Nina Financial Services LLC

03/23/2023

Just for fun 🤣🤣🤣

03/16/2023

Bookkeeping Golden Tips:
1. Open a new bank account for Your business, preferably an account with online access, to keep business funds separate from personal funds.
2. A business owner needs to know and recognize what type of expenses can be claimed against the profit to reduce tax, and what can’t be
3. Choose The Right Bookkeeping Software: The type of bookkeeping software you get will depend on what you need out of it.
4. Keeping the documentation for all business transactions is a high priority. They are called accounting source documents. Keeping them enables:-
- Easy tracking for any future queries that might pop up, and
- Proof (to an auditor or tax man) of what occurred.
5. Any cash received should be paid into the business bank account or petty cash before spending it.
6. Be Involved In Bookkeeping Checks Even If You Employ A Good In-House Administrator
7. Outsource Your Bookkeeping When It Becomes Too Hard To Handle

03/14/2023

Need to use a credit card to pay taxes owed?
If you've e-filed or mailed Form 4868 and need to pay by credit card, you can use one of several IRS approved Electronic Payment Methods. You can pay with your debit or credit card online or by phone. File your complete return by October 16, 2023.

03/14/2023

If you aren't able to complete your federal tax return by the filing deadline, find out how and when to file for an IRS extension

Before filing for an IRS tax extension, make sure it’s right for you. Here are a few common reasons why you may need to push your deadline back:

1. More time needed to track down missing tax documents
2. Unexpected life event
3. Life’s been too busy
If you find yourself unable to complete your 2022 federal tax return by the tax deadline, you’ll first need to file an extension with the IRS to avoid potential late-filing penalties. Filing an extension will allow you to push your deadline to October 16, 2023.

It’s important to keep in mind an extension only pushes back the due date for the filing of your tax documents. It does not give you extra time to pay any taxes you may owe. If you believe you will owe money this year, you’ll need to estimate the amount after filing for an extension and make a payment by the April filing deadline.

03/14/2023

AVOID Penalty for Underpayment of Estimated Tax

If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.

03/11/2023

IMAGINE 🤣🤣

03/09/2023

How to Choose a Tax Return Preparer

If you choose to have someone prepare your tax return, choose that preparer wisely. A paid tax return preparer is primarily responsible for the overall substantive accuracy of your return and by law, is required to sign the return and include their preparer tax identification number (PTIN) on it. Although the tax return preparer always signs the return, you're ultimately responsible for the accuracy of every item reported on your return. Anyone paid to prepare tax returns for others should have a thorough understanding of tax matters and is required to have a PTIN. You may want to ask friends, co-workers, or your employer for help in selecting a competent tax return preparer.

Choose a tax return preparer you'll be able to contact in case the IRS examines your return and has questions regarding how your return was prepared. You can designate your paid tax return preparer or another third party to speak to the IRS concerning the preparation of your return, payment/refund issues, and mathematical errors. The third-party authorization checkbox on IRS tax forms gives the designated party the authority to receive and inspect returns and return information and to discuss the processing of your current tax return, including the status of refunds for one year from the original due date of your return (without regard to extensions)

03/08/2023

Tips:
Key Takeaways

• For tax year 2022, the Child Tax Credit is up to $2,000. The Credit for Other Dependents is worth up to $500.

• The IRS defines a dependent as a qualifying child (under age 19 or under 24 if a full-time student, or any age if permanently and totally disabled) or a qualifying relative.

• A qualifying dependent can have income but cannot provide more than half of their own annual support.

• A taxpayer can’t claim a dependent if they are a dependent themselves, if the dependent files a joint tax return with a spouse (except in certain cases), or is claimed as a dependent on someone else’s tax return.

03/08/2023

What is a dependent?
For tax purposes, a dependent is someone “other than the taxpayer or spouse” who qualifies to be claimed by someone else on a tax return. More generally speaking, a dependent is someone who relies on another person for financial support, such as for housing, food, clothing, necessities, and more. Typically, this includes your children or other relatives, but it can also include people who aren’t directly related to you, such as a domestic partner.

Once you identify someone as a dependent on your tax return, you’re informing the IRS that you met the requirements to claim them as a dependent.

For tax years prior to 2018, taxpayers were allowed to reduce their taxable income by a certain amount for each dependent claimed on a tax return. This is known as an exemption deduction. In tax year 2017, it amounted to $4,050 per qualifying dependent. Beginning in 2018, the exemption deduction went away and was replaced by a typically more generous Child Tax Credit or the Other Dependent Credit depending primarily upon the age of the dependent and relationship to the person claiming the dependent. A credit is different from a deduction in that the credit can directly reduce your tax while a deduction can reduce the amount of income that is subject to tax.

03/08/2023

We know that tax information can be hard to understand in any language. It can be even harder if that information isn’t offered in the language you know best. We’re translating our tax resources into more languages. Until we do, we’re offering basic tax information in these twenty languages.

03/07/2023

03/07/2023

Did You Change Your Address, This is how you Let the IRS Know