Tax and Bookkeeping Services

11/27/2024

2024 Tax Brackets and Income Rates: Find Out Where You Stand

While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation. However, significant changes loom ahead—the Tax Cuts and Jobs Act of 2017 is set to expire at the end of 2025, which could substantially impact future tax rates.

Remember, your 2024 tax return is due April 15, 2025, with extensions available until October 15, 2025. In this article, we’ll explore the current 2024 federal income tax brackets, compare them to 2023’s rates, and look at what’s changing for 2025.

While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation. However, significant changes loom ahead—the Tax Cuts and Jobs Act of 2017 is set to expire at the end of 2025, which could substantially impact future tax rates.

Remember, your 2024 tax return is due April 15, 2025, with extensions available until October 15, 2025.

The 2024 tax brackets and income tax rates apply to income earned in 2024 and will be reported on your tax return filed in early 2025

11/09/2024

📢 Attention Business Owners! 📢

Did you know that filing the Beneficial Ownership Information (BOI) is crucial for your business? 🏢✨

The BOI reporting is a new business filing requirement that went in effect Jan 1, 2024. This is the first year that the reporting is required and the penalties can reach up to $10,000 for non-compliance. If you own an LLC, Corporation or Joint Venture, consult your tax or legal professional so you don't miss the filing window.

Follow the official government link below for more details, and as always reach out for any questions.



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08/22/2024

How Much Is the Child Tax Credit for 2024?

The child tax credit is a key tax break that supports as many as 40 million U.S. families each year to raise their children. The CTC currently provides up to $2,000 per child under 17 under the 2017 Tax Cuts and Jobs Act (TCJA).

If the CTC exceeds taxes owed, families may receive up to $1,700 per child as a refund for the 2024 tax year.

Credit for Other Dependents : Other dependents, including those of any age, including 18 or older, and full-time students ages 19 through 24 might be eligible to receive a nonrefundable credit of up to $500 each.

There are also phase-out thresholds for higher-income taxpayers. For instance, the child tax credit starts phasing out for a head of household earning $200,000 a year and $400,000 for married couples filing jointly.

03/12/2024

Tax season. Call for an appointment @ 248-249-1998

01/20/2024

Consumer alerts on tax scams

‪Note that the IRS will never:

Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.

Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.

Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
Ask for credit or debit card numbers over the phone.

01/13/2024

Please share with friends and family. Call me if any questions @248-249-1998

Tax season is back, and for most people, it comes with plenty of anxiety and frustration. But tax time doesn't have to be this way.

There are some simple actions you can take to streamline the process and get ahead of the game.

It’s important to gather documents

The IRS urges all taxpayers to file a complete and accurate tax return by making sure they have all the needed documents before they file. This includes:

Forms W-2 from employers.

Forms 1099 from banks and other payers.

Forms 1095-A from the Marketplace for those claiming the Premium Tax Credit.

Letter 6419, 2021 Total Advance Child Tax Credit Payments, to reconcile advance child tax credit payments.

• Letter 6475, Your 2021 Economic Impact Payment, to determine eligibility to claim the recovery rebate credit.

01/05/2024

Please share with friends and family. Call me if any questions @248-249-1998

Tax Season Is Right Around the Corner — Start Preparing Today! Tax season is back, and for most people, it comes with plenty of anxiety and frustration. But tax time doesn't have to be this way. There are some simple actions you can take to streamline the process and get ahead of the game.

It’s important to gather documents

The IRS urges all taxpayers to file a complete and accurate tax return by making sure they have all the needed documents before they file. This includes:

Forms W-2 from employers.

Forms 1099 from banks and other payers.

Forms 1095-A from the Marketplace for those claiming the Premium Tax Credit.

01/03/2024

2024 has arrived! Whether your place is full of discarded noise makers and remnants of confetti, or you were fast asleep long before midnight (no judgement here), we hope your celebration was everything you hoped for.

If you want FAST and ACCURATE tax refunds back, then come visits us at Taxes & Bookkeeping Services “The Affordable Professional Alternative”

Please call for an appointment!

Any referrals are greatly appreciated! Thank You

01/25/2023

All New and Existing Clients. Be sure that you have the following documents ready for this upcoming tax season:

📌Unexpired ID… We can’t file your tax return with an expired Id.

📌Copy of your Original social security card? Yes, if you’re already my client,I should have it but it’s good practice that you have it as well.

📌If you are filling dependents be sure to have proof of dependence such as a birth certificate or copy of school records.

📌For thoes of you who want direct deposit make sure you have your routing and account number ready when it’s time for you to file.

Be prepared for Tax Time and as always feel free to reach out to…
Let's get started! (248)-249-1998 !

01/22/2023

Very important!!!!!! Bring prove of child's residency as below:
Residency of a Qualifying Child

• School records or statements
• Landlord or a property management statement
• Health care provider statement 1095B forms nga medicaid
• Medical Records
• Child care provider records
• Placement agency statement
• Social service records or statement
• Place of worship statement
• Employer statement 1095C

11/24/2022

Thankful & Grateful to my clients,supporters , family & friends for the opportunity to connect & work with you.

Thank you from the bottom of my heart!

02/28/2022

Changes to the earned income tax credit for the 2022 filing season

The EITC is one of the federal government's largest refundable tax credits for low-to moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket.

The IRS urges people to check to see if they qualify for this important credit. While people with income under a certain amount aren't required to file a tax return because they won't owe any tax, those who qualify for EITC may get a refund if they file a 2021 tax return.

Here’s an overview of the recent notable changes to the EITC for tax year 2021 only:

Expanded EITC for people who do not have qualifying children
More workers without qualifying children can qualify for the EITC, and the maximum credit amount is nearly tripled for these taxpayers this year. For the first time, the credit is now available to both younger workers and senior citizens. There is no upper age limit for claiming the credit if taxpayers have earned income.

The EITC is generally available to workers without qualifying children who are at least 19 years old with earned income below $21,430 for those filing single and $27,380 for spouses filing a joint return. The maximum credit for taxpayers with no qualifying children is $1,502. There are also special exceptions for people who are 18 years old and were formerly in foster care or are experiencing homelessness. Full-time students under age 24 don't qualify.

Some taxpayers can use 2019 earned income to figure their EITC
Taxpayers can elect to use their 2019 earned income to figure their 2021 earned income credit if their 2019 earned income is more than their 2021 earned income.