DAN TAX

Schedule C
If you are self employed and receive a 1099, keep your expenses at or below 30% of gross income. The IRS is beginning to challenge a lot more of these taxes. Heads Up.

The Goofy Looking Tax Guy in the Gables

NEW Address
DAN TAX Financial Services
333 Palermo Avenue
Coral Gables, FL 33134
(305) 455-6194

First Responders, hold off on your returns until the corrected 1099s are sent out.

IF YOU OWN A BUSINESS
This is a friendly reminder that if you own a business entity (Sole Proprietor, LLC, Corp or S-Corp, etc.) the Annual Report for your Florida business is due by this SUNDAY, 5/1/22 11:59pm.
After this date a $400 late fee will be assessed.

The Goofy Looking Tax Guy in the Gables.

DAN TAX Financial Services
260 Palermo Ave, Ste 5
Coral Gables, FL 33134

If you own a business entity in Florida, remember that the Annual Report is due on 5/1, next week.

The Goofy Looking Tax Guy in the Gables.

Tax Season Ends on 5/17, not today.

The goofy looking tax guy in the Gables

REFUND DELAYS
According to the Washington Post, the IRS is delayed in processing over 6.7 million refunds. The new law changes, the limited on-site staff due to Covid, the 2 recent waves of stimulus and the 8-12 week mail back-log are the culprits. The refund frequency should improve as early as this week.

The goofy looking tax guy in the Gables.

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3rd Stimulus Update:
"Under the plan approved in the House last week, those $1,400 payments phase out completely for individuals making $100,000 and married couples making $200,000. Lawmakers in the Senate are expected to bring the payments to zero for individuals making $80,000 and married couples making $160,000. Individuals making less than $75,000 and married couples with incomes lower than $150,000 will still receive the full $1,400 check." --- WSJ
The goofy looking tax guy in the Gables.
(305) 455-6194

Most forms have been updated and can be processed. Earned Income Tax and Child Tax Credits will not be funded until mid March, according to recent IRS post.

The goofy looking tax guy in the Gables.

(305) 455-6194

If you made more money in 2020 compared to 2019 and are close to the phase out rate for the EIP Stimulus Amounts ---- DO NOT FILE YOUR TAXES YET. File an extension, get the EIP $1400 stimulus **** THEN ***** do your taxes.

You're Welcome.....

The goofy looking tax guy in the Gables.

Form 8915E Not Ready Yet
The release of this form in most tax software platforms is 2/28 or 3/11. This is the form that allows you to avoid the 10% early distribution penalty if you withdrew funds from your 401k to take advantage of the Cares Act Covid-19 provision. This form is also the form that enables you to spread the early distribution funds over 3 years. Your tax preparer is not ignoring you, he is simply waiting for this form to be available to adequately process your return.
This affects ProSeries, Lacerte, Intuit, TurboTax, Drake (not the singer), Tax Wise, Liberty Taxes, H&R Block, etc.

The goofy looking tax guy in the Gables.
(305) 455-6194

TAXES ARE NOT DUE 4/15
For those living under an air conditioned rock, taxes are NOT due tomorrow, 4/15. They are due on 7/15. You're welcome to panic about double-ply Charmin, not your taxes.....
--- The Goofy Tax Guy in the Gables

SOME RANDOM HELPFUL TIPS
1. Begin using more credit cards and less cash on-hand
Credit cards are a wonderful way to defer payment, incur expenses and dilute the amount of time you are required to pay it back.
2. If you are still employed and need extra cash, temporarily shut down your federal withholdings. Do this through your W4 at your HR Dept. This will produce a tax liability but you won't owe the money until 4/15/21. To claim exemption from withholding, certify write “Exempt” on Form W-4 in the space below Step 4(c). Then, complete Steps 1(a), 1(b), and 5.
3. You normally can withdraw from your 401(k), 403(b) and return the money within 60 days to avoid the 10% penalty, once a year. If you need immediate access to cash, you can now withdraw from your retirement account. You have 3 years to be taxed on it, spreading the burden. That is, if the money was used for a COVID-19 related hardship, you can spread the tax liability over 3 years and avert the early distribution 10% penalty.
4. If you need to sign up for an SBA loan go to disasterloan.sba.gov/ela/... This loan is at 3.75%
5. Be sure to invest on AC filters.
The AC usage during this quarantine period is higher than usual and May - June is Christmas season for the costly AC repair industry.
6. You don't have to be totally laid-off or furloughed to qualify for Unemployment Benefits.... Go to ttp://www.floridajobs.org Get the process going as soon as possible to establish a profile in the event of future benefits.
7. If you have equity in your house, it's a good idea to acquire a Home Equity Line of Credit (HELOC). You actually don't have to use the money but you'll have a line of credit in the event of any emergency. OR, to keep your business solvent.
You will lock a good interest rate and keep your loan in a secondary position so that your property taxes don't rise.
If you need a mortgage broker, IM, me.
8. If you have any old folks that need food or assistance have them dial #311
9. Quarantine is a wonderful time to organize your pictures
10. If your Routing and/or Account number have changed, don't fret. The IRS will publish info to a portal that will be used to make R/A # changes; to properly route your stimulus payment.
11. Sign up for CashApp….
It'll allow you to use a Credit Card.
12. Use the Publix insta-cart service and order your groceries 2-3 days in advance.
13. The stimulus is a rebate that will be reconciled in your 2020 tax return. If you don't get it and you qualify, it will appear as a credit in next year's tax return.
14. If your address has changed after filing your tax return, be sure to update your voters registration and license, the IRS will usually use these sources to confirm your physical address. You can also file form 8822.
15. Call your car insurance and let them know you are driving "10 min a day and are working from home", you'll likely get some sort of reprieve (thank you Carlos Osorio)
16. Reminder: retirement social security recipients need not file a tax return.

…..stay safe, my peeps.. The Goofy Looking Tax Guy

Disaster assistance The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.

PAPER CHECK STIMULUS
If there is no Direct Deposit information on file, the stimulus will be issued by check based on taxpayer income, beginning on 4/24. Income of $0 - $10,000 will get it on 4/24, income of $10.0k thru $60.0 will get it in May, income of $60.0 thru $100.0 will get it in June, ...thru $150 in July, ...thru $190 in Aug and over $190.0 in September.

THE CHECKS ARE COMING
4/9 will be the date the IRS starts issuing the stimulus funds via direct deposit. For those who will receive paper checks, they will be sent on 4/24.

As a courtesy to our customers, we will enable our remote services and offer to schedule phone appointments, instead of physical appointments, to facilitate the tax preparation process. We will also offer remote signing, to help expedite refunds, and video conferencing, if required.

We hope everyone is doing well & would like to remind you that toilet paper is deductible in a pandemic situation.

DAN TAX Financial Services
(305) 455-6194
[email protected]

EFILE UPDATE
The IRS will officially begin accepting and processing tax returns for the 2019 tax year on Mon, 1/27/20. Most of the missing forms will be available to work on by Thursday, 1/23/20. Anyone of our beautiful DROP-OFF clients, who are waiting for us to send documents to sign, will receive them by Friday, 1/24/20 to be first in line for the 1/27/20 first EFILE batch.

The goofy looking tax guy in the Gables.

DAN TAX Financial Services
(305) 455-6194
260 Palermo Ave, Suite 5
Coral Gables, FL 33134

Temporary Phone Disruption
As of 9/7 4:30pm our phone indicates (305) 455-6194 is out of service or disconnected.

This will be corrected by Monday, 9/9.

DAN TAX Financial Services

DONATIONS
It’s a good idea to use these lazy Summer Days to clear out your home of unused appliances, toys, clothes etc. Donate them now that the GOODWILL facilities are not busy & traffic is light.

Reminder: File Annual Report in Sunbiz
If you own an LLC, LLP, Corp, etc. entity and operate in the state of Florida, you must file the Annual Report by tomorrow, 5/1 --- to avoid the $400 penalty.

EFILE DAY
Many forms & schedules that were on hold are now available. This means most 1040 tax returns will be efiled today. The WHERE’S MY REFUND application on the IRS website, should be up to date by next Tuesday, 2/12.

YOU’RE WELCOME....

Appointments & Drop-Offs
(305) 455-6194

EFILES are now being accepted as of 9:02am --- I'm impressed.

Appointments and Drop Offs
(305) 455-6194

EFILE STATUS
The IRS has NOT yet opened the efile window so we're still on hold this morning, despite what the radio shows are saying. If you're claiming any Hurricane Damages your return is delayed until 2/7.

Appointments and Drop-Offs
(305) 455-6194
The Goofy Looking Tax Guy in the Gables

DEPENDENT INCOME
Once again, if your Bundle-of-Joy (son or daughter) had a job in 2018 and received a W-2 or 1099-Misc --- DO NOT --- let them do their own tax, you will lose money, especially if they are attending college. The value of their refund will be the SAME this year, if you claim them as a dependent or not.
(this one's a Freebee for my FB peeps)

Appointments and Drop-Offs
(305) 455-6194
[email protected]

FUTURE 2018 DELAYS
The IRS staff is being asked to work without pay. They currently have 15% of the workforce calling in sick. The 1/28 efiling date will happen but expect delays on the refunds. We were told that prior year tax returns could be efiled on 1/9 but we haven't received efile confirmations yet --- the same may happen to 2018 returns. Also, if you owe the IRS money, create a profile in their EFTPS system (in irs.gov) to make the payments --- interest & penalties continue despite the Shut-Down. If there is an Identity Theft issue, contact the Tax Payer Advocacy service (877) 777-4778 or ask your tax practitioner to contact their ESERVICES help desk.

Appointments and Drop-Offs
(305) 455-6194

HELP FOR SHUT-DOWN VICTIMS
Some ideas to mitigate the financial strain on those being affected by the shut-down...
1. Get an advance on your paycheck, AMSCOT
2. Change your Federal Withholding (W-4) —- taking more money home—- by raising the number of “allowances” or go EXEMPT for the next two pay periods then change the W-4 back to normal by the 3rd pay-period.
3. W-2s should be issued by 1/25, the IRS starts working on tax returns on 1/28. Efile your returns DO NOT mail it. And, don’t use Refund Advance Loans (RAL). Refunds get processed in 8-10 days. Be sure to direct deposit.
4. File for unemployment benefits
5. Activate your credit card. Exploit any ZERO interest offers, since it’s a temporary need.
6. If you owe money to the IRS, fill out Form 9465, then request a hardship to prevent your refund from being garnished. The IRS's pay plans are currently being accepted. (800) 829-1040.
7. Draft, mail certified letter to each of the 3 credit bureaus (Experian, Equifax, Trans Union) requesting that any negative reporting be exempt from your credit report; it’s temporary & you’ll recover as soon as the government is operational.
8. Do the same for all your bills —- credit cards are the priority (they need to remain active), mortgage then utilities.
9. Notify your BANK in case any checks bounce.
10. Apply for a loan — NOT a withdraw — from your 401(k)
11. If you withdraw from a 401(k), IRA, 403(b), etc., you have 60 days to give the money back to avoid all the negative impacts that Early Distribution will cause you next year.
12. Hang on to your CASH as long as possible.

Hope this helps....

The Goofy Looking tax guy in the Gables...
(305) 455-6194
Appointments & Drop-Offs

IRS EFILE 1/28
The IRS just reported that 2018 tax returns will begin to be processed on 1/28 despite a government shut-down.
Many IRS employees are working without pay so please be extra nice if you have to call them (800) 829-1040.

Appointments and Drop Offs
(305) 455-6194

DAN TAX Financial Services
260 Palermo Ave, Ste. 5
Miami, FL 33134

Happy Monday, Everyone...!!!
We have officially opened the calendar for 2019 tax appointments.

DAN TAX Financial Services
(305) 455-6194

We will begin taking appointments on Monday, 12/17/18 for the new upcoming 2019 Tax Season. Drop-Offs begin on Monday, 1/7/19

Merry Christmas, everyone...!!!

DAN TAX Financial Services
(305) 455-6194

This is a friendly reminder that the TAX DEADLINE is 4/17 for 1040's. ....Call us for appointments and extensions.

DAN TAX Financial Services
(305) 455-6194

EXTENSIONS
Extensions for S-Corp (1120S) and Partnerships (1065) are due by tomorrow, 3/15.