Frank's Tax Service

02/24/2026

01/28/2026

Staffing losses, backlogs of unprocessed tax returns, and tech delays leave the agency entering filing season under strained conditions, according to TIGTA.

01/28/2026

01/28/2026

IRS FAQ: What will happen if taxpayers do not include direct deposit information on tax returns? (added
Jan. 27, 2026)

01/26/2026

The IRS has released a set of FAQs to answer questions about eligibility, reporting, and limits for the new, temporary overtime deduction.

12/14/2023

Starting a Business? Don't Let Taxes Trip You Up!

Are you an aspiring entrepreneur with big dreams? Don't let tax worries cloud your vision! IRS Publication 583 is your FREE guide to navigating the tax landscape of starting a business.

In this handy resource, you'll discover:
• Business Basics: Types, structures, licenses, and permits.
• Tax Obligations: Income, estimated, self-employment, and payroll taxes.
• Recordkeeping Essentials: Keeping accurate records for success. ️
• Deductible Expenses: Maximize your tax benefits.
• Estimated Tax Payments: Avoid penalties with smart planning.
• Filing Tax Returns: Choosing the correct forms and deadlines.

If you need personalized tax guidance, I'm here to help! As your trusted tax professional, I can tailor a plan to fit your unique business needs.

Let's make your entrepreneurial dreams a tax-friendly reality! DM me today!

12/06/2023

📢 Attention Business Owners and Entrepreneurs!

Big news from the Financial Crimes Enforcement Network (FinCEN)! They've extended the deadline for specific companies to submit their initial Beneficial Ownership Information (BOI) reports. Here's what you need to know:

1. New Deadline: If your company was created or registered in 2024, you now have 90 days from the date you're officially formed to file your BOI report.

2. Hold Your Horses! Don't send your BOI reports before January 1, 2024. FinCEN won't accept them until then.

3. Why the Change? FinCEN's Director, Andrea Gacki, believes this extra time will help new companies better understand this regulatory requirement and gather the necessary information.

4. Education First: Use this extension to explore FinCEN's guidance and educational materials at https://www.fincen.gov/boi . It's an excellent opportunity to get your questions answered and ensure you're on track.

5. For Early Birds: Companies formed before January 1, 2024, still have until January 1, 2025, to submit their reports. Those formed on or after January 1, 2025, get 30 days.

6. Need Help? If you're puzzled about these requirements, FinCEN is ready to assist at https://www.fincen.gov/contact .

Remember, staying informed and compliant is key to your business's success! And if you need a bit more guidance, Frank Broadway, EA, at Frank's Tax Service www.frankstaxservice.com is always here to help. Contact him for professional tax assistance! 🌟

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12/05/2023

🌟Tax Planning for Parents

Hey, parents! It's time to talk about setting your kids (and yourself) up for financial success. This week, let's dive into a smart move: opening a 529 plan for your child. Here's why it's a game-changer:

1. Start Early, Reap Benefits: You don't need a fortune to start – sometimes just $100. Opening a 529 plan starts a 15-year savings journey, sheltering earnings from income tax.

2. Dual Advantage: Initially for education, these funds can later transform into a Roth IRA, blending educational support with early retirement planning for your child.

3. State Perks: Many states sweeten the deal with tax credits or deductions for contributions.

4. Controlled Access: You manage the account as a parent or grandparent. Even as adults, the kids can't impulsively tap into these funds.

5. Flexibility and Accessibility: Avoid prepaid tuition plans for more options. 529s can be set up through state programs or financial institutions for any child at any age.

🔑 Bonus Tip – Can't contribute to a Roth IRA due to income limits? Open a 529 for yourself! Deposit funds, let them grow tax-free, and transfer to a Roth IRA after 15 years. This sneaky yet savvy move is an excellent workaround for high earners.

Just to remind you, these ideas are starters, not specific advice. Always consult a professional for your unique situation. And speaking of professionals, Frank Broadway, EA, at Frank's Tax Service, is just a call away for expert guidance.

Stay tuned for more tax tips! Let's make smart financial planning a family affair. 💼👨‍👩‍👧‍👦💰

12/03/2023

How to Avoid Tax Scams!

Thieves are constantly working to steal people’s identity and personal info so they can use it to fraudulently file tax returns and claim refund money that i...

11/30/2023

🌟 Exciting News for Taxpayers in Filing Season 2024! 🌟

The IRS is rolling out major improvements to its Where's My Refund? Tool, a game-changer for the 54 million taxpayers who used it in 2022! Say goodbye to vague messages and hello to clarity and convenience. 🎉

🔍 What's New?

Detailed Updates: Instead of generic "still processing" alerts, you'll get specific, easy-to-understand messages. Need to verify your identity or provide more info? The tool will tell you!
Mobile-Friendly: Access updates easily on your smartphone.
Examples of Improved Messages:
"Your tax return is under review for identity theft protection. Need to verify your identity? Just follow the instructions we sent you!"
"Got our letter asking for more info? Respond to avoid changes to your refund."
"We're processing your return. Check here for any new updates on your refund status."
📉 Reduced Need to Call IRS: No more frustrating calls for basic info. Get everything you need directly from the tool!

💡 Behind the Scenes: Thanks to the Inflation Reduction Act, these long-awaited updates are finally here, aiming to reach an estimated 70 million views next season. And guess what? Even more upgrades are on the horizon!

For personalized tax assistance or more information, don't hesitate to contact Frank Broadway, EA, at Frank's Tax Service. Remember, always consult a professional for specific tax advice!

🔗 Stay informed and stress-free this tax season!