Accounting Services-Fbm

Accounting Services-Fbm Yearly Tax Updates.Concerns about Tax Notices-Warrants,Tax Liens and Solving-Un-Filed Tax Returns.Payroll,Retirement Rules. Estate Returns,TAX Credits.

40YEARS in BUSINESS-E-FILING 1040 with ALL SCHEDULES,QUESTIONS about FEDERAL-NEW YORK STATE TAX NOTICES,1041-GRANTOR LIFE TRUSTS FILING.NON-PROFIT ASSOCIATIONS,QUESTIONS on E-FILING PROBLEMS!

09/02/2022

SEPTEMBER 02,2022. THE RECENTLY PASSED INFLATION ADJUSTMENT ACT,PROVIDED RESIDUAL FUNDS FOR ENERGY TAX BREAKS. ITEMS LIKE SOLAR HEAT PANELS, IN-HOME POWER GENERATORS. HEAT PUMPS,THERMAL DOORS,ENERGY IN-HOUSE INSULATION. SOME OF THESE CREDITS MAY ALLOW FOR A 30%TAX CREDIT. MANY HOME IMPROVEMENT COMPANIES GIVE GRANT MONEY FOR ENERGY IMPROVEMENTS. ALSO, MAKE USE OF FORM 5695-ENERGY UPGRADES TAX CREDIT.

08/31/2022

AUGUST 31,2022. YOUR THIRD 1040-ES IS DUE SEPTEMBER 19,2022. PER $10,000 OF NET INCOME,YOU MIGHT OWE $625.00 PER QUARTER. MINIMUM REGULAR TAX IS ABOUT 10% AND SE-TAX IS 15%.

08/16/2022

August 15,2022. I have a New E-Mail Address for Personal & Business Contacts. It is a Gmail Account. It is Listed as [email protected] Please Use this E-Mail for Individual and Accounting Services-FBM. CONTACTS.

08/16/2022

AS OF AUGUST15,2022,MY OLD E-MAIL ADDRESS FOR MY [email protected] with AOL is Obsolete. MY New E-Mail Address is a Gmail Account. My New E-mail is [email protected] for All my Contacts & Messages. Frederick B. Munson, Jr. USE my New E-mail for Individual Contacts and Accounting Services-Fbm. Thank You.

08/15/2022

AUGUST 18,2022. Finally found my page ;under a New APP. HOWEVER, Verizon does not provide AOL SERVICES,LIKE in Early July 2022. Have to Open a New Account under G mail. Update, the Advanced Child Tax Credit is Gone for 2022. Also, the Enhanced Earned Income Credit is Gone for 2022. The Rebate Recovery Credit is Gone for 2022. SOME of these Credits maybe Extended in Mid-December 2022 or Qualify If Amending Federal Returns for 2020 or 2021. Technology is Great; Until It Changes Suddenly.

05/18/2022

FIFO. INSTALLMENT PAYMENTS vs ESTIMATED PAYMENTS IN 2022. WHICH IS THE MOST IMPORTANT.? MOST LIKELY BOTH HELP TO BALANCE YOUR 2021-2022 TAX LIABILITIES. YOUR FEDERAL INSTALLMENT AGREEMENT IS THE MOST IMPORTANT TO PAY YOUR 2021 TAX LIABILTY-FIRST.USUALLY THIS IS FOR 12 MONTHS. YOU WILL HAVE A GREATER TAX LIABILITY ;IF YOUR 1040 INCLUDES SELF-EMPLOYMENT TAX, PLUS THE REGULAR TAX. THEREFORE,IN 2022 YOU SHOULD FOCUS ON THE SELF-EMPLOYMENT PROJECTED TAX FOR 2022 AND PAY THE PROJECTED TAX THROUGH THE FORM 1040-ES,FIRST. ON AVERAGE THIS WILL REDUCE YOUR COMBINED TAXES BY $1,000.00. THIS WILL HELP REDUCE YOUR OVERALL TAX LIABILITY;AND AVOID INSTALLMENT PAYMENTS IN 2023. THE SECOND 1040-ES PAYMENT IS DUE BEFORE JUNE 17,2022. FREDERICK B. MUNSON,JR FOR ACCOUNTING SERVICES-FBM. THE E-MAIL IS [email protected]. TAKING CARE OF BUSINESS FOR 45 YEARS.

THE ADVANCED CHILD TAX Credit has a Second Payment Posting on August 13,2021. TAX FILERS may OPT-OUT for Various Reasons...
07/27/2021

THE ADVANCED CHILD TAX Credit has a Second Payment Posting on August 13,2021. TAX FILERS may OPT-OUT for Various Reasons must be Made by August 02,2021. Filers that have not completed their 2020 Tax Returns will get a 10% Discount IF Filed from August 15th to September 15,2021. Call 315-724-6772 for an Appointment Live till 1 PM Daily. Messages from 1PM. to 5 PM. STAY-UP to DATE YEARLY.LEAVE a MESSAGE 1PM -5PM.

04/13/2021

IRS-NEWS FLASH-APRIL 09,2021. Advanced Payments for the Premium Health Care Credit-Do Not need to be Reconciled on Part III of the 2020 Form 8962. This is for the 2020-TAX YEAR-ONLY.IF you filed your Tax Return before March 31,2021;You will Not have to Amend your Tax Return for 2020. The IRS will Adjust your Refund or Decrease your Taxes Due. TAX Filers in MID-April 2021 Filers on Schedule 2-should Leave Line 2-Blank. On Schedule 3-PART II-Line 8 would be the Refundable-Net Premium Tax Credit; without making any Pre-Payment Adjustments for 2020. You should Refer to Form 1095-A for Health Insurance bought on the Market Place Site.

02/17/2021

THE SEASON OF LENT -before EASTER.TODAY-FEBRUARY 17,2021. Also Meatless Fridays. We will ALL make Changes in our Lives. We hope these changes will be Profitable. Tax Season is a part of our Daily Lives. Our Families Grow and Learn by what is Done on a Yearly Basis There will not be a 3-month Extension from April 15th to July 15th,2021,as was the Case in 2020.However,filing in February will Help you to meet your Goals in 2021. In my View ,your Focus should be on your Stimulus Checks, any Unemployment and Non-Refundable or Refundable Tax Credits. The Standard Deduction has Risen for 2020. Itemizing on the Federal Form ,is Unlikely this Year. Schedule C Filers look at your Income with New Form 1099-NEC and Expenses ,Depreciation and IF a Profit in 3 out of 5 Years, Form 8829 Office-in Home. IF you have Employees of 5 or Less, look at the Employee Retention Credit in 2020 or in 2021. You may get a Maximum of $5,000 per Employee in 2020. In my View the Payroll Protection Loans maybe used in 2021.This Fore -Given Loan Programs is for the Larger Employer with 100 to 500 Full-Time Employees. Defer this for Tax Purposes, until after April 15,2021. IF you are Furloughed in 2021 , Do check with your Employer, First to See, IF you will Qualify for State Unemployment .ALWAYS have Taxes Withheld from your Job Less Benefits. Lastly in 2021,Increase the Federal Taxes Withheld on Wages and Pensions by February 28,2021.Use Forms W-4 and W-4P. Congress will Raise Some Taxes and Limit Tax Credits in 2022. In 2020 make use of the Charitable Tax Adjust on your Tax Returns. Spring is 4 Weeks, Away; but Snow may Linger through March 31,2021.WE all must ATONE or Change in 2021,and be Positive, during this Lenten Season. We have Lost so Many People in 2020; and We need to Carry their Wishes and Wants Through-Out 2021. God Bless All of You. FREDERICK B MUNSON,JR. ACCOUNTING SERVICES-FBM. MY ADDRESS: 2420 Oneida St. #418 Utica, New York 13501 315-724-6772 for your Questions. Leave a Message.

02/10/2021

FEBRUARY 10,2021. THE AGE OF AQUARIUS. UPDATE ON THE PAYROLL PROTECTION PROGRAM. NEW MONEY OF $35 BILLION HAS BEEN ALLOCATED FOR THE SECOND ROUND OF SBA-LOANS. ANY FOREGIVEN LOANS-will not produce Cancellation of Debt Income. Instead your basis in the Tax-Free Loan will be Increased for 2021.A Secondary Employer Credit will be the Employee Retention Credit. This Again, is based on how many full-time Employees are on the Payroll. In 2020 the Employees Retained was at about 100. In 2021,the FTE was Increased to 500.There is a Quarter-to-Quarter Comparison Test For the 2020 ERC Credit you use the 2019-First Quarter, Compared with the 2020-First Quarter, then proceed to the next 3 Quarters. IF the Gross Receipts-Dropped by 50% or more in the First and Second Quarter of 2020;you ERC-credit was 50% of $10,000 Wages paid Limit, gave you a ERC-Credit of $5,000. The Wage Limit in 2020 was $10,000 for Four Quarters. The 2021 ERC-credit allowed Employee limit Wages of $40,000 for the Whole Year. IF your Wages declined by 50% in only the First Two quarters, this would be $20,000 x 70%=$14,000 for the 2021 ERC-credit.TO qualify for the ERC, you must have an Order from Government agency for a partial or full shutdown in 2020-2021. Good idea to apply for the ERC and in May 2021 Apply for the PPP- loan. Accounting Services-FBM.

12/14/2020

What is on the Agenda in Washington. The Cares ACT-TWO. Extension of Money for Unemployment ,Renters Relief, and Stop Home Foreclosing on Home Owners. Also, Money for Budgets of Cities, Towns and Municipal Governments. THE Minimum Cost is $908 Billion. DIVIDING by these 4 Categories; Results in $225 Billion for Each of the 4 groups. Long-term what is needed in Funding is about $1.50 Trillion. This Increase may Happen in April 2021. The 2020 Household Economic Stimulus may Come in May 2021. This did Little to Help the Economy. The Family Money was Spent in Two Months. Focusing on Unemployment at the State Level. You must qualify with $ 2,600 in Two Quarters in 2020.Many Workers are falling Short of the Minimum Wage Qualifier for New YORK Jobless Benefits.IF the$300.00 Federal Benefits Passes,Those Not Qualifying for New York State-Jobless Benefits,will Not Qualify for Federal Benefits.Home Foreclosing is Another Huge Problem.Money from the New Cares Act,should Go Directly to The Bank-Mortgage Holder. IF you Owe,Say $50,000 or Less on your Home Debt,The Government Aide Should Pay-OFF 60% of the Debt and the Bank may Cancel the 40% Balance. CITIES that Get Economic Money from Cares ACT-Two,should Not be Able to Foreclose on Home Owners. To be Effective for Early 2021,The Cares Act-Two should Pass before December 18,2020.FREDERICK B. MUNSON,JR. ACCOUTING SERVICES-FBM.Questions write to Me AT 2420 Oneida St. #418 Utica, New York 13501-6169.

09/07/2020

W-4 vs the 2020-1040-ES. The Instructions for the 2020-Revised W-4 are Still Confusing to many Workers with Adjustments to Federal Tax Withholding in 2020.Many Times the Younger Spouse is Working Full Time.The Older Spouse is Retired or Retiring,Soon and Working Part-Time. THE Larger W-2 Wages-Should Have at Least 10% per Year in Federal Taxes Withheld in September. IF Passed the Payroll Holiday will Not Happen Until,Maybe September 18,2020. IF Married and ONE or Both are Working,Claim MARRIED Claiming Zero. The Back-UP Safety Method is File a 1040-ES for September 15,2020,Then and Extra PAYMENT on November 16,2020. Then, Last Payment on January 15,2021.MAKE a NOTIFICATION on VOUCHER-Voluntary Payment for Both Spouses, MARRIED and Both Social Security NUMBERS on Each Payment.MAKE a Payment from $250.00-$300.00 per Voucher Payment in 2020. Frederick B Munson,Jr ACCOUNTING SERVICES-FBM. Questions E-MaiL:[email protected] Or 315-724-6772-Leave a Brief Message-Locally.

Address

2420-ONEIDA Street #418
Utica, NY
13501

Opening Hours

Monday 10am - 5pm
Tuesday 10am - 5pm
Wednesday 10am - 5pm
Thursday 10am - 5pm
Friday 10am - 5pm
Saturday 10am - 5pm
Sunday 2pm - 5pm

Telephone

+13157246772

Website

Alerts

Be the first to know and let us send you an email when Accounting Services-Fbm posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Accounting Services-Fbm:

Shortcuts

Share

Category