McPhee Accounting Services

Personal Tax Returns, Corporate Tax Returns, and anyone who has years backed up! I can help!

Free business finance consultation.
Call McPhee Accounting Services for any questions you may have on how to keep your business records orderly.

Corporate Deadline Discounts! Book now.

McPhee Accounting Services Quality Tax and Accounting Services shouldn't "Break the Bank"
Call us today! 727-459-1537

We have a special going on Corporate Deadline Tax Returns.
Let us know if anything is needed. 🏦

https://www.facebook.com/30911162508/posts/10158623555252509/?d=n

IRS Faces Huge Backlog Of Unopened Mail As Workforce Returns The estimated backlog of unopened IRS mail stands at 11 million.

Good day! We have openings for Corporate and Small Business Tax Returns.
We are look forward to servicing you.

~ CHECK OUT THIS ARTICLE ON MORE STIMULUS PAYMENT INFO AS WELL AS DATA ON UPDATING YOUR BANK INFORMATION WITH THE IRS ~

https://www.forbes.com/sites/allbusiness/2020/04/12/irs-launches-online-tool-to-track-status-of-your-stimulus-payment/

IRS Launches Online Tool To Track The Status Of Your Stimulus Payment And Have It Direct Deposited If you are eligible to receive a stimulus check from the government as a result of the coronavirus crisis, the IRS is trying to make it easier to determine when your payment will arrive, and how to get it direct deposited.

~ SOME ANSWERS TO QUESTIONS IVE BEEN GETTING REGARDING STIMULUS PAYMENTS ~

https://www.forbes.com/sites/advisor/2020/04/13/5-reasons-why-you-might-not-get-a-covid-19-stimulus-payment/

5 Reasons Why You Might Not Get A COVID-19 Stimulus Payment Stimulus checks are coming to offer relief to Americans during the COVID-19 crisis. If you don't get one, here's why.

~ IRS WILL BE PROVIDING A PORTAL WITHIN A WEEK FOR INDIVIDUALS TO UPDATE BANK INFO IN CASE THE BANK DATA ON YOUR LAST RETURN FILED HAS CHANGED ~

https://www.google.com/amp/s/amp.sacbee.com/news/local/article241916566.html

IRS launches website for Americans to update information to get coronavirus stimulus checks Seniors and low-income people who do not file tax returns can finally submit their information to the Internal Revenue Service to receive their coronavirus stimulus checks, but others who need to update their information from their latest tax returns will have to wait longer.

Regarding some concerns people have on whether stimulus payments have to be paid back or not

https://www.google.com/amp/s/www.forbes.com/sites/advisor/2020/04/06/dont-worry-the-1200-stimulus-payment-wont-cut-into-your-tax-refund-next-april/amp/

Don’t Worry. The $1,200 Stimulus Payment Won’t Cut Into Your Tax Refund Next April People are panicking about how their stimulus payments might affect their tax returns. Here's what you need to know.

https://www.forbes.com/sites/advisor/2020/03/27/your-guide-to-the-federal-stimulus-package/

Your Guide To The Federal Stimulus Package Congress has agreed to a $2 trillion plus COVID-19 stimulus relief package, which has just been signed by President Trump. Here's what you need to know.

https://www.forbes.com/sites/advisor/2020/04/10/list-of-coronavirus-covid-19-small-business-loan-and-grant-programs/

List Of Coronavirus (COVID-19) Small Business Loan And Grant Programs Businesses have a growing number of resources and relief programs to turn to during the coronavirus crisis, including emergency funding, protection from eviction and business loan deferment.

https://www.forbes.com/sites/zackfriedman/2020/04/11/stimulus-check-irs-faster/

This New Tool Helps You Get Your Stimulus Check Faster Finally.

Happy Saturday to you !
We have a few open spots!
If you need any financial consulting or your taxes prepared contact me and we are more than happy to service you.

McPhee Accounting Services Quality Tax and Accounting Services shouldn't "Break the Bank"
Call us today! 727-459-1537

https://www.forbes.com/sites/zackfriedman/2020/04/09/stimulus-check-dates/

Here’s When You’ll Get Your Stimulus Check Oh, it's coming then?

https://www.forbes.com/sites/brianthompson1/2020/03/29/getting-cash-for-your-small-business-through-the-cares-act/

Getting Cash For Your Small Business Through The CARES Act Your small business need cash right now? The government has stepped up to help. I cover the main two ways your business can get cash now that the CARES Act is law. We’ll also discuss the steps you need to take to make sure you can get your money as efficiently as possible.

https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/

All You Wanted To Know About Those Tax Stimulus Checks But Were Afraid To Ask The Senate passed the stimulus bill on Wednesday (the House has yet to vote but is expected to follow suit). A key feature of the stimulus is individual checks. To help you sort it out, here are a few questions and answers.

List Of State & Federal Tax Office Closings, Filing Delays & Extensions Due To Coronavirus On March 20, 2020, Treasury Secretary Mnuchin extended the tax filing and payment deadline to July 15, 2020. What about states? Here's what we know so far.

McPhee Accounting Services updated their business hours.

Still taking appointments!

However, if you’re not going to have your records ready in time for the April 15th deadline feel free to request an extension to be filed on your behalf. 727-459-1537

Ready yet for the upcoming tax deadline 🤔?

The March 15th deadline for corporate, multi-member LLC's and Partnerships is fast approaching. If you are in need of assistance or an electronically filed extension (free of charge) please feel free to contact us at 727-459-1537.

Tax credit processing delays, immigrant fears and ITIN changes fuel early tax filing slowdown The Internal Revenue Service is seeing a sharp decline in returns so far this season.

~ What You Need to Know about the Child Tax

Raising children is expensive. Fortunately, the Internal Revenue Service (IRS) offers many tax benefits, such as the Child Tax Credit, to help working families make ends meet.

Here is what you should know about this potentially valuable credit.

What is the Child Tax Credit?
The Child Tax Credit is a nonrefundable credit that may reduce your tax by as much as $1,000 per qualifying child under the age of 17. Unlike a deduction, which lowers your taxable income, a credit reduces your tax bill dollar for dollar.

However, it’s important to note that the Child Tax Credit is limited to the amount of tax on your return, and you cannot receive the excess credit as a refund.

How do I know if qualify for the credit?
You can take the Child Tax Credit if you meet the following requirements:

Your child is under age 17 at the end of the calendar year, and is a U.S. citizen, a U.S. national or a resident of the United States;
You claim the child as a dependent on your return;
The child did not provide over half of his or her own support for the year;
Your child will not file a joint return for the year unless it was only to claim a refund
Your child lived with you for over half the year. Temporary absences, such as school and summer camp, do not reduce the amount of time your child lived with you. If a child died or was born during the year, he or she counts as having lived with you for more than half the year.
According to the IRS, the following relatives are included in the definition of son or daughter: stepchild, foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister and a descendant of any of these.

My child lives with his other parent, but I claim the dependency exemption for him. Who takes the child tax credit?
If you are allowed to take the dependency exemption, and meet the other requirements, you can take the Child Tax Credit, even if the child does not live with you.

Be sure to attach Form 8332, Revocation of Release of Claim to Exemption for Child by Custodial Parent, signed by the other parent, to your tax return.

Do I still qualify for the credit if I have a higher income?
The credit starts to phase out as your income rises. Your credit is reduced if your modified adjusted gross income is more than $75,000 ($110,000 if filing jointly, or $55,000 if filing separately).

What’s the difference between the Child Tax Credit and the Child and Dependent Care Credit?
The Child and Dependent Care Credit is a tax benefit to help offset some of the costs of care for your dependent, generally while you are at work.

This credit is designed to make it easier for parents to keep working without putting too much stress on their budget.

If you have a qualifying child, the Child Tax Credit is available regardless of your childcare or other expenses.

What is the Additional Child Tax Credit?
If you are in a lower tax bracket, you may get money back from the Additional Child Tax Credit, even if the credit is greater than your income tax liability for the year. To qualify for this credit, you must have an earned income of at least $3,000.

If you have one or two children, the Additional Child Tax Credit may be as much as 15 percent of your earned income over $3,000.

If you have three or more children, this credit may be up to the larger amount of either 15 percent of your earned income over $3,000 or the total amount of your Social Security and Medicare taxes paid minus any Earned Income Credit.

If that sounds complicated, don’t worry. TaxAct does these calculations for you.

Can I claim the Child Tax Credit or the Additional Child Tax Credit on Form 1040EZ?
You must file Form 1040 or Form 1040A to claim the credit. And for the potential to earn a refundable credit of up to $1,000 per child, it’s well worth the trouble.

How do I claim the Child Tax Credit or the Additional Child Tax Credit?
McPhee Accounting will determine if you qualify for the Child Tax Credit or the Additional Child Tax Credit based on your answers to a few simple questions.

Still waiting to receive Form W-2? Check with your employer to make sure it's set to arrive in your mailbox soon!

Some info to consider...

6 Tax Deductions Homeowners Won't Want to Miss -- The Motley Fool Your home can save you money in a number of surprising ways. Here are a few tax breaks you don't want to pass up.

It's that time again! 1099's & W2's need to be mailed by Jan 31. Corporate & LLC/Partnership Returns are due MARCH 15th & see article for a new deadlines and helpful info

https://www.irs.com/articles/2016-federal-tax-calendar

2016 Federal Tax Calendar This is the IRS general tax calendar, which includes the 2016 due dates that most taxpayers will need to know.

Start planning for the close of this year and the start of 2017. Call for an appointment 727-459-1537

It's been a very busy year for us and we hope the same has been for you. Now that this year is close to an end it's a good time to start planning and strategizing before December 31st arrives so as to avoid paying any unnecessary taxes.

Call us for an appointment so we can help you with all your tax savings needs - 727-459-1537

Monday's the personal tax return deadline! If you haven't filed your's yet and you need an extension, message or call us at 727-459-1537.