Xennial Tax & Accounting Services, LLC.

05/02/2024

If you still need to file and didn't request an extension, the encourages you to file as soon as you can to reduce late filing penalties. We have resources to help you if you can't pay your balance in full. Pay as much as you can to reduce the amount of penalties and interest on your balance.

Learn more: https://ow.ly/xWIv50Rr22O.

01/08/2024

Please call our office with any questions at 305-676-6501!

IR-2024-04, Jan. 8, 2024 — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

09/06/2023

With rising interest rates, the art of 0% financing is making a comeback. But buyer beware! Here is what you need to know.

With interest rates continuing to increase, what could be better than making a purchase with 0% interest? In reality, financing a purchase with a 0% interest rate may be more trouble than it’s worth, as we explain in this month’s newsletter. Also discover the hidden tax benefits of ownin...

09/01/2023

Understanding unearned income can be a great benefit in reducing your taxable income, but only if you understand what it is.

What's in a name? If it is defining different types of income, it can mean more income tax obligations. Here are some things to know.

08/25/2023

Oops. You donated too much to your IRA. What do you do. Follow these tips.

The IRS is beginning to tackle the problem of taxpayers contributing too much to their IRA accounts each year. Here is what you need to know.

08/18/2023

Here's a tip to avoid unwanted tax penalties.

Here is a simple idea to avoid late payment penalties if you miss a quarterly estimated tax payment (form 1040 ES). While it might not apply to everyone, it could save you some money come tax time.

08/16/2023

The Employee Retention Credits are now under the microscope at the IRS. Here is what is happening now.

The Employee Retention Credit was a valuable tool for millions of businesses to financially make it through the COVID-19 pandemic. But now it's being looked at under the microscope by the IRS. Learn what is being said by the IRS and understand now is the time to be prepared for a review. This month....

08/11/2023

The only group happier than you when you a win a prize is the IRS. Most prizes are taxable. Make sure you fully understand the value of the prize and how it's taxed before you accept it.

Prizes received are to be recorded on your tax return as income. Unfortunately, there are many pitfalls. Here are some tips.

08/09/2023

A recent Supreme Court ruling creates good AND bad news for taxpayers. Here is what you need to know.

If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. This month's edition recaps a recent Supreme Court decision that impacts anyone with foreign bank accounts or assets. There is also a review of don...

08/04/2023

Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do.

Too often during the course of an audit, the auditor throws out valid deductions. Not because they did not occur, but soley because you did not provide adequate documentation. Here are tips to help solve this problem.

08/02/2023

A tax planning session may be a good idea if you find yourself in these 3 situations. Also read about mastering your credit card & tips to lower your car insurance.

Preventing unwanted tax surprises starts with proper planning. And there’s no better time than now to begin looking at how you can cut next year’s tax bill. In this month’s newsletter, we’ve included several situations when it makes sense to schedule a tax review so you can t...

07/28/2023

The IRS is eliminating most unannounced revenue officer visits. This is what that means for you.

The IRS recently announced a major policy change that it will end most unannounced agency revenue officer visits to taxpayers. Here are the details.