Comprotax Orlando

02/14/2024

Inside This Issue
Presidents Day period marks peak time for IRS phone lines; first try IRS online tools and resources for help

WASHINGTON — With the 2024 filing season in full swing, the Internal Revenue Service encourages taxpayers to visit IRS.gov and use online tools to get answers quickly and avoid phone delays during the anticipated peak demand for IRS phone lines around the Presidents Day holiday.

New this year, people can easily find step-by-step help to file their personal federal income tax return. The IRS also has a variety of information available on IRS.gov to help taxpayers, including a special “free help” page.

“We’ve worked hard to provide better taxpayer service for people this filing season with more options to reach the IRS in convenient ways,” said IRS Commissioner Danny Werfel. “We want taxpayers to have access to the help they need around the clock. IRS.gov’s expanded tools and information make that easier for taxpayers, especially during this peak period for IRS phone lines around Presidents Day.”

Presidents Day holiday marks busy time for calls to the IRS

Presidents Day weekend, when many people prepare their taxes, historically marks a peak period for IRS phone lines. During the two-week February period following Presidents Day, the IRS recommends turning first to the self-help tools available online on IRS.gov to avoid delays.

Do you know 98% of taxpayers file their federal income tax returns electronically?

The IRS encourages people to file their tax returns electronically and choose direct deposit for faster refunds. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.

The IRS offers free online and in-person tax preparation options for qualifying taxpayers through the IRS Free File program and the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.

Taxpayers with income of $79,000 or less last year can use IRS Free File Guided Tax Software now through Oct 15. IRS Free File Fillable forms, a part of this program, is available at no cost to any income level and provides electronic forms that people fill out and e-file themselves, also at no cost.

Through a network of community partnerships, the VITA and TCE programs offer free tax return preparation to eligible people in the community by IRS certified volunteers.

The Direct File pilot gives eligible taxpayers a new choice to file their 2023 federal tax returns online, for free, directly with the IRS. It will be rolled out in phases and is expected to be widely available in mid-March. Find more about Direct File pilot eligibility, scope and the 12 participating states on Direct File.

MilTax, a Department of Defense program, generally offers free return preparation and electronic filing software for federal income tax returns and up to three state income tax returns for all military members, and some veterans, with no income limit.

Do you know you can get access to your personal tax account information by creating or signing into your IRS Online Account?

Individuals with Social Security numbers or Individual Taxpayer Identification Numbers (ITIN) can securely access their IRS Online Account and get the latest information about their federal tax account.

With an IRS online account they can:

Get virtual assistance for balance due and payment-related questions.
View balance, payment history and create a payment plan.
Make a payment and schedule or cancel future payments.
Manage their communication preferences.
Access their tax records, including their Adjusted Gross Income, from their most recently filed tax return.
View, approve and sign authorizations from their tax professional.
Validate and save bank accounts.
Do you know you can use the “Where’s My Refund?” tool on IRS.gov to check the status of your refund?

The “Where’s My Refund?” tool on IRS.gov has the most up-to-date information available about a taxpayer’s refund status. Recent improvements to the “Where’s My Refund?” tool allow taxpayers to see more detailed refund status messages in plain language, reducing the need for taxpayers to call the IRS.

Most EITC or Additional Child Tax Credit (ACTC) related funds should be available in bank accounts or on debit cards by February 27 if taxpayers chose direct deposit and there are no other issues with their tax return. Taxpayers can check Where’s My Refund? for their personalized refund date. Where's My Refund? will be updated with projected deposit dates for most early EITC/ACTS refund filers by February 17.

Do you know you can use the Interactive Tax Assistant on IRS.gov to answer tax law questions specific to your individual circumstances?

The Interactive Tax Assistant (ITA) tool provides answers to several tax law questions specific to individual circumstances. Based on input, ITA determines if a person should file a tax return, their filing status, if someone is an eligible dependent, if a type of income is taxable, if a filer is eligible to claim a credit or if an expense is deductible.

Do you know you can find out what tax paperwork and records you need to file an accurate and complete return on IRS.gov?

Taxpayers should have all their important and necessary documents before preparing their return. This will help file a complete and accurate tax return. Errors and omissions slow down tax processing, including refund times.

If a taxpayer receives Form 1099-K, they should visit What to do with Form 1099-K to help them determine if that money should be reported as income on their federal tax return.

Do you know the Earned Income Tax Credit (EITC) helps low-to moderate-income workers and families get a tax break?

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. The IRS estimates that about one in five EITC eligible taxpayers don’t claim this valuable credit. If a taxpayer qualifies, they can use the credit to reduce the taxes they owe – and maybe increase their refund.

The Earned Income Tax Credit Assistant on IRS.gov can help individuals determine:

If they are eligible to claim the EITC.
If they have any qualifying children or relatives.
The estimated amount of their credit
The filing status they should use.
Do you know an Identity Protection PIN (IP PIN) is a proactive way to protect you against tax-related identity theft?

Tax-related identity theft occurs when someone uses stolen personal information, including Social Security numbers, to file a tax return claiming a fraudulent refund. If a person suspects they are a victim of identity theft, they should continue to pay their taxes and file their tax return, even if they must file a paper return. Visit Identity Theft Central to find out more.

An Identity Protection PIN (IP PIN) is a six-digit number known only to the taxpayer and the IRS that prevents someone else from filing a tax return using their Social Security number or Individual Taxpayer Identification Number. It helps the IRS verify a person’s identity when they file their electronic or paper tax return. The fastest way to receive an IP PIN is by using the Get an IP PIN online tool. If someone wishes to get an IP PIN and they don’t already have an account on IRS.gov, they must register to validate their identity.

Do you know you can visit IRS.gov to find a reputable tax professional?

The IRS also reminds taxpayers that a trusted tax professional can prepare their tax return and provide helpful information and advice. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to find a preparer who is skilled in tax preparation and accurately files income tax returns.

Most tax return preparers provide outstanding and professional tax service. However, choosing the wrong tax return preparer hurts taxpayers financially every year. Be sure to check tips for choosing a tax preparer and how to avoid unethical "ghost" return preparers.

Tax professionals are required to list their preparer tax identification number (PTIN) and sign the return. Although the tax return preparer always signs the return, the taxpayer is ultimately responsible for the accuracy of every item reported on their return.

Do you know the Tax Withholding Estimator can help you determine the right amount of tax to have withheld from your paycheck?

Taxpayers should check their tax withholding every year, especially if they experience a major life change. The Tax Withholding Estimator tool allows taxpayers to estimate the federal income tax they want their employer to withhold from their paycheck. By using the Tax Withholding Estimator, taxpayers can adjust their tax withheld up front, so they can protect against having too little tax withheld and prevent an unexpected tax bill or penalty at tax time next year. Taxpayers should submit a new Form W-4 to their employer to make any adjustments.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

12/28/2021

ComproTax Orlando and the TEAM sends love, abundance, health, joy and happiness to you now and always. Peace!

07/15/2021

Things people do during the summer that might affect their tax return next year

It's summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season.

Getting married
Newlyweds should report any name change to the Social Security Administration. They should also report an address change to the United States Postal Service, their employers, and the IRS. This will help make sure they receive documents and other items they will need to file their taxes.

Sending kids to summer day camp
Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit.

Working part-time
While summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return. They’ll need to file early next year to get a refund for taxes withheld from their checks this year.

Gig economy work
Taxpayers may earn summer income by providing on-demand work, services or goods, often through a digital platform like an app or website. Examples include ride sharing, delivery services and other activities. Those who do are encouraged to visit the Gig Economy Tax Center at IRS.gov to learn more about how participating in the sharing economy can affect their taxes.

Normally, employees receive a Form W-2, Wage and Tax Statement, from their employer to account for the summer’s work. They’ll use this to prepare their tax return. They should receive the W-2 by January 31 next year. Employees will get a W-2 even if they no longer work for the summertime employer.

Summertime workers can avoid higher tax bills and lost benefits if they know their correct status. Employers will determine whether the people who work for them are employees or independent contractors. Independent contractors aren’t subject to withholding, making them responsible for paying their own income taxes plus Social Security and Medicare taxes.

02/08/2021

Call for an appointment 321-285-9817 TODAY

IRS has announced that they are going to force small business owners to remove expenses on 2020 tax returns that were paid with a PPP loan that has been forgiven or is "expected to be forgiven" (whatever that means). "Adding back expenses" on 2020 tax returns is going to create large, unexpected tax debts for business clients unless Congress changes this hideous rule

02/07/2021

🌟 Affiliate Spotlight! 🌟
Get to know our business owners. Today, we recognize Tasha-gay Taylor-Maxwell of Orlando, FL

12/18/2020

https://youtu.be/qP5c-ZOMct4

Protect yourself by choosing a paid tax preparer who meets IRS requirements. For more information, go to www.irs.gov/chooseataxpro.

12/18/2020

Every taxpayer has the right to challenge the IRS’s position and be heard

Taxpayers have the right to challenge the IRS’s position and be heard. This is part of Taxpayer Bill of Rights, which clearly outlines the fundamental rights every taxpayer has when working with the IRS.

Taxpayers have the right to:

Raise objections.
Provide additional documentation in response to formal or proposed IRS actions.
Expect the IRS to consider their objections timely.
Have the IRS consider any supporting documentation promptly.
Receive a response if the IRS does not agree with their position.
Here are some specific things the right to challenge the IRS’s position and be heard affords taxpayers.
In some cases, the IRS will notify a taxpayer that their tax return has a mathematical or clerical error. If this happens, the taxpayer:
Has 60 days to tell the IRS that they disagree.
Should provide copies of any records that may help correct the error.
May call the number listed on the letter or bill for assistance.
Can expect the agency to make the necessary adjustment to their account and send a correction if the IRS upholds the taxpayer’s position.
Here’s what will happen if the IRS does not agree with the taxpayer’s position:
The agency will issue a notice proposing a tax adjustment.
This is a letter that comes in the mail.
This notice provides the taxpayer with a right to challenge the proposed adjustment.
The taxpayer makes this challenge by filing a petition in U.S. Tax Court. The taxpayer must generally file the petition within 90 days of the date of the notice, or 150 days if it is addressed outside the United States.
Taxpayers can submit documentation and raise objections during an audit. If the IRS does not agree with the taxpayer’s position, the agency issues a notice explaining why it is increasing the tax. Prior to paying the tax, the taxpayer has the right to petition the U.S. Tax Court and challenge the agency’s decision.
In some circumstances, the IRS must provide a taxpayer with an opportunity for a hearing before an independent Office of Appeals. The agency must do this:
Before taking enforcement action to collect a tax debt. These actions include levying the taxpayer’s bank account.
Immediately after filing a notice of federal tax lien in the appropriate state filing location. If the taxpayer disagrees with the decision of the Appeals Office, they can petition the U.S. Tax Court.

12/31/2019

We are here to empower. Want to know more? Call Ms. Lucy on 407 290 8433!

Before Miami became one of the world's premiere vacation cities, much of the land was owned by Dana Dorsey, the south's first black millionaire. His parents were slaves and even though he only had a 4th grade education, he realized land was valuable and important to the economic empowerment of black people. So Dorsey bought small plots of land at a time with the money he saved from his carpentry work. On each plot, he would build affordable housing and then reinvest the income to buy more land. By 1918, he owned a huge real estate holding which included Fisher Island, a bank, hotel, and land that stretched from South Beach Miami to Ft. Lauderdale. Then, as white real estate speculators and businessman became envious, they conspired with the city to increase taxes on Dorsey's holdings, eventually forcing him to sell and give away much of his land. In the years that followed, tourism in Miami shot up over 1000%, giving the new land owners massive profits and wealth. Black people were prohibited from owning substantial land in the area for the next 30 years.

👉🏾 Let it sink in that Mr. Dorsey's parents were slaves and he reached a point where he owned much of Miami. We may not begin with the same financial, social, and educational capital but we've proven time and time again throughout history that our excellence, resilience, talent, creativity, and intelligence is undeniable.

12/13/2019

DO YOU QUALIFY? CALL TODAY 321-285-9617 TO FIND OUT.

We at ComproTax do much more than pay a few dollars an hour. We in fact teach you how to GROW your OWN BUSINESS through our System of "PROVISIONAL TIME TO GROW". Would you like to receive more information? CALL 321-285-9617, TODAY I AM because We are. Since WE are therefore I AM. Ase!

We at ComproTax do much more than pay a few dollars an hour. We in fact teach you how to GROW your OWN BUSINESS through our System of "PROVISIONAL TIME TO GROW". Would you like to receive more information? CALL 321-285-9617, TODAY I AM because We are. Since WE are therefore I AM. Ase!