Rightway Superior Services

01/07/2025

I love my loyal, authentic tax clients. Thats why I barely promote because these are the ones I want (also because this is not a strong suit of mine). I dont have to worry about them changing preparers on me because the next one is offering this and that. They dont know how much I truly appreciate them.

01/02/2025

I can stress this enough

Yall have to make sure youre filling out them W4 forms correctly.

You cant claim dependents and have no taxes taken out of your check all year long and still expect the same refund as last year.

Also, my self employed people, you WILL NOT have the same refund as you did last year with your w2 job unless you make quarterly tax payment to the IRS.

01/01/2025

12/28/2024

Advances starting January 2nd. 4 days away!

12/09/2024

A self-employed taxpayer is one who:

*Carries on a trade or business as a sole proprietor

*Is an independent contractor

*Is a member of a partnership
Or
*Is in business for him/herself in any other way.

If you are considered self employed and made $400 or more in 2024, you must file a tax return.

Recordkeeping:

Although the law generally doesnt require that a self-employed taxpayer use any specific recordkeeping system, documents that support the taxpayers gross receipts, amounts paid for inventory and business expenses should be maintained for as long as they are material to the tax law.

12/09/2024

To my elderly community that only receive social security, you are not required to file taxes unless you have other income but it is recommended because it can help protect against identity theft.

At Rightway Superior Services we file our elderly taxes for free!

12/09/2024

Tax tip:

If you receive social security benefits and have other income, it may be taxable depending on the total income and you must file a tax return.

To determine if it is taxable:

If the total of half of the net social security benefits and other income exceed the taxpayers filing status amount, then it is taxable.

Standard deduction for each filing status:

Married filing jointly: $29,200
Single or married filing seperately: $14,600
Head of household: $21,900

12/06/2024

If your dependent made more than $1300 in unearned income (interest or dividends) or more then $14,600 in earned income (worked), you must report this income on your taxes.

If your dependent is capable of receiving a refund from filing their earned income, they may file their own return to receive that refund and you can still get the credits on your return for that dependent.

12/06/2024

Now hiring!!

Make a years salary in 2 1/2 months doing taxes or make that amount monthly helping families solve financial challenges.

Please share!!!

12/03/2024

In order to file Head of household, as the taxpayer you must meet the following requirements:

1. Be unmarried or considered unmarried on the last day of the year.

2. Have paid more than half the cost of keeping up a home for the year.

3. Have a qualifying person lived with you for more than half of the year (except temporary absences, such as school). A qualifying person does not have to be your child and the parent does not have to reside in the home with you and the child.

12/03/2024

The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years.

The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps taxpayers offset a portion of the first $2,000 ($4,000 if married filing jointly) they voluntarily contribute to Individual Retirement Arrangements (IRAs), 401(k) plans and similar workplace retirement programs.

The credit also helps eligible persons with a disability who are the designated beneficiary of an Achieving a Better Life Experience (ABLE) account and contributes to that account.

The maximum Saver’s Credit is $1,000 ($2,000 for married couples). The credit can increase a taxpayer’s refund or reduce the tax owed but is affected by other deductions and credits. Rollover contributions do not qualify for the credit, and distributions from a retirement plan or ABLE account reduce the contribution amount used to figure the credit.

Who is eligible?

A taxpayer is eligible for the credit if they’re:

*Age 18 or older,
*Not claimed as a dependent on another person’s return, and
*Not a full-time student.

Furthermore, the Saver’s Credit can be claimed by:

*Married couples filing jointly with adjusted gross incomes up to $76,500.
*Heads of household with adjusted gross incomes up to $57,375.
*Married individuals filing separately and singles with adjusted gross incomes up to $38,250.
*Qualified surviving spouse filers.

Contribution deadlines

Individuals with IRAs have until April 15, 2025 - the due date for filing their 2024 return - to set up a new IRA or add money to an existing IRA for 2024. Both Roth and traditional IRAs qualify.

Individuals with workplace retirement plans still have time to make qualifying retirement contributions and possibly get the Saver’s Credit on their 2024 tax return.

Contributions to workplace retirement plans must be made by December 31 to a:

*401(k) plan.
*403(b) plan for employees of public schools and certain tax-exempt organizations.
*Governmental 457 plan for state or local government employees.
*Thrift Savings Plan (TSP) for federal employees.