form 990, 990-EZ, Form 990-N, or 990-PF is due May 15 of the following year. For 2024, the deadline is Wednesday, May 15th.



Under Internal Revenue Code Section 6033(j), the tax-exempt status of an organization that does not file a required return or notice for three consecutive years will be automatically revoked as of the due date of the third unfiled return.

04/12/2024

🚴‍♂️🌟 So grateful for this amazing surprise from one of my awesome clients! 🎁 Received this custom cycling tumbler that perfectly captures my love for biking. 🚲💙 Thank you so much for this thoughtful gift - it's going to fuel my rides in style! 🌟😊

04/10/2024

Hey there, tax-savvy squad!

So, you've been juggling life, work, and maybe a few too many Netflix marathons, and suddenly you realize: Tax Day is creeping up faster than you can say "deductible expense"!

But fret not, my fellow procrastinators and time-strapped warriors, because I come bearing tidings of great relief: the IRS has thrown us a lifeline in the form of extensions!

Here's the lowdown in plain English: while the official Tax Day remains steadfast at April 15th, 2024 (mark it on your calendar in neon!), the IRS does acknowledge that life happens. Maybe your dog ate your W-2, or perhaps you've been too busy perfecting your sourdough bread recipe to tackle your taxes. We get it.

That's where extensions swoop in like caped crusaders! An extension basically gives you more time to file your tax return without facing penalties. Pretty sweet, huh?

Now, here's the nitty-gritty: to snag an extension, you gotta fill out Form 4868 (it's like the golden ticket to tax freedom). Simply submit it by April 15th, and voilà! You've bought yourself an extra six months of tax-prep bliss.

But—and this is important—this extension only buys you time to file your paperwork, not to pay your taxes. Yep, Uncle Sam still wants his slice of the pie by April 15th. So, if you owe, make sure to estimate your taxes owed and send in a payment along with your extension request to avoid any nasty surprises later.

So, there you have it, folks! With a little paperwork wizardry and a dash of responsibility, you can breeze through tax season like a pro. And hey, if all else fails, just remember: we're all in this tax jungle together, and there's always strength in numbers (and maybe a few tax breaks too)! #

Mobile Tax Prep; Drop-Off Services; 1040; Rapid Refund; Tax Loan; W2; form 1099; Tax Services; and Federal and State Returns; tax preparation; IRS federal tax return

01/23/2024

Tax season may not be everyone's favorite time of the year, but with preparation and knowledge, it doesn't have to be overwhelming. By staying informed, organizing your documents, leveraging technology, and exploring available credits and deductions, you can navigate tax season 2024 with confidence. Remember, seeking professional advice is always a wise choice for complex financial situations.

Looking for expert guidance and personalized assistance with your tax preparation for 2024? At Davis Tax Services, we are dedicated to providing comprehensive and reliable tax solutions tailored to your unique financial situation. Visit our website at DavisTaxServices.net to learn more about our services and schedule a consultation. Let our experienced team help you navigate tax season with confidence and maximize your financial well-being.

Take control of your finances, and make tax season a stepping stone toward greater financial wellness.

02/28/2023

Everyone’s gotta eat, and sometimes meal time coincides with work time. If you’re a freelancer, contractor, or gig worker, you might be wondering if those meals are tax write-offs. Here’s how to figure it out.

What is a business meal?
A business meal, which is tax-deductible, will most likely fall under one of the following categories:

✓ Meeting with a colleague

✓ Meeting with a referral

✓ Networking meeting

✓ Meeting with a client

✓ Meeting with a potential client

Basically, all parties should be present for the purpose of discussing business related to your 1099 work.

For example, if you’re an event planner having lunch with a couple who might want to hire you for their wedding, you’re having a business meal. But if you’re an event planner picking up takeout on the way back from scoping out venues with the same couple, you’re not having a business meal.

Rule of thumb: If you’re alone, it’s not a write-off.

02/27/2023

The IRS announced on February 16, 2023 that they will now give taxpayers who receive certain notices requesting them to send documentation the option of uploading the documents via their secure IRS document upload tool instead of mailing them.

The IRS will make this option available on nine notices that are related to the Earned Income Tax Credit, Premium Tax Credit, Child Tax Credit, members of military claiming combat zone benefits and information related to income reported on the return.

Taxpayers receiving these notices can opt to respond securely with the IRS online, regardless of whether they have an IRS Online Account.

01/09/2023

Taxpayers should hang up if tax season scammers come calling

The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.

However, it’s easy for people to recognize this scam by knowing how the IRS contacts taxpayers.

The IRS will never:

Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.
Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.
Call unexpectedly about a tax refund.
Taxpayers who receive these phone calls should:

Record the number and then hang up the phone immediately.
Report the call by visiting the Hotline page of Treasury Inspector General for Tax Administration and using an IRS Impersonation Scam Reporting form or by calling 800-366-4484.
Forms to report fraud are available on the Hotline page of Treasury Inspector General for Tax Administration website. Taxpayers just click the appropriate option under “IRS Scams and Fraud” and follow the instructions.
Report the number to [email protected] and put "IRS Phone Scam" in the subject line.

12/15/2022

Before toasting the new year, taxpayers should review this to-do list

Whether they plan to stay up to greet the new year or go to bed early, taxpayers can get ready for 2023 by reviewing these common end-of-year tasks. People can always visit IRS’ Get Ready webpage for info on filing their tax return. Here are a few things they should keep on their radar.

Check Individual Taxpayer Identification Number
The IRS issues ITINs to people who are required to have a U.S. taxpayer identification number but who don’t have, and are not eligible to obtain, a Social Security number. If ITIN was not included on a federal tax return at least once for tax years 2019, 2020 and 2021, the ITIN will expire on December 31, 2022.

Individuals only need to renew an ITIN if it has expired and is needed on a federal tax return.

Find information about retirement plans
IRS.gov has end-of-year tax information about retirement plans. This includes resources for individuals about retirement planning, contributions and withdrawals.

Contribute salary deferral
Taxpayers can make a salary deferral to a retirement plan. This helps maximize the tax credit available for eligible contributions. Taxpayers should make sure their total salary deferral contributions do not exceed the $20,500 limit for 2022.

Donate to charity
Taxpayers must make any donation to a tax-exempt organization they want to deduct on their 2022 return by December 31. Most charitable cash donations qualify for the deduction. However, there are some exceptions. Cash contributions include those made by check, credit card or debit card as well as unreimbursed out-of-pocket expenses in connection with volunteer services to a qualifying charitable organization.

IRA owners age 70½ or over have the option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to give to charity before the end of the year. For those who are at least 72, QCDs count toward the IRA owner's required minimum distribution for the year.

Get banked and set up direct deposit
Direct deposit gives taxpayers access to their refund faster than a paper check. Those without a bank account can learn how to open an account at an FDIC-insured bank or through the National Credit Union Locator Tool. Veterans should see the Veterans Benefits Banking Program for access to financial services at participating banks.

Connect with the IRS
Taxpayers can use social media to get the latest tax and filing tips from the IRS. The IRS shares information on things like tax changes, scam alerts, initiatives, tax products and taxpayer services. These social media tools are available in different languages, including English, Spanish and American Sign Language.

Think about tax refunds
The fastest way taxpayers can get a tax refund is by filing electronically and choosing direct deposit, but no one should ever plan to get a refund by a certain date. This is especially true for those who want to use their refund to make major purchases or pay bills.

12/09/2022

Refund Shock 2022

10/21/2022

401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 in Notice 2022-55, posted today on IRS.gov.

Highlights of changes for 2023

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500.

The limit on annual contributions to an IRA increased to $6,500, up from $6,000. The IRA catch up contribution limit for individuals aged 50 and over is not subject to an annual cost of living adjustment and remains $1,000.

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $7,500, up from $6,500. Therefore, participants in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan who are 50 and older can contribute up to $30,000, starting in 2023. The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE plans is increased to $3,500, up from $3,000.

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2023.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase out ranges for 2023:

For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to between $73,000 and $83,000, up from between $68,000 and $78,000.
For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $116,000 and $136,000, up from between $109,000 and $129,000.
For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range is increased to between $218,000 and $228,000, up from between $204,000 and $214,000.
For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.
The income phase-out range for taxpayers making contributions to a Roth IRA is increased to between $138,000 and $153,000 for singles and heads of household, up from between $129,000 and $144,000. For married couples filing jointly, the income phase-out range is increased to between $218,000 and $228,000, up from between $204,000 and $214,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

The income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $73,000 for married couples filing jointly, up from $68,000; $54,750 for heads of household, up from $51,000; and $36,500 for singles and married individuals filing separately, up from $34,000.

The amount individuals can contribute to their SIMPLE retirement accounts is increased to $15,500, up from $14,000.

09/21/2022

How can you tell the difference between a great man and a small man?

"A great man is hard on himself; a small man is hard on others."
-Confucius