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GWS Financial Services

For more than 35 years, Gary W. Schwertly has gained broad-based knowledge dealing with small and mid-sized private and public companies. Gary W. GAAP and U.S.

Schwertly, CPA, CGMA

For more than 35 years, Gary W. He has in-depth experience in the manufacturing, distribution, hospitality, entertainment, service, construction, consumer products and international sectors. He created financial planning models and implemented the conversion to a new “state of the art” financial planning/reporting software package as Chief Financial Officer for the internatio

nal personal development firm Anthony Robbins Companies. Schwertly created accounting systems for operations in Europe with functional accounting principles and currencies being translated to U.S. dollars, respectively, as Vice President-Finance at international hotel management company Woodfin Suite Hotels, LLC. There he negotiated financing packages for a number of hotel conversion projects at below market rates in an environment with little-to-no available funding for hotels. Schwertly negotiated a $20 million credit facility at below-market rates as Senior Vice President – Finance / Chief Financial Officer of international manufacturer and distributor of quality cutlery and related products Buck Knives, Inc. While there he coordinated the origin of a foreign branch and a European distribution center and managed all corporate tax planning and compliance issues. He also led the long-range strategic planning team. Schwertly holds a Bachelor of Science in Accounting from the University of Baltimore.

03/29/2021

Common Tax Filing Errors – Did You Know? (2/3)

Every year, many taxpayers make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes often cause filers to pay the wrong amount of tax:

Math Mistakes:
Even mathematicians sometimes make errors in simple addition and subtraction, and some of the calculations required for 1040 schedules can be complicated. Thoroughly double-check every bit of math on your return.

Incorrect Filing Status (Single, Married Filing Jointly, etc.):
The IRS will not accept a return showing a filing status that you are not eligible to claim. If you qualify for more than one status (for example, filing jointly or separately if you are married), the option you choose may significantly change your tax. The difference can be especially great for single taxpayers who qualify to file as a head of household. Make sure that you have not chosen a filing designation that causes you to pay more tax than you owe.

To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

03/25/2021

Common Tax Filing Errors – Did You Know? (1/3)

Every year, many taxpayers make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes may not change your tax, but they can cause processing problems. The IRS may even withhold your refund until the errors are corrected.

Missing or Inaccurate Social Security Number (SSN):
Even when filing electronically, many people mistype their SSNs and do not catch the error. If the SSN on your return does not match the number on your Social Security card, the IRS may not be able to process your return.

Misspelled Name:
Take your time when filling in every blank on your return, even your name. A misspelling or illegible writing can prevent proper processing.

Incorrect Bank Account or Routing Number:
Getting your return filed electronically and requesting direct deposit is the fastest way to get your refund, IF you provide accurate information. An error in your banking info can cause big headaches.

Missing Signature:
Remember that in most cases, couples filing jointly must both sign their return.

To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

03/23/2021

IRS Has Begun Sending Stimulus Payments to Eligible Americans – Did You Know?

The IRS started sending out a third round of Economic Impact Payments (EIP3s, also called stimulus payments) shortly after the American Rescue Plan became law on March 11. The vast majority of eligible Americans will receive their payments automatically, usually by direct deposit. If a person entitled to an EIP3 has not provided current banking information to the IRS, their payment will be sent by mail as a check or prepaid debit card.

In general, EIP3s are larger than previous EIPs sent in 2020 and 2021. The standard payment amount is $1,400 per person, plus $1,400 for each dependent. For example, an eligible married couple with two dependent children will receive 4 X $1,400 = $5,600. People qualify to receive EIP3s if they are U.S. citizens or resident non-citizens, have valid Social Security Numbers (SSNs), cannot be claimed as someone else's dependent, and have adjusted gross income (AGIs) below the limit.

For single tax filers, the AGI limit to receive the full EIP3 amount is $75,000. Single taxpayers with AGIs of $80,000 or above will not receive an EIP3, while those with incomes between $75,000 and $80,000 (the "phase-out" range) will receive reduced payments.

Joint tax filers qualify for the full EIP3 amount if their AGI is $150,000 or less, with the phase-out range going from $150,000 to $160,000. For Head of Household (HoH) tax filers, the AGI limit for a full EIP3 is $112,500, with the phase-out range ending at $120,000. As with Single individuals, HoH and joint filers with AGIs above the phase-out range will not receive EIP3s.

You can use the IRS Get My Payment portal (link below) to check on the status of your EIP3. This tool can often provide the precise date when your payment will be deposited or mailed. Because payments are calculated and sent automatically, contacting the IRS will not speed up the process. Beware of scammers who claim that they can get your stimulus payment faster.

IRS Get My Payment portal: https://www.irs.gov/coronavirus/get-my-payment

03/18/2021

IRS Extends Filing and Payment Deadlines Due in April – Did You Know?

In response to the pandemic, the IRS has extended both the 2021 federal income tax filing and payment deadlines for individual taxpayers. Here are the important details:

- The filing deadline for 2020 federal individual income tax returns has been automatically moved from April 15, 2021 to May 17, 2021.

- The payment deadline for individual taxpayers to pay their 2020 tax due has also been automatically extended from April 15, 2021 to May 17, 2021. This extension also applies to those who pay self-employment tax.

- The same extension does not apply to estimated tax payments with the due date of April 15, 2021. (For most payers of estimated taxes, this is their first-quarter payment for 2021).

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension to October 15, but this does not include an extension to pay.

03/16/2021

Changing Life Circumstances Can Affect Your Taxes – Did You Know?

When a momentous life event like a marriage or the birth of a child occurs, taxes are probably the furthest thing from your mind. However, once the excitement of the moment settles down, it is important to perform a quick tax checkup to avoid an unpleasant IRS surprise. Here is a checklist of some of the most common life changes that may affect your taxes:

Change of Name:
Your name on your tax return must match the name on file for you with the Social Security Administration (SSA). Therefore, if your name changes due to marriage, divorce, or for any other reason, it is important to request a new Social Security card, which can be done at ssa.gov.

Change of Filing Status:
Married couples may choose to file either jointly or separately, and this choice can affect both tax rates and eligibility for certain deductions and credits. If your marital status changes during the year, or you and your spouse decide to change your filing method, it is a good idea to use the IRS Withholding Estimator tool (link below) to determine whether a change in your paycheck withholding amount is needed.

Change of Address:
From time to time, the IRS may need to contact you about your return, refund, stimulus payments, or other matters. If you move during the year, inform the IRS by filing Form 8822, Change of Address, to ensure that you do not miss any important communications.

Change in Number or Ages of Dependents:
If your family grows this year due to a birth or adoption, you may be eligible for additional tax deductions and credits. Conversely, your eligibility for certain credits might change as your children grow older.

Some of the tax implications of these and other life changes can get complicated. A professional tax advisor can help you evaluate these impacts, and if necessary, take action to stay on track with your tax payments and qualify for the deductions or credits available to you.

IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator

03/11/2021

Missing or Incorrect W-2s or 1099s – Did You Know?

When the time comes to get your taxes filed, it can be frustrating to discover that you have not received the documents you need to complete your return. This problem occurs most often with Form W-2 (Wage and Tax Statement for employees) or the various versions of Form 1099 (for earnings as an independent contractor, pension or IRA distributions, etc.).

According to the IRS, if you have not received an anticipated W-2 or 1099, you should first contact the employer or payer to request the missing document. The same applies if a form you received contains incorrect information.

Taxpayers who cannot obtain these documents for some reason must still file their returns on time and provide accurate information. In some cases, you may need to account for a missing W-2 or 1099R (for distributions from pensions, annuities, IRAs, etc.) by including Form 4852 with your return. A tax professional can help you determine if you must file this form, and what information to include on it.

If you have received an incorrect Form 1099-G for unemployment compensation from your state employment office, contact the agency immediately. An incorrect form may indicate that a scammer collected unemployment benefits using your Social Security Number (SSN). Your state may issue additional warnings about scams related to 2020 unemployment benefits. Read these notices carefully to keep yourself safe.

03/09/2021

Where's My Refund? - Did You Know?

You can use the IRS 'Where's my Refund' (https://www.irs.gov/refunds) tool to check the status of your refund. The 'Where's my Refund' tool is updated once daily, usually overnight. Your status is generally available within 24 hours upon the IRS receiving your e-filed return. If you have filed a paper return, the IRS is currently experiencing processing delays for paper filed returns, but will process them in the order received.

03/03/2021

Choosing the Correct Filing Status for Your Tax Return – Did You Know?

Your federal tax filing status (Single, Married Filing Jointly, Head of Household, etc.) can affect the amount of your standard or itemized deductions, your eligibility for tax credits, and your tax rate. Correctly identifying your filing status is one of the most critical tax decisions to make each year.

The principal IRS filing designations are:

SINGLE: This designation applies to most unmarried taxpayers, including those who are divorced or legally separated according to their state's laws.
MARRIED FILING JOINTLY: Under this designation, a married couple can file a single tax return that covers both spouses.
MARRIED FILING SEPARATELY: Married couples may choose to file separate returns. While filing jointly offers tax benefits in many cases, some couples may lower their total tax by filing separately.
HEAD OF HOUSEHOLD: Unmarried taxpayers who pay more than half the cost of maintaining a home for themselves and a qualifying individual (such as a dependent child) may qualify to claim this status. Heads of Household get a higher standard deduction and higher income limits for certain credits and deductions than Single filers.
QUALIFYING WIDOW(ER) WITH DEPENDENT CHILD: Taxpayers whose spouses passed away within the last two years may qualify for this special filing status if they have one or more dependent children.

Note that under IRS rules, your status as either single or married as of December 31st usually determines your filing status options for the entire year. For example, if you were single for nearly all of 2020 but got married on December 30th, you most likely need to choose either Married Filing Jointly or Married Filing Separately as your filing designation for the year. One important exception to this rule is that a widowed spouse may typically file a joint return for the year in which the other spouse passed away.

The IRS now offers an interactive “What Is My Filing Status?” tool (link below) to help you determine the appropriate choice for you. Taxpayers who qualify for multiple designations are free to choose whichever status results in the lowest tax. If you are unsure which filing status is most advantageous for you, a professional tax advisor can help you make this determination.

IRS “What Is My Filing Status?” Tool: https://www.irs.gov/help/ita/what-is-my-filing-status

03/01/2021

Potentially Taxable Events – Did You Know?

In addition to traditional income sources like employee wages and business profits, there are a number of other activities and transactions that the IRS classifies as potentially taxable. It is important to consider all of these “taxable events” for your tax return.

The most commonly overlooked taxable events include:

- Investment income, including receiving stock dividends or cashing in bonds
- Converting a traditional IRA to a Roth IRA
- Forgiveness (discharge) of a loan or other debt, including student loans
- Sale of assets such as vehicles, musical instruments, or a home at a gain (that is, for more than you paid to purchase the assets)
- Sale or exchange of cryptocurrency (like Bitcoin), or making purchases with cryptocurrency
- Withdrawing funds from a retirement plan (or from the cash value of a life insurance policy if you withdraw more than you have paid in premiums)
- Gifts and inheritances

A tax professional can advise you about which events in your life may have tax implications, and how to properly report those events. For example, in some cases, you may only need to declare the event to the IRS if the amount of money involved exceeds a minimum threshold, known as an “exclusion.”

02/24/2021

Other Dependent Tax Credit – Did You Know?

If you have a dependent who does not meet the criteria for the Child Tax Credit (CTC), you may still qualify for a $500 credit called the Other Dependent Credit. Examples of qualifying dependents include children of age 17 or 18 (or up to age 23 if they are full-time students), and adult relatives who are unable to support themselves due to a disability.

Your claimed dependents must be US citizens, resident aliens, or nationals, and must have a taxpayer ID number (SSN or ITIN). Children must not have been claimed for the CTC by you or anyone else, must rely on you for at least half of their financial support, and generally must live with you for over half the year. Claimed adult dependents (called “qualifying relatives” by the IRS) must have a gross income of less than $4,300 for 2020, and must either be your true relative or live with you full time. The term “true relative” covers a broad range of relationships, including in-laws and stepchildren.

A qualified tax advisor can help you determine your eligibility for the Other Dependent Credit. If you have more than one qualifying dependent, you may be able to take the credit for each of them.

02/22/2021

IRS Warns of Unemployment Benefits Scam and Gives Instructions for Those Affected

Many Americans applied for unemployment benefits in 2020 due to job loss or reduced hours resulting from the COVID-19 (coronavirus) pandemic. Unfortunately, scammers also took advantage of the high number of unemployment applications to fraudulently collect benefits. In the most common scam, an identity thief applied for and received unemployment benefits using someone else's social security number (SSN).

Generally, the person whose identity was stolen did not know that a bogus application was filed in their name. Now, many of these scam victims have received a Form 1099-G from their state governments, incorrectly stating that they received unemployment benefits payments during 2020. In reality, the payments went to the scammer.

If you receive an inaccurate 1099-G, you will not be responsible for paying taxes on any incorrectly reported benefits. The IRS advises you to take the following steps:

- Contact the state agency that issued the 1099-G and explain that you did not receive the benefits shown on the form. Request that a revised, correct 1099-G be sent to you.
- If the state agency cannot provide a corrected 1099-G in a timely manner, you may file your tax return and report only income that you actually received, regardless of what the inaccurate 1009-G shows.

Note that requesting a revised 1099-G is a critical action to take, as it will help prevent complications caused by an incorrect IRS tax or penalty assessment. Even if the corrected form does not reach you before you file your return, the revised information will eventually reach the IRS and your tax bill should be adjusted accordingly.

02/19/2021

IRS Projects Delivery Schedule for 2020 Tax Refunds & Tracking

With the processing of 2020 federal tax returns now underway, the IRS has issued information about the likely timetable for refunds to be issued. Here are some key points to keep in mind:

- The IRS began processing returns on February 12, 2021.

- The fastest way to receive your refund is to have your return filed electronically and request the refund by direct deposit to your bank account.

- The IRS expects about 90% of taxpayers who file electronically with direct deposit to receive their refunds within 21 days, provided there are no problems with their returns.

- Many taxpayers who file promptly and qualify for the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) will receive their refunds in early March.

- Those who file paper returns and/or request their refunds by check may experience longer wait times for their refunds.

- Refunds will also be delayed if the IRS must request additional information from taxpayers due to issues with their returns.

Typically, as soon as 24 hours after your federal return is e-filed, you may track the status of your refund by using the IRS Where's My Refund portal, at http://irs.gov/refunds. In many cases, the portal can provide a personalized refund delivery date.

Address

223 Antebellum Lane
Mount Juliet, TN
37122

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm
Saturday	8am - 5pm

Telephone

+16157546294

Website

http://gwsfinancialservices.com/

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