901 Tax Genie

We're a little over halfway through the year, please check your federal tax withholdings.

The begins accepting tax returns today! Taxpayer help has expanded this year with more in-person hours, better service and improved tools. Read: https://ow.ly/bb7k50QvqRN

https://form.jotform.com/240084249111447

CLIENT INTAKE FORM Please click the link to complete this form.

IRS OPENS ON JANUARY 29th

2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers | Internal Revenue Service IR-2024-04, Jan. 8, 2024 — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

While we are waiting on W-2's, please ensure that your other documents are accessible.

https://www.irs.gov/individuals/get-transcript

Get Transcript | Internal Revenue Service Get tax records and transcripts online or by mail. Prior-year tax returns, tax account transactions, wage and income statements and confirmation of non-filing letters.

https://www.irs.gov/newsroom/news-releases-for-current-month

News releases for current month | Internal Revenue Service A listing of current news releases published by the IRS.

Merry Christmas 🎄 family and friends, both near and far.
I hope that your day is filled with love and laughter. For those dealing with the loss of a loved one troubling times, I pray that the Spirit of The Living God comforts you and grant you peace.
Y'all stay safe and be blessed ❤️

🚨 Tax Tip 🚨

Over the past few years, the IRS has increased audits on both personal and business tax returns.
Remember, an audit is a review/examination of your tax filing, so if it's not documented, it didn't happen !!
Proper record keeping is critical in order to accurately file a tax return.
A great benefit of proper record keeping is, you will be know precisely how much money you are making and the correct amount that is being spent on business cost.

EIC has risen for the upcoming tax year !

https://sa.www4.irs.gov/secureaccess/ui/?TYPE=33554433&REALMOID=06-00008e4d-63f6-1187-a229-7c2b0ad00000&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=-SM-u0ktItgVFneUJDzkQ7tjvLYXyclDooCJJ7%2bjXGjg3YC5id2x9riHE98hoVgd1BBv&TARGET=-SM-https%3a%2f%2fsa%2ewww4%2eirs%2egov%2ficce--core%2floac%2fippin%2fpages%2fippin%2exhtml

Tax Season 2023 will SOON be upon us ! Make plans to replace any missing or worn identification documents and PLEASE make sure that your employers and financial institutions have your current mailing and email address.

Some of the Changes to Keep an Eye On;

No more stimmies. Remember those? Millions of Americans received a $1,400 stimulus payment in 2021. Some people got payments straight to their bank account or by mail, but you may have received it as a rebate on your 2021 tax return. That won't be happening in 2022.

Child tax credit. Tax year 2021 featured an enhanced child tax credit of $3,000 for children under 18 and $3,600 for children under 6. For 2022, it's back to the old rules: $2,000 for children under 17. If you were planning on claiming the credit for your 17-year-old this year, you're out of luck.

Child and dependent care. Those who claimed a tax break on child and dependent care last year are seeing a reversion to lower limits as well. A credit for expenses such as day care was worth up to $8,000 in 2021, but for 2022 maxes out at the old threshold of $2,100.

Charitable contributions. Deducting charitable contributions is generally a tax move reserved for the small percentage of taxpayers who itemize deductions. Pandemic-era rules, however, allowed all taxpayers to deduct up to $300 ($600 for married couples) worth of charitable contributions, even if they took the standard deduction. That break won't be available for tax year 2022.

Earned Income and Earned Income Tax Credit (EITC) Tables

File early to be in the first IRS drop !
Call us @ 901-567-7935

There is a beta launch for the student loan forgiveness application. Sign-Up NOW, it takes less than five (5) minutes.
https://l.facebook.com/l.php?u=https%3A%2F%2Fstudentaid.gov%2Fdebt-relief%2Fapplication%3Ffbclid%3DIwAR190uhgEHdgsMtQdZ-mQFz8dLeh137vfeBpwcY0MdPkkRLMc24n_Mw6iPI&h=AT3XBlW02Mt8IUYhqMD5FD3z1d7Y8R76-tL62gExeZvvc9ex9DWLKy75LQiQ-q3_fKL8BvtC-jdV3qWxqNx3XpMVbz4YFmUyOdoyQRhE2nDpgvrfXwdTEwP1PasMtzHW-jFQ8tOEVadT6Imtcg

Federal Student Aid

With so many questions about business entity selection, I thought I would post this informative clip, along with a few things to consider.

Organizational Structure
Planning/Goals
Business Loans/Credit
Tax Liability
Income
Assets
Industry

https://www.youtube.com/watch?v=EUXBDcFVAH0

Partnership vs LLC vs S Corp vs C Corp -- which entity is right for your multi-owner business? Are you starting a business with one or more other people? You may think of your business as a partnership, but that may not be the right *legal* entity for ...

Refunds Are Coming This Week !

The PATH Act mandates that the IRS cannot issue tax refunds on returns with Earned Income Tax Credit or Additional Child Tax Credit until mid-February. These refunds are historically released over a few days. The first such day is this Tuesday, February 22nd, and billions of dollars of these refunds will be processing in this short period of time. We expect a second PATH payment within the following week.

We will process direct deposit transactions into taxpayer and tax preparer bank accounts on the effective date of Tuesday, February 22cd.

Please remind customers with a direct deposit that the ACH may take 1-4 business days to show in their account.

Also, please keep in mind that not all EIP and ACTC customers will be getting their funding right away. Advise them to monitor their status on the IRS page, Where's My Refund.

Want to know when to expect your refund ?

https://www.cpapracticeadvisor.com/tax-compliance/news/21250714/2022-irs-tax-refund-dates-when-to-expect-your-refund?fbclid=IwAR3QAiy59TdQIzGEvb3pr9SWP7PRlLKd4pAL3qnBvNg6UQZoeWIjM3r1NJs #

2022 IRS Tax Refund Dates: When to Expect Your Refund The estimated refund date chart is below if you just want to scroll down. Most Americans who are expecting an income tax refund receive it by direct deposit in as little as 2 weeks after filing electronically.

Important Dates

❌January 18: Due date for tax year 2021 fourth quarter estimated tax payment.

❌January 24: IRS begins 2022 tax season. Individual 2021 tax returns begin being accepted and processing begins

❌January 28: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

❌April 18: Due date to file 2021 tax return or request extension and pay tax owed due to Emancipation Day holiday in Washington, D.C., even for those who live outside the area.

❌April 19: Due date to file 2021 tax return or request extension and pay tax owed for those who live in MA or ME due to Patriots' Day holiday

❌October 17: Due date to file for those requesting an extension on their 2021 tax return