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Tap the book button in our bio or give us a call. We are accepting new clients!
01/24/2022

Tap the book button in our bio or give us a call. We are accepting new clients!

01/24/2022

Tax season has officially began 🙌🏼

IRS will begin accepting filings January 24, 2022.
01/10/2022

IRS will begin accepting filings January 24, 2022.

01/05/2022

At DocuTax we are trained and ready for this tax season! Many changes since the Biden Administration and the Pandemic. Stay informed to not miss out.

Book your appointment ☎️

Watch for Economic Impact Payment Letter 6475 (STIMULUS CHECKS) can help with the Recovery Rebate Credit. The IRS will b...
01/05/2022

Watch for Economic Impact Payment Letter 6475 (STIMULUS CHECKS) can help with the Recovery Rebate Credit. The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are entitled to and should claim the Recovery Rebate Credit on their tax year 2021 tax returns that they file in 2022.

Letter 6475 only applies to the third round of Economic Impact Payments ($1,400 STIMULUS PAYMENT) that was issued starting in March 2021 and continued through December 2021.

The third round of Economic Impact Payments, including the "plus-up" payments, were advance payments of the 2021 Recovery Rebate Credit that would be claimed on a 2021 tax return. Plus-up payments were additional payments the IRS sent to people who received a third Economic Impact Payment based on a 2019 tax return or information received from SSA, RRB or VA; or to people who may be eligible for a larger amount based on their 2020 tax return.

Most eligible people already received the payments. However, people who are missing stimulus payments should review the information to determine their eligibility and whether they need to claim a Recovery Rebate Credit for tax year 2020 or 2021. Like the advance CTC letter, the Economic Impact Payment letters include important information that can help people quickly and accurately file their tax return.

Any questions, send us a message 😊

DO NOT FILE until you receive Child Tax Credit Letter 6419. To help taxpayers reconcile and receive all of the Child Tax...
01/05/2022

DO NOT FILE until you receive Child Tax Credit Letter 6419. To help taxpayers reconcile and receive all of the Child Tax Credits to which they are entitled, the IRS will send Letter 6419, 2021 advance CTC, starting late January.

The letter will include the total amount of advance Child Tax Credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. People should keep this and any other IRS letters about advance Child Tax Credit payments with their tax records.

Families who received advance payments will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received in 2021 with the amount of the Child Tax Credit they can properly claim on their 2021 tax return.

The letter contains important information that can make preparing their tax returns easier. People who received the advance CTC payments can also check the amount of their payments by using the CTC Update Portal available on IRS.gov. Eligible families who did not receive any advance Child Tax Credit payments can claim the full amount of the Child Tax Credit on their 2021 federal tax return, filed in 2022. This includes families who don't normally need to file a tax return.

Using this information when preparing a tax return can reduce errors and delays in processing. The IRS urged people receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022

Any questions, send us a message :-)

The IRS is cracking down on payments received through apps, such as Cash App, Zelle or Paypal, to ensure those using the...
01/05/2022

The IRS is cracking down on payments received through apps, such as Cash App, Zelle or Paypal, to ensure those using the third-party payment networks are paying their fair share of taxes. This policy shift will mainly impact business owners using third-party payment network providers. 

Payments of $600 or more for goods and services through a third-party payment network, such as Venmo, Cash App, Paypal or Zelle will now be reported to the IRS. Third-party payment networks will be required to send users Form 1099-K for transactions made, by mail or electronically. The new tax reporting requirement will impact 2022 tax returns filed in 2023.

Say, for example, you split a dinner with a friend of yours, and she just Venmo'd you the amount. You don’t have to include that, of course, as part of your taxable income.

We strongly recommend deducting business expenses and separating personal and business accounts. It’s unlikely the IRS will take a heavy-handed approach and audit everyone the first year this is enacted.

For small businesses, there’s no reason to panic. This will be a little bit of a learning year for everyone, and over time we can expect the IRS to use the information on 1099-K's. That’s the reason they expanded them to begin with, in order to try to identify tax payers who really might not be reporting all their income.

The new tax rule will be a good motivator for everyone to get their books in order. Therefore, hire a tax expert if you start to feel overwhelmed.

Just to be on the safe side, it might be in your best interest to create a personal account, create a separate business account. And that way, you know you’ve kept those amounts separately, and you don’t have to worry about reconciling those differences at the year end.

Any questions? Send us a DM ☺️

We do taxes, so you can do you! 😊
01/04/2022

We do taxes, so you can do you! 😊

Please create an account on ID.me. You can get into your irs.gov account using ID.me. You will need a valid ID, cell pho...
01/04/2022

Please create an account on ID.me. You can get into your irs.gov account using ID.me. You will need a valid ID, cell phone number, and it will do a face recognition. This can help you get access to:

📌 View your tax transcripts instantly
📌 View and manage notices from the IRS
📌 Confirm your EIP payment amounts
📌 Confirm your advance child tax credit amount
📌View your IP PIN electronically
📌AND More!!!

To avoid delays with your refund, I advise everyone to create an account asap!!!

Any questions, send us a message or give us a call at (702) 410-2660

https://sa.www4.irs.gov/secureaccess/ui/?TYPE=33554433&REALMOID=06-0006b18e-628e-1187-a229-7c2b0ad00000&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=-SM-u0ktItgVFneUJDzkQ7tjvLYXyclDooCJJ7%2bjXGjg3YC5id2x9riHE98hoVgd1BBv&TARGET=-SM-http%3a%2f%2fsa%2ewww4%2eirs%2egov%2fola%2f

01/04/2022

There has been many tax law changes and updates this year. Want a no obligation refund quote? Send us a message or give us a call at (702) 410-2660
                                           

IRS Press Release: "For Colorado wildfire victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16"WASHI...
01/04/2022

IRS Press Release: "For Colorado wildfire victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16"

WASHINGTON — Victims of this weekend's wildfires in Colorado will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Read the full IRS Press Release: https://www.irs.gov/newsroom/for-colorado-wildfire-victims-irs-extends-2021-tax-filing-deadline-other-deadlines-to-may-16?fbclid=IwAR39UI-ELLmpLvFeDSprXX9gbhC0jCSwsMiwM8qpHM1jG0tUdn3qdPHjepw

Any questions? Send us a DM.
             

01/03/2022

At DocuTax we offer multiple services, but we will be showing a little more love to Tax Topics during our 2021 Tax Year.

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3355 Spring Mountain Road, Las Vegas
Spring Valley, NV
89102

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