RGS Taxes

02/23/2024

This page hasn't been updated in a while. Please refer to the official website: https://www.rgstaxes.com The website offers information and a contact me section for inquires. The website will also include more features over time as I'm currently testing features before adding them to the site.

Welcome to RGS TAXES LLC, where personalized tax solutions meet dedicated service. Your Trusted Partner for Comprehensive Tax ServicesEstablished in 2000, RGS Taxes began as a volunteer service for the military, gaining diverse experience in tax preparation nationwide. Our commitment to excellence s...

01/28/2020

Homeowners!
It’s tax time, what can you write off?

IRS opened their doors yesterday and are now accepting and processing returns. I decided to share some information for those of you that own homes. Questions that come up every tax season are along the lines of items purchased to either repair or renovate the home and what can be written off. (Something tells me, I have your attention now).

Just by owning a home, your mortgage company or financial institution that approved your loan will mail you a tax form called the 1098 Mortgage Interest Statement to be filed with your taxes. This form includes the mortgage interest, property taxes, and real estate taxes you can write off. (NOTE: If you are a timeshare owner, you will receive a Form 1098 for your vacation home as well).

If you purchased your home this tax year, you will receive the Form 1098 I mentioned earlier. Now, let’s remember the day you signed your life away and received the keys to your new home… you were given a sheet a paper that serves as your receipt that details the amounts of everything you paid for. Over the years, the name of this receipt has had plenty of names. It was once called the HUD, now it’s called the Closing Disclosure form. This form has a lot of various taxes you paid during the process of making the purchase. Make sure this form is readily available the first year you file your taxes after purchasing your home so you don't miss any deductions that should have been written off.

Now to the items you purchased for your home. Repairs and renovations are BASICALLY not write-offs, they build equity and appreciate the value of your home. I capitalized "basically" because yes, I’m yelling at you. "Basically" means, that’s not the final answer. It depends on what you’re doing.

Example 1). You rent out a portion of your home… now you’re using your home for business reasons. You are receiving income so you should also be incurring expenses. The repairs and renovations that accompany the portion of the home you’re renting out, is now deductible.

Example 2). You renovated your place for medical reasons… examples of these are installing entrance or exit ramps, modifying bathrooms, lowering cabinets, widening doors and hallways and adding handrails; these are home improvements that can be deducted as medical expenses. The expenses must be reasonable but I’ll discuss it further when preparing your taxes.

Example 3). This one kind of contradicts what I said in the beginning because it’s kind of a loophole… If, for any reason you decide to cash out on the equity of your home for improvements or repairs, the interest you pay on that loan is now mortgage interest. There’s more to this specific example that I can share with you but I’m not going to tell all of my secrets on Facebook. We can discuss this more in detail when preparing your taxes.

I realize that I used the word loophole and I don’t want to sound like I’m beating the system. I continuously study tax law to be able to help you get the best refund you can. Remember what I said, “Repairs and Renovations are BASICALLY!!!, not write-offs” So, save your receipts, and let’s have a discussion on these expenses when it’s time to sit down and do your taxes. If there’s a way to deduct them, I'll find them.

Lastly, there are always tax credits for energy generating systems like installing solar panels, solar water heaters, geothermal heat pumps, and small wind turbines, but you already knew that. I'm taking this time to inform you on the write-offs you didn’t know about.

Rennard Greene
Tax Accountant

01/25/2020

Gambling Clients

For those of you that love the casino, here are some things you should know when it comes to your taxes. Unfortunately, your tax return should reflect your total year’s gambling winnings and losses. Here’s the biggest lesson to take away from what I telling you:

You can report as much as you lost, but you cannot deduct more than you won.

If you follow these examples, you’ll be fine.

Let’s say you took two trips to Vegas this year. In (Trip 1) you won $6,000. In (Trip 2) you lost $8,000. You must your winnings as taxable income and your losses as itemized deductions. In this scenario, you won’t owe tax on your winnings because your total loss is greater than your total win by $2,000. However, you only get to deduct 6,000.

Like I said earlier, you cannot deduct more than you won.

Now, let’s flip the script. Say in (Trip 1) you won $8,000. In (Trip 2) you lost $6,000. You’ll report the $8,000 win as taxable income and the $6,000 loss as a deduction. In this scenario, you’ll still owe taxes on the remaining $2,000 because you won more than you lost.

Long story short, in order to not pay Uncle Sam for your gambling winnings, you need to break even or lose more than you win. In any case, save your receipts and we’ll discuss this more when you meet with me this year.

Rennard Greene
Tax Accountant

01/23/2020

Tax Season (2020)

PRICING:

· Single - $200

· Married filing Joint - $250

· Married filing separate - $200 per person

· Head of Household - $200

· Amended Returns - $200

· Business Taxes – type depending



Filing Fee:

· Federal - $FREE

· State - $10 per state



Payment Options:

· Cash

· Debit / Credit

· Check

· Money Order

· PayPal

· Square

· Cash App

· Apple Pay / Android Pay

· Venmo



UPDATES:

· It's Tax Season 2020! IRS is accepting taxes starting Monday the 27th. I'm open for business now. I'll be filing your taxes early. Your taxes will be placed in IRS's queue, so as soon as they start accepting, you'll be first on their list if you get them done before Monday.

· The deadline for Individual taxes is April 15. The deadlines for business taxes are as follows: LLC (April 15), Partnership (March 16), C-Coporation (April 15), S-Corporation (March 15), Estates and Trusts (April 15). BUSINESS TAXES MUST BE DONE BEFORE YOUR INDIVIDUAL TAXES.

· Flat rate tax preparation, depending on filing status.

· You can submit your documents through email, fax, or schedule an in-person appointment

· Payment is upfront – ONLY. When you’re ready to get your taxes done, have your payment prepared as well. I accept a variety of payment methods for your convenience (listed above).

· Security: I care about your information so I encrypt your tax documents before I email them to you. Over the years, some people have forgotten their passwords to open them. I'm making it simple, from here on out, your passwords will be the last four digits of your SSN. Secondly, google has built-in basic encryption when sending emails from google to google. My email is with google ([email protected]), so if you're sending from a google account to me, you're safe. If that still doesn't sit well, you can always put your documents in a container like winzip and then send me the password separately.

· Additionally, if you want me to look over taxes that someone else has prepared or work up your taxes in multiple ways before filing, that's an extra $50. Also, if you're late, meaning it's past the deadline and you still need to file, there's a $50 fee.

· Side note: I post helpful tax information and tips on my page.

· Finally, M-F, from 6a-4p I do not have access to my phone so during the week, the best way to reach me is by email. Evenings and weekends, feel free to call. My phone #, fax #, and facebook address is on the business card below.

Click here for an update from RGSTAXES!

01/22/2020

For all of my clients and potential clients that drive for Uber and/or Lyft:

- The amentities that buy and put in your vehicles for your passengers like water bottles, snacks, gum, mints, phone chargers, etc. are all tax deductible.

- Other things that are tax deductible include cleanliness, so keep and bring me your receipts for your car washes, detailing, air fresheners, etc.

- If you use a cell phone for work, keep those cahrges and receipts logged, you can deduct the business use percentage of the bill on your taxes.

- If you ever had a flat tire on the way to pick up your next fare or found yourself out of fuel in the middle of your route... If you paid for roadside assistance — think AAA or a similar service provided by your insurance provider — that’s another deduction you can claim.

- Finally, whether you work for Uber, Lyft, or another rideshare service, those companies take a cut from every one of your fares. The 1099 form(s) you get in the mail should list any fees and commissions they’ve taken from your earnings, and there’s no reason to pay taxes on money you didn’t receive. You can also view these figures via your online account or driver dashboard.

Rennard Greene
Tax Accountant

01/08/2020

01/29/2019

By law, your employer has until 31 January to have sent your W-2’s. If you haven’t received them by then, contact your HR department.

01/22/2019

The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers.

01/11/2019

Despite the government shutdown, the Internal Revenue Service has confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

01/15/2018

Tax Season (2018)

PRICING:

· Single - $200

· Married filing Joint - $250

· Married filing separate - $200 per person

· Head of Household - $200

· Amended Returns - $200

· Business Taxes – type depending



Filing Fee:

· Federal - $FREE

· State - $10 per state



Payment Options:

· Cash

· Debit / Credit

· Check

· Money Order

· PayPal

· Square / Square Cash

· Venmo

· Apple Pay

· Android Pay



UPDATES:

· Tax Season 2018!

· Pricing and payment options are first and foremost.

· Flat rate tax preparation, depending on filing status.

· You can submit your documents through email, fax, or schedule an in-person appointment

· Finally, payment is upfront – ONLY. When you’re ready to get your taxes done, have your payment prepared as well. I accept a variety of payment methods for your convenience (listed above).

· I am in the process of moving into my new home in February but I’ll still be able to process your returns in a timely manner. With that said, please DO NOT mail-in your documents this year.

· Here's to another Tax Year and as usual, let’s "Get More Money This Year".

Click here for an update from RGSTAXES!