Better Days Financial Services

01/02/2026

Good afternoon. Before you have your 2025 taxes prepared, PLEASE review this checklist to assist with gathering ALL NECESSARY documents‼️

1. Did you work ANYWHERE, even if it was for a short period of time, and will be receiving a W2? If so, wait on ALL W2's.

2. Did/will you receive an IP PIN to file with your 2025 tax return?
Submit your IRS letter CP0A1.

3. Did you have Marketplace Health Insurance (this is NOT employer offered insurance) in 2025?
You MUST submit your 1095-A. Your return CAN NOT be submitted without it.

4. Did you pay childcare or dependent care expenses in 2025?
Gather your proof of expenses from the provider and submit with your return. This is an income based credit. The max credit for lower income earners is $1,050 (35% of $3000) and $600 for higher income earners (20% of $3000). $3,000 is the max amount a filer can claim for a child under 13 for the CHILDCARE credit.

5. Did you receive unemployment benefits in 2025?
Submit your 1099-G.

6. Did you receive any funds from a 401k in 2025?
Be sure to submit your 1099-R.

7. Did you drive for rideshare and/or a grocery or food delivery platform AND made more than $600 in 2025?
Submit your 1099-NEC.

8. Did you receive payments via a third-party servicer such as PayPal, Cash App, Venmo, or Square that exceeded $20,000 and/or 200 transactions in 2025?
Provide your tax preparer with your 1099-K.

9. Did you have an active mortgage and/or pay property taxes in 2025?
Submit your 1098 mortgage statement and/or property tax receipts.

10. Did you have any residential energy repairs or upgrades (windows, doors, roof, solar panels, hot water tank, A/C unit, etc.,) completed on your house in 2025?
If so, gather your receipts for proof of repairs to receive a clean energy credit of up to $1200.

11. Did you or your dependent(s) attend college in 2025?
Submit your 1098-T(s)

12. Did you pay student loan interest in 2025?
Submit your 1098-E(s).

13. Were you self employed in 2025?
Submit your 1099-NEC, 1099-K, and proof of any other gross income and expenses.

14. Did you make any charitable contributions in 2025?
Provide proof of all contributions.

15. Did you contribute to or take distributions from a HSA in 2025?
Submit your 5498-SA and or 1099-SA.

16. Did you receive distributions or dividends from stocks in 2025?
Submit your 1099-B and/or 1099-DIV.

17. Did you receive any interest income in 2025?
Submit your 1099-INT.

18. Outside of copays, did you pay any out of pocket medical/dental expenses that were at least 7.5% of your adjusted gross income (AGI) in 2025?
Be prepared to submit proof of payments.

19. Did you purchase a BRAND NEW vehicle in 2025 for personal use ONLY and have a loan on said vehicle?
Provide your bill of sale. Up to $10,000 of the interest paid per year on a qualifying auto loan can be deducted to lower your taxable amount.

20. Did you hit any jackpots at the casino in 2025?
Submit all of your W2-G(s).

21. Did you settle a debt in 2025 of more than $600 with a creditor?
Submit the 1099-C you received.

22. Did you purchase an electric vehicle NO LATER THAN September 30, 2025 that was manufactured in the USA?
Submit your bill of sale to receive a credit of up $7500.

I hope this helps you derive a strategy to prioritize your tax filing for the 2025 tax year.

Be sure to contact me at 901-654-8950 if you have any questions.

Also, visit my website for more info.

www.betterdaysfinancial.com

Thank you!

10/25/2024

The IRS has announced the annual inflation adjustments for tax year 2025. Here’s a look at what tax brackets, capital gains and standard deductions will look like next year.

The IRS has announced the annual inflation adjustments for the year 2025, including tax rate schedules, tax tables and cost-of-living adjustments.

07/10/2024

Were you self employed in 2020/2021, impacted by COVID-19 in one of the ways listed below, AND DID NOT claim the SETC (Self Employment Tax Credit) on your 2021 tax return? If so, you may STILL be eligible for a credit UP TO $32,000.

Ways in which individuals may have been directly or indirectly impacted by COVID-19:

●Forced to quarantine

●Provided caregiving services

●Government Orders

●School & Daycare Disruption

●Supply Chain Issues, Industry / Business Closures

self employed statuses that qualify:

●Sole Proprietors

●1099 Contractors

●Freelancers

●Single-Member LLCs

●Gig Workers

●Partnerships

***Sub S-Corps, True S-Corps, And C-Corps are ***

This is a loan or grant! It's a tax credit specifically designed to aid self-employed individuals impacted by the pandemic.

Schedule your consultation TODAY at www.betterdaysfinancial.com to see if you qualify.

However, scheduling a consultation, PLEASE LOOK AT YOUR 2021 TAX RETURN TO ENSURE that you DID NOT receive these funds as part of your 2021 refund.

Thank you!

05/08/2024

Good morning. I've gotten this question SEVERAL times over the years and I realized that I never addressed it here. Let's get into it!

: Is my plastic surgery tax deductible as a medical expense.

: In MOST cases, the answer is "No". HOWEVER, it depends on the circumstances behind your cosmetic procedure. If it was deemed medically necessary by your healthcare provider, then the out of pocket expenses could potentially be claimed on your taxes. In this case, substantial proof from your doctor MUST be provided. If you did it STRUCTLY for personal gratification, the expenses CAN NOT be claimed as a tax deductible medical expense.

: Let's say that you have an "Only Fans" page where you showcase your b***s and opt for implants to increase your reach.

In this case, again, you can't itemize it as an out of pocket medical expense. HOWEVER, it's 100% a BUSINESS expense. When you submit your 1099-NEC to your tax preparer, PLEASE be sure to submit your receipt for your implants.

I hope this helps regarding this topic going forward. Feel free to ask any questions.

05/07/2024

Good morning. Did you claim the residential energy repairs completed on your home in 2023 on your tax return? As part of the Inflation Reduction Act of 2022, if you owned your home in 2023 and made qualifying energy repairs, you were potentially due a tax credit up to $3200.

Here's a list of some of the qualifying repairs:

1. Exterior doors, windows, and skylights.
2. Insulation or air sealing materials or systems specifically and primarily designed to reduce heat loss or gain of your home.
3. Central air conditioners and water heaters.
4. Furnaces, boilers, and heat pumps.
5. Biomass stoves and boilers.

Feel free to schedule a 5 minute, consultation at www.betterdaysfinancial.com if you have questions regarding this and/or other tax matters.

Thank you.

Growing Your Finances One Day At A Time

05/02/2024

: If you DID NOT file your 2020 tax return AND possibly due a refund OR failed to claim your $600 and $1200 stimulus payments, you have until May 17th to handle your business. Keeping in mind, these returns CAN NO LONGER be filed electronically. They MUST be mailed and POSTMARKED by May 17th or your forfeit the funds.

Contact us at www.betterdaysfinancial.com if you need assistance.

Thank you!

Growing Your Finances One Day At A Time

05/02/2024

Exempt organizations...LISTEN UP. 📣

If you own a non profit organization and operate on calendar years, the deadline to file your 990 is May 15, 2024.

If you absolutely can't file by that date, you can request a 6 month, automatic extension.

Contact us www.betterdaysfinancial.com if you need assistance or have questions.

Thank you!

Growing Your Finances One Day At A Time

03/27/2024

May 17, 2024 is the last day to file your 2020 tax return to claim a REFUND‼️ If you miss the deadline, any refund that you are due for 2020 goes to the U.S. Treasury instead of you. What does this mean you ask? If you don't file your 2020 return in a timely manner and you eventually file it, but it's AFTER May 17, 2024, if a refund is due, you WILL NOT be able to receive it. It will go to the U.S. Treasury.

You have up to THREE years to claim a refund. Once that time expires, consider any refunds as money voluntarily donated to the government. I don't know a soul who'd opt to donate money to the U.S Treasury. However, that's what you're doing when you're due a refund, but don't file your return within the three year window.

ADDITIONALLY, the 2020 return has to be MAILED to the IRS as they CAN NO LONGER be filed electronically.

Don't say you didn't know‼️

I hope this helps someone today. ❤️

Contact us at www.betterdaysfinancial.com if you need assistance with filing your 2020 (or ANY year) tax return.

Thank you.

01/16/2024

Greetings! If you have children that were UNDER age 17 by the end of 2023, you might want to wait before you file your 2023 tax return‼️

Today, Congress introduced a bipartisan tax agreement to increase the child tax credit for the 2023 tax year. If it passes, the plan would increase the refundable credit and add future inflation adjustments through the 2025 tax year.

A decision SHOULD be made by the commencement of tax season, January 29, 2024. Hopefully, they'll reach a FAVORABLE ageeement SOONER rather than later.🤞🏾

The bipartisan agreement between the House and the Senate tackles priorities for both parties.

01/02/2024

Good morning. It's the first OFFICIAL day of the tax filing season and we're prepapred to assist you all with all of your tax filing and business needs here at Better Days Financial Services. PLEASE be prepared to adhere to ALL due diligence requirements for the sake of being in compliance in the event of an audit.

Thank you!

12/29/2023

The IRS are cracking down on EVERYTHING in 2024.

Here are the 5 IRS for 2024 (buckle up and brace yourselves):

1. Failure to File a Tax Return

Not filing a tax return is an expensive mistake. The late filing penalty is 5% of your unpaid taxes for each month your return is late, up to a maximum of 25%. In 2024, if your tax return is not filed within 60 days of the due date, you’ll be charged a minimum late-filing fee of $510 or 100% of taxes owed, whichever is lower.

2. Failure to Pay

Not paying taxes when they’re due will earn you a penalty in the form of a percentage of your unpaid taxes.
Specifically, the penalty is based on the amount of time your overdue taxes remain outstanding. This number will not exceed 25% of your unpaid taxes. For failing to pay the amount shown as tax on your tax return, you’ll be penalized 0.5% of the unpaid taxes for each month or part of the month the tax remains unpaid.

3. Information Return

Those engaged in a trade or business who do not file an information return or payee statement by the due date will have to pay up. If you provide the information up to 30 days late, you’ll be penalized $60. That amount rises to $120 for 31 days late through Aug. 1, increasing to $310 after Aug. 1 or if you don’t file at all. If it’s determined you intentionally disregarded this task, you’ll be fined $630.

4. Accuracy-Related Penalty

Underpaying the tax required to be shown on your return — such as not reporting all of your income or claiming deductions or credits you don’t qualify for — will cost you. For individuals, understating your tax liability by 10% of the tax required to be shown on your tax return or $5,000 — whichever is greater — is considered a substantial understatement. If it is determined that this issue arose from negligence or disregard of the rules or regulations, you’ll be penalized 20% of the portion of the underpayment of the impacted tax.

5. Erroneous Claim for Refund or Credit Penalty

Prepare to pay a penalty if you submit a claim for a tax refund or credit of income tax for an unwarranted amount, and reasonable cause does not apply. The penalty is 20% of the excessive amount claimed.