NOVA Tax Group

Professional Tax & Accounting Services f or Individuals & Small Businesses NOVA T ax Group is a small team of experienc ed tax and accounting professionals with t he goal of providing tailored solutions to individua ls and small business clients.

Also, as Certified Quickbooks Online P ro Advisors, we can provide the late st in accounting, payroll & bookkeeping suppo rt to your small business.

Operating as usual

COVID Tax Tip 2022-04: Tax fili ng step 1: Gather all year-end inco me documents 01/06/2022

COVID Tax Tip 2022-04: Tax fili ng step 1: Gather all year-end inco me documents

COVID Tax Tip 2022-04: Tax fili ng step 1: Gather all year-end inco me documents COVID Tax Tip 2022-04: Tax fili ng step 1: Gather all year-end inco me documents Internal Revenue Service (IRS) se nt this bulletin at 01/06/2022 10:03 AM E ST IRS Tax Tips January 6, 2022 Usef ul Links: IRS.gov Help For Hurricane Victi ms News Essentials What's Hot News Releas es IRS - The Basics IRS Guid ...

Families who got the child t ax credit last year need to wat ch for this letter from the I RS 01/03/2022

Families who got the child t ax credit last year need to wat ch for this letter from the I RS

Families who got the child t ax credit last year need to wat ch for this letter from the I RS The IRS will be sending Lett er 6419, which shows how much famili es received in advanced child tax cred it payments, in January.

IRS increases limits for 401(k) pla ns to $20,500 for 2022, leaves individu al retirement accounts unchanged 11/15/2021

IRS increases limits for 401(k) pla ns to $20,500 for 2022, leaves individu al retirement accounts unchanged

This is a good time to thi nk about reviewing your 2022 payroll deductio ns especially with the recently announced increa se to 401k salary deferral amount f or 2022.

IRS increases limits for 401(k) pla ns to $20,500 for 2022, leaves individu al retirement accounts unchanged The IRS has announced 2022 retireme nt contribution limits, with a boost to $20,5 00 for workers with a 401(k) pl an.

When to File | Virginia T ax 03/22/2021

When to File | Virginia T ax

Virginia State extends individual income t ax filing deadline to May 17th to ali gn with the IRS.

When to File | Virginia T ax File and pay by Monday, M ay 17. Filing electronically is the faste st, easiest, and most efficient way to fi le your return. Note: This extension do es not apply to estimated payments.

Tax Day for individuals extended to M ay 17: Treasury, IRS extend filing a nd payment deadline | Internal Revenue Servi ce 03/18/2021

Tax Day for individuals extended to M ay 17: Treasury, IRS extend filing a nd payment deadline | Internal Revenue Servi ce

Treasury, IRS extend filing and payme nt deadline for individuals to May 17 th.

Tax Day for individuals extended to M ay 17: Treasury, IRS extend filing a nd payment deadline | Internal Revenue Servi ce IR-2021-59, March 17, 2021 — T he Treasury Department and Internal Revenue Servi ce announced today that the federal inco me tax filing due date for individua ls for the 2020 tax year wi ll be automatically extended from April 15, 2021, to May 17, 2021.

IRS delays start of tax fili ng season to Feb. 12 01/18/2021

IRS delays start of tax fili ng season to Feb. 12

IRS delays the start of t ax season, but the filing deadline is sti ll April 15th.

https://www.cnbc.com/2021/01/15/irs-delays-start-of-tax-filing-season-to-feb-12.html

IRS delays start of tax fili ng season to Feb. 12 The IRS will begin receiving 2020 inco me tax returns on Feb. 12.

cnbc.com 01/08/2021

The Social Security tax cap kic ks in at this salary figure in 2021

Another big annual increase in t he social security wage base for 2021. Th is makes the S Corporation tax electi on even more valuable for a sma ll business if it is the rig ht fit. Remember, your company does n ot need to be a corporation. An L LC can elect S Corporation status.

https://www.cnbc.com/2021/01/07/social-security-tax-cap-2021-heres-how-much-you-will-pay.html

cnbc.com If you have a traditional j ob, you pay 6.2% of your sala ry per year in Social Security tax es, but there's a limit on h ow much you owe. Here's a breakdo wn.

apple.news 10/21/2020

You Still Have Time To H it 401(k) Contribution Limits For 2020 — Investor 's Business Daily

https://apple.news/Ap3Xdg6H7Q-O0VHH2JnJ_kg

apple.news There's still time to meet high er 401(k) contribution limits for 2020. Here 's how they compare to last year 's caps, and what workers should kn ow about 2021.

collegesavings.org 10/21/2020

Peace of Mind for Parents as Studen ts Head Back to Campus

https://snip.ly/t4zfzz#https://www.collegesavings.org/peace-of-mind-for-parents-as-students-head-back-to-campus-this-fall/

collegesavings.org 529 College Savings Plans to t he Rescue in Uncertain Times By Patric ia Roberts, Chief Operating Officer at Gi ft of College July 28, 2020 Tuiti on and room and board payments a re coming due while many colleges a nd universities have yet to finalize the ir plans for the upcoming semester. Paren ts remain....

forbes.com 02/17/2020

Don’t Forget About Cryptocurrency Like Bitco in At Tax Time

If you invest in or u se virtual currency, then take your ti me on the new Schedule 1 of yo ur 2019 tax return. There is n ow the following required YES or NO questi on regarding Bitcoin and other virtual curren cy.

“At anytime during 2019, did y ou receive, sell, send, exchange, or otherwi se acquire any financial interest in a ny virtual currency?”

The IRS treats virtual curren cy like property and there can be gain/lo ss each time it is sold/exchanged. So if y ou check YES and sold/exchanged virtual curren cy in 2019 then you should be reporti ng transactions. If you check YES a nd did not sell/exchange in 2019, be su re to keep records and track t he purchase price so you can calcula te your gain/loss in future years.

Al so some of these transactions are n ow being reported to the IRS on 1099 a nd the IRS has subpoenaed several cryp to exchanges to get account information. So be caref ul this year on this new questio ns and do not let this g et checked as NO if you h ad any virtual currency transactions during 2019.

https://www.forbes.com/sites/kellyphillipserb/2020/02/06/dont-forget-about-cryptocurrency-like-bitcoin-at-tax-time/

forbes.com As I reported late last ye ar, early drafts of Form 1040 reflect ed a new question on the t op of Schedule 1, Additional Income a nd Adjustments to Income (downloads as a PD F).

01/28/2020

Tax filing starts today. Here's h ow long a refund takes

2019 Tax Season is open!

https://www.cbsnews.com/news/2019-taxes-january-27-first-day-to-file-refund/

About 4 of 5 taxpayers wi ll receive a refund this year. It 's often a taxpayer's biggest annual "paychec k."

forbes.com 12/26/2019

Tax Extenders Bring Back Some - B ut Not All - Popular Deductions

In addition to the Secure A ct reviewed below, the spending bill al so revived some popular "extender" tax brea ks that were not passed for 2018 t ax season. Well they were just extend ed for 2018 (retroactively), 2019, a nd 2020. These include:

(1) SCH A Deducti on for PMI premiums
(2) Tuition a nd Fees above the line deduction f or qualified education expenses
(3) 7.5% AGI flo or for medical expense deductions is extend ed and will not increase to 10%
(4) Qualified mortgage debt forgiveness inco me exclusion extended

These are retroactive to 2018 so y ou need to review you prior t ax return and see if an amendme nt would be worthwhile.

https://www.forbes.com/sites/kellyphillipserb/2019/12/17/tax-extenders-bring-back-somebut-not-allpopular-deductions/

forbes.com Extenders are the term used to ref er to expired or expiring tax provisio ns, and tend to be short-term.

barrons.com 12/26/2019

Congress Passed the Secure Act. Here ’s What It Will Mean for Yo ur 401(k) and IRA.

The new spending bill passed t he Secure Act which brings several chang es to retirement account rules for 2020 planni ng. The major changes include:

(1) Delayed R MD withdrawals until age 72 instead of 70 1 /2.
(2) Lifts age limits on I RA contributions. Previously IRA contributions were block ed at age 70 1/2.
(3) Elimina te most stretch IRA distributions for beneficiari es of inherited IRA accounts. This stret ch IRA estate planning tool allowed deceden ts to pass on IRAs to you ng beneficiaries who could then spread o ut IRA distributions based on their li fe expectancy. While there are exceptions, th is will no longer be the powerf ul estate planning tool it once w as.

We may also see annuity optio ns pop up in employer benefit plans.

https://www.barrons.com/articles/the-secure-act-what-it-will-mean-for-your-401-k-and-ira-51576666801

barrons.com The Setting Every Community Up f or Retirement Enhancement—better known as the Secu re Act—is the first major piece of retireme nt legislation in a decade.

nytimes.com 12/15/2019

Check Out the New W-4 T ax Withholding Form. Really.

Big changes to the w4 fo rm for employees to determine their withholdin gs. It had to be done wi th the new tax rules. The fo rm can be straight forward if y ou are single and just one j ob. However, if are married with t wo incomes or have more than o ne job, then it gets a litt le more complicated. As usual, they don 't make it easy. This will al so be new information for payroll syste ms to adjust to as well.

https://nyti.ms/34gPI3Q

nytimes.com The first major redesign since 1987 is simpl er and reflects tax code changes, t he I.R.S. said. Workers should make su re it also reflects what they o we.

cpapracticeadvisor.com 11/01/2019

Health Insurance Open Enrollment Season: 5 Questio ns to Ask

Reminder: Open enrollment for federal healthca re begins November 1st in most stat es and runs to December 15th, 2019.

It 's also a great time to revi ew health care options through your employ er as well.

https://www.cpapracticeadvisor.com/payroll/news/21112403/health-insurance-open-enrollment-season-5-questions-to-ask

cpapracticeadvisor.com The AICPA’s 360 Degrees of Financi al Literacy program is urging Americans to ta ke this opportunity to carefully review the ir family’s financial situation and insurance optio ns to pick out the best covera ge plan for their household.

twitter.com 09/07/2019

IRS on Twitter

Think you misplaced a tax for m?? Not a great feeling.

Good tweet by I RS to promote the online transcript to ol. It is really easy to s et up account and download several typ es of transcripts. All the information th at is reported in your social securi ty number to the IRS in a giv en year can be downloaded in a f ew minutes.

Caution! Do not respond to a ny emails or email links to g et a transcript. Go directly to t he IRS website to get your transcripts.

https://www.irs.gov/individuals/get-transcript

https://twitter.com/IRStaxpros/status/1170012236926070784?s=20

twitter.com “: Your client may need an t ax transcript for many reasons, such as applyi ng for a mortgage or a stude nt loan. Help her get started wi th this : https://t.co/Z1DKVP1BxT”

forbes.com 08/15/2019

IRS Introduces New Tax Withholding Estimat or To Help Taxpayers Avoid Surprises In 2020

forbes.com The IRS has launched a n ew Tax Withholding Estimator that they ho pe will make it easier for everyo ne to figure the right amount of t ax withheld during the year.

foxbusiness.com 06/11/2019

IRS warns taxpayers about new twis ts on scams

IRS warns taxpayers about new twis ts on scams
With the arrival of t ax bills and refunds in the la te spring and early summer, the Intern al Revenue Service (IRS) is also warni ng taxpayers against various tax scams th at have begun to crop up.

Click t he link to read more:
https://www.foxbusiness.com/features/irs-taxpayers-new-scams

foxbusiness.com With the arrival of tax bil ls and refunds in the late spri ng and early summer, the Internal Reven ue Service (IRS) is also warning taxpaye rs against various tax scams that ha ve begun to crop up.

washingtonpost.com 03/10/2019

Review | When tax prep is fr ee, you may be paying with yo ur privacy

Great article on the free t ax software options out there and t he risks regarding privacy. Definitely be caref ul and read the fine print. NO VA Tax Group offers low cost fili ng fees for basic tax returns a nd privacy is a number one priori ty.

washingtonpost.com “Free” tax software is not a ll created equal. Some want to upse ll you. Others want the data in yo ur tax return.

cnbc.com 02/12/2019

Congress has yet to approve the se valuable tax breaks for 2018

There are a few tax brea ks for Tax Year 2018 that sti ll haven't been approved yet. If y ou might benefit from these tax extende rs: deductions for mortgage insurance a nd college tuition and fees, you mig ht want to delay filing. Re ad below.

cnbc.com Whether you own a home or you' re shelling out for higher-education costs, Congre ss has yet to approve these brea ks known as tax extenders.

irs.gov 01/15/2019

IRS Confirms Tax Filing Season to Beg in January 28 | Internal Revenue Servi ce

Despite the government shutdown, the Intern al Revenue Service confirmed that it wi ll process tax returns beginning January 28, 2019 and provide refunds to taxpaye rs as scheduled. Click on t he IRS News Letter below to re ad more.

irs.gov IR-2019-01, January 7, 2019 ― Despi te the government shutdown, the Internal Reven ue Service today confirmed that it wi ll process tax returns beginning January 28, 2019 and provide refunds to taxpaye rs as scheduled.

12/14/2018

About Us

NOVA Tax Group

time.com 11/23/2018

Obamacare Open Enrollment Starts Today. Here 's What to Know About This Year 's Changes

Reminder that Open Enrollment for heal th insurance through Healthcare.gov for 2019 en ds on December 15th.

-There is no long er an individual mandate for health insuran ce coverage for 2019 so uncovered individua ls will not face a tax penal ty

-There are additional cheaper "short te rm" plans with less coverage that a re being offered for longer terms

time.com Plus what to consider about short-te rm plan options.

ebcflex.com 11/23/2018

Advantages of Stacking Limited Health F SA with HSAs

We posted about the increases to retireme nt plans for 2019. Here is anoth er item to review as many g et ready for open enrollment for benefi ts. If available to you, here is a gre at idea to think about with medic al savings accounts. They can work togeth er to save a lot in tax es. Let us know if you ha ve any questions about pre-tax medical expen se accounts.

ebcflex.com Some may think that enrolling in a Heal th Savings Account (HSA) means that y ou no longer can or need to participa te in a Health Care flexible spendi ng account (FSA) and that is n ot necessarily true in all circumstances.

money.cnn.com 11/06/2018

Retirement contribution limits will rise in 2019

IRS Announces 2019 Retirement Contribution Increases

I RA Contributions will increase from $5,500 to $6,0 00. The additional catch up for 50 a nd older will remain at $1,000.

401(k)s, 403(b )s, most 457 plans and the feder al government's Thrift Savings Plan will increa se from $18,500 to $19,000. T he catch up for 50 and old er will remain at $6,000.

Make those chang es early in 2019 to take advanta ge of these increases and not ha ve to use up more net p ay to catch up later in t he year.

The IRA and ROTH I RA contribution rules can be tricky.

F or more information or to set up a fr ee consultation, visit us at:
https://www.novataxgroup.com/

money.cnn.com Good news retirement savers: The Intern al Revenue Service announced cost of livi ng increases to the contribution limits f or retirement-related plans in 2019.

cnbc.com 11/04/2018

30 million people are not withholdi ng enough for taxes. How to te ll if you’re one of them

Review Your Paycheck Tax Withholdings f or 2018!

The GAO has reported that ma ny of us should review how mu ch tax is being withheld from o ur paychecks. The new Tax Act broug ht many fundamental changes including new t ax rates. As part of this chan ge, paychecks and withholdings were adjusted in t he beginning of the year. You m ay have noticed an increase in ta ke home pay early in 2018. Howev er, the w4 paycheck withholdings may be withholdi ng too much or more importantly t oo little.

There is still time to ma ke adjustments for 2018 or at lea st be well prepared for a potenti al April bill. And you can adju st for 2019 as well.

We help many clients review their payche ck withholdings for 2018 and be rea dy for the new tax law.

F or more information or to set up a fr ee consultation, visit us at:
https://www.novataxgroup.com/

cnbc.com About 2 in 10 taxpayers wi ll be writing a check to Unc le Sam next spring. Here's how to ma ke sure you don't wind up wi th a huge tax bill in 2019.

05/11/2018

The tax deadline has passed f or most taxpayers to file their t ax returns. If you haven't filed a 2017 t ax return yet, it's not too la te, and it may be easier th an you think. Filing can reduce penalti es and head off much more time-consumi ng and damaging enforcement actions. Contact us a nd we can help get you fil ed.

https://www.novataxgroup.com/newsletter.php#2

forbes.com 01/23/2018

IRS Announces 2018 Filing Season Ope ns January 29, Reminds Taxpayers About Delay ed Refunds

forbes.com The Internal Revenue Service (IRS) h as announced that tax season will op en on Monday, January 29, 2018. T he IRS will begin accepting paper a nd electronic tax returns that day, wi th more than 155 million individual t ax returns expected to be filed in 2018.

fairfaxcounty.gov 02/19/2016

Tax Relief - Frequently Asked Questio ns - Fairfax County, Virginia

Most counties offer real estate t ax relief if you are 65 yea rs or older or disabled, Check wi th your county for more details. Examp le below: Fairfax County, VA.

fairfaxcounty.gov Tax Relief - Frequently Asked Questio ns

01/28/2016

Taxpayer Guide to Identity Theft

Don't become a victim of tax-relat ed identity theft. Read these ti ps from the IRS to help redu ce your risk of becoming a vict im and steps to take if y ou do become a victim. No va Tax Group would also like to recomme nd filing your return as early as possib le to reduce the chances of tax-relat ed identity theft, especially if you a re expecting a refund,

irs.gov For 2016, the IRS, the stat es and the tax industry joined togeth er to enact new safeguards and ta ke additional actions to combat tax-related identi ty theft. Many of these safeguards wi ll be invisible to you, but invaluab le to our fight against these crimin al syndicates. If you prepare your o wn retur…

cms.gov 01/28/2016

2015-10-26 - Centers for Medicare & Medica id Services

Only a few days remaining to enro ll in a Healthcare plan for 2016. T he deadline is Sunday, January 31st aft er which the enrollment period will be clos ed for the remainder of the ye ar. Follow the link below to re ad more from CMS and to s ee the average rate change in premiu ms.

cms.gov The page could not be load ed. The CMS.gov Web site currently do es not fully support browsers with “JavaScrip t” disabled. Please enable “JavaScript” and revis it this page or proceed with browsi ng CMS.gov with “JavaScript” disabled. Instructions f or enabling “JavaScript” can be found he re. Please note…

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19301 Winmeade Drive Suite 212
Leesburg, VA
20176

Opening Hours

Monday 8am - 7pm
Tuesday 8am - 7pm
Wednesday 9am - 7pm
Thursday 8am - 7pm
Friday 8am - 7pm
Saturday 8am - 5pm
Sunday 8am - 5pm
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