Xcel Financial Service, LLC

02/05/2019

Much of the IRS' activity was interrupted during the government shutdown, which means:

- There's a backlog they'll now be working through.
- Deadlines were likely missed with no workers to process requests.
- Live and walk-in taxpayer assistance slowed to a halt.

With "normal" operations now resuming, expect delays and confusion. Unless you're working with us, in which case, we'll be sorting through the mess for you. Call us if you have specific questions.

The Internal Revenue Service (IRS) was open for business on the first day of tax season, Monday, January 28, 2019. With the government shutdown over (at least for now), the IRS is trying to get back to normal. Here’s what you need to know.


02/04/2019

Too bad there wasn't anything *interesting* on TV last night.

Don't get us wrong -- great night for Patriots fans, but for everyone else ... not so much? Even the commercials left us yawning. Was it just us?

02/01/2019

Small business owners, it's vital that you give your workers the right designation, to avoid penalties. If you're unsure whether your workers are employees or contractors, here is some good information -- call us if you have any questions.
http://1.usa.gov/1y77kx3

01/31/2019

If you purchased health insurance through Healthcare.gov in 2018, you MUST file a federal tax return if:
1) you received advanced payments of the premium tax credit (via a reduction in your monthly premium), or
2) you still wish to claim the premium tax credit.

Tax penalties ARE still in place for the 2018 filing year so you won't want to neglect this on your return, or you'll face some questions down the road.

01/30/2019

Reminder for Businesses: Tomorrow (Jan. 31) is your deadline to mail Forms 1098, 1099, W2 and W­2G to the proper recipients for payments made during 2018. (Of course, if you work with us, we've already got this taken care of for you.)

01/29/2019

On the hunt for ideas to make extra cash? Quite a few original ideas here, and some avenues we've never heard of.

Looking to make money from home or in your free time? Here are some realistic ways to do it.

01/28/2019

Today's the big day, everyone. The IRS begins accepting your 2018 returns today. Here's what you need to know for this year's filing...

01/25/2019

While it is good news that tax refunds will go out despite the government shutdown, the bad news is that taxpayer support from the IRS will be next to nothing. For self-filers facing an entirely new tax code, this is not the year to go it alone. This year it will be vital to consult a tax professional to ensure your taxes are filed properly with all of the new credits and deductions you are eligible to receive.

Tax filing date? Check. Expected refund? Check. The IRS said it will take income tax returns on Jan. 28 and give taxpayers their refunds, but the shutdown could complicate other essential areas of filing season.

01/24/2019

Here it is: the list.

This is what you'll need to bring in for your tax appointment. Certain deductions went away this year, that we're used to handling on behalf of our clients. And some that you might be used to as well. This list has changed a little from past years, and we've notated additional changes coming down the pike.

01/23/2019

Put stamps on your shopping list this week. Stamp prices go up to 55 cents (currently 50 cents) on January 27th!

The Postal Service lost $3.9 billion in 2018, attributing the losses to drops in mail volume and the costs of pensions and health care. It marked the 12th year in a row the agency reported a loss despite growth in package shipping.

01/22/2019

Tax season opens in a matter of days. We know many out there who want to close their eyes tightly over the next few months and hope it all miraculously pans out in their favor. While that usually does not happen by miracle, it can happen by advocacy.

We are your financial advocates.

01/21/2019

Amidst the frigidity of today's cultural and political climate, acting on this decades-old advice may be the key to welcoming in the first warm breeze of change.

"We must develop and maintain the capacity to forgive. He who is devoid of the power to forgive is devoid of the power to love. There is some good in the worst of us and some evil in the best of us. When we discover this, we are less prone to hate our enemies."

- Martin Luther King, Jr.