Tax Accounting Services To Go

04/04/2024

I'm curious here, on a scale of 1 to 10 -1 not now/not never and 10 ready to sell your home today - where do you find yourself on that Scale?😀😀🏠🏘

02/11/2023

Some state programs that are distributed these payments and 2022 and the rules around them are complex so if you receive state relief refunds, they may be tax on federal level. If you live in the states, you may need to wait to file California, Alaska, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina, and Virginia.

02/01/2023

01/10/2023

If you have more than one job, check that your 2022 tax withholding is correct. And if you’re falling short, plan for an estimated tax payment by Jan. 17. An tool can help: irs.gov/withholding

03/21/2022

Everyone’s need an Enrolled Agent to keep money in their pocket. Even Steve Harvey owe over $22m to the IRS. Make sure you check your people credentials.

02/28/2022

MARCH. *For 2021 returns, the due date was May 15, 2022. March 15: S corporation and partnership tax return due date for calendar-year businesses are due. This is also the deadline to file an S corporation and partnership tax extension (using Form 7004)

01/12/2022

Self-employed people, including persons in the gig economy, often need to pay in quarterly installments. Don’t miss the January 18 estimated tax deadline.

12/12/2021

🚨Tax News🚨

Good morning everyone, I just wanted to break down a few things about the CTC (Child Tax Credit before you see your actual refund and be like well you said I was getting $3,000 - $3,600 back on this credit alone.

1. You’re correct the credit is $3,000 for children age 6-17 and $3,600 for children aged 5 and under.

2. If you have been receiving the ADVANCE Child tax credit. The amount that you received will be deducted from the total credit amount. (Look for letter 6419 in the mail to see your total amount received)

So if you recevied all of your advance ctc payments (starting in July) your credit for your children age 6-17 will be $1,500 (not $3,000) and your credit for your children age 5 and under will be $1,800 (not $3,600).

🚨THESE ARE NOT 2 SEPARATE CREDITS🚨

3. You will only receive the full amount if your income is $150,000 or less (for couples) or $112,500 or less for Head of Household (single with children).

4. Dependent care credit: this credit has been increased to up to $8,000 in care expenses for 1 child and up to $16,000 in care expenses for 2 or more children with a maximum care percentage of 50%.

This means you can:
🔹claim up to $8,000 in care expenses which in turn could give you a $4,000 credit for 1 child.
🔹claim up to $16,000 in care expenses which in turn could give you an $8,000 credit for 2 or more children.

🚨You will receive the full credit as long as your AGI (adjusted gross income/income after deductions & expenses) is $125,000 or less. Your maximum care percentage drops to 20% when your AGI is $183,001 - $400,000.

👋🏽(If your AGI falls between $125,000 - $183,000 then your percentage is between 20% - 50%; If your AGI falls between $400,000 - $438,000 your percentage is between 0% - 20%.)

⭐️⭐️the CHILD TAX CREDIT & the DEPENDENT CARE CARE are 2 DIFFERENT credits that you can claim on your taxes as long as you qualify.⭐️⭐️


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