Painless Tax Service

09/25/2024

📬 You’ve got mail headed your way! We’re busy preparing for the upcoming tax season and are sharing some updates in a letter customers will receive soon!

03/27/2024

Meet Lynn!

✔️ She has 24 years of experience in preparing taxes!
✔️ She loves to help clients understand our complex tax laws and how it all impacts them. This is especially true when it comes to payroll and the complex W4, which can impact returns drastically!
✔️ Lynn shares, "One thing I would love to tell our clients is that cashing in a 401K is a risky option. Depending upon the amount cashed out, it could put bump you into a much higher tax bracket, as it is taxed as ordinary income. It could also deplete another source of income when it comes time to retire. Be aware and let us know if you have any questions!"

Tax Day will be here before we know it. Be sure to get your appointment scheduled with Lynn today!

02/26/2024

What does Paige have to say about her experience in preparing taxes?

✔️ She has been a tax preparer for 35 years!

✔️ She enjoys doing taxes and helping people get the best outcome out of their individual tax situation.

✔️ She wants to share with taxpayers, "If you are noticing more money in your paychecks, it's likely your refund will be less than the prior year. The new W4’s are set up to where you get your money throughout the year. So that means you are getting a smaller refund or you can owe the IRS at the end of the year."

Schedule an appointment with Paige today!

02/19/2024

Let's meet Jillian!

✔️She has been a tax preparer for 27 years!

✔️She loves being able to educate taxpayers on their individual returns and help them understand where their refund is coming from or why they owe what they owe. By doing so, it helps them plan and prepare for the following year.

✔️When asked about working for Painless Tax Service, she states, "I love working for Painless Tax Services because of the smallness of our firm. We are not a chain organization and we are able to work closely with one another as well as personalize the tax preparation for our clients."

✔️A reminder she wanted to share is that you should not compare your return with friends and expect the same outcome. She states, "There are so many deciding factors that contribute to refunds and each family’s tax situation is unique to them. I always compare last year with the current year when reviewing with my clients so that they can see where the changes are and how even the littlest thing can extremely affect their tax return or balance owed."

If you would like to work with Jillian, call to schedule an appointment today!

02/13/2024

Tax Time is officially here! Have you scheduled an appointment or dropped off your documents for filing?

If you are a new client, we will need the following:
✔️A copy of last year's tax return
✔️Drivers License or State ID
✔️Social Security Number and Date of Birth for ALL dependents
*These are in addition to the filing year's documents (W2s, 1040s, etc.)

01/26/2022

Appointments are flying in right now! Don't forget to get your appointment scheduled with us asap! You can call 937-444-2988 to get set up!

01/05/2022

Can you believe it is almost time for tax season again! We hardly can! Here is our 2022 Tax Team....ready to help you this season. Give us a call at 937-444-2988 to get your appointment scheduled now!

11/29/2021

A quick update on the Advanced Child Tax Letter and Child Day Care Expenses from our Painless Tax Supervisor, Lynn Fee!

Advanced Child Tax Letter
Form 6419 will be sent out from the Irs sometime in January. This form will be a requirement we need to file returns otherwise it could result in a delay of 9-12 months on the refund without the correct information.
The other option is to bring in the last 6 months of bank statements to reconcile the amounts received.
This refund should have been sent either to a bank account or paid in the form of a check. It should not have been put on a card.

Child Day Care Expenses
The other credit is the child credit for daycare expenses.
The maximum amount of refundable credit is $4000 for one child and $8000 for 2 children.
The same rules apply we will need the social security number for the day care provider and the amount paid for daycare expenses per child or the EIN number for the daycare along with the statement of the amount paid per child.
If the provider will not give the tax ID information, a paper return will have to be filed. This will also result in a delay of the refund of 9-12 months.

As soon as these credits are finalized we will update you. Looking forward to seeing you in 2022!!!

11/23/2021

Day two of tax school for our team! They’re learning all the new things needed to help prepare in order to best take care of your taxes!

06/23/2021

If you want to opt out of the advance child tax payments, it is now available on irs.gov!

Reasons you may want to unenroll:
You may want to unenroll from receiving advance Child Tax Credit payments for several reasons, including if you expect the amount of tax you owe to be greater than your expected refund when you file your 2021 tax return.

The payments you receive are an advance of the Child Tax Credit that you would normally get when you file your 2021 tax return. Because these credits are paid in advance, every dollar you receive will reduce the amount of Child Tax Credit you will claim on your 2021 tax return.

This means that by accepting advance child tax credit payments, the amount of your refund may be reduced or the amount of tax you owe may increase. You may avoid owing tax to the IRS if you unenroll and claim the entire credit when you file your 2021 tax return.
Let us know if you have questions!

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

05/26/2021

Here is an update on the Child Tax Credit starting in July.

"A provision of the American Rescue Plan is being readied for action, targeting nearly 90 percent of American households with children to receive monthly payments of the Child Tax Credit.
The Internal Revenue Service and the Department of the Treasury expect to send out the first monthly payments of the expanded Child Tax Credit (CTC) on July 19.

Payments are targeted to some 39 million households, which would cover 88% of the children in the U.S.

For tax year 2021, families claiming the CTC will receive up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021. They will receive $3,600 per qualifying child under age 6 at the end of 2021. Under the prior law, the amount of the CTC was up to $2,000 per qualifying child under the age of 17 at the end of the year.

The increased amounts are reduced (phased out), for incomes over $150,000 for married taxpayers filing a joint return and qualifying widows or widowers, $112,500 for heads of household, and $75,000 for all other taxpayers.

How will it work?
Monthly payouts for the Child Tax Credit were made possible by the American Rescue Plan that was passed into law in March of this year. The law increased the maximum cap to $3,600 for children under age 6 and up to $3,000 per child for those between age 6 and 17.

The ARP also made the credit advanceable, enabling regular payments to qualified families.
The recurring CTC payments will be made on the 15th of each month, unless the 15th is a weekend or holiday. Those families who get the credit via direct deposit will be able to plan around the regular receipt of the payment.

Qualifying families receive a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and up.

Projections suggest the plans for the CTC could cut child poverty by more than half.

Direct deposit is the way to go
The monthly payments will go out to families - benefiting more than 65 million children—by way of direct deposit, paper check or debit cards.

The IRS says it’s committed to making the most of the direct deposit delivery option for fast, secure delivery.
Most taxpayers won’t have to take any action to get advance CTC payments. However, the IRS and Treasury say they’ll continue to work with partner groups to make even more families aware of the benefit.

An IRS press release on the CTC payouts credits the project to teamwork among four governmental bodies: the IRS, the Department of the Treasury, the Bureau of the Fiscal Service and the White House American Rescue Plan Implementation Team.
More information on how taxpayers can access the Child Tax Credit will be available soon at IRS.gov/childtaxcredit2021.

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Information for taxpayers who may receive advance Child Tax Credit payments in 2021.