TLC Professional Services, LLC

The loan pre approvals I have been submitting have been sort of low, but one of my clients just got the max$$$

The IRS is also making Improvements to the “Where's My Refund” tool, which is the IRS' most widely used taxpayer service tool. Updates to Where's My Refund will allow taxpayers to see more detailed refund status messages in plain language. These updates will also ensure “Where's My Refund” works seamlessly on mobile devices. The new updates will reduce the need for taxpayers to call the IRS for answers to basic questions.

Most refunds are issued in less than 21 days; EITC refunds for many available starting February 27.

The Internal Revenue Service today announced Monday, January 29th, as the beginning of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax year returns.
PreAck Loans are available now!

Your 2024 benefits took effect Jan 1. Check your paycheck today or your first check for 2024 to make sure your elections and deductions match your annual enrollment.

Make sure you are paying enough federal taxes!!! People act as if they don’t know they haven’t paid much or any federal taxes by this time of the year knowing they knew😩
Many shouldn’t be multiplying the number of qualifying children by 2k or the number another dependents by $500, you should just enter 0 on your W4. Paying in an adequate amount of federal taxes will not kill you. Quit going exempt for bonus’s or anything. It would behoove you take heed.

will be offering Pre-Ack loans starting Jan 2nd💵

I love telling my friends and clients about ways to save money/reduce debt. I told the ones I could think of about the PSLF program and also about Borrower Defense Program. I hope they completed it because I am student loan free now. All of my loans were forgiven under the Public Service Loan Forgiveness Program in January & I received an email from the Borrower Defense Program saying my Re*****on Loans for Billing & Coding are going to be forgiven as well, but I’m already student loan free but it was still great to know that it worked! I love my job and they will have to drag me out if they want me gone because I’m never quitting lol.

is still preparing returns as well!

You CAN NOT be Head of Household if you don’t have a qualifying dependent.

Quit comparing your refund last year to this year. It’s a difference in the credits if those credits are even available at all.

Most of you even if you have 1 dependent should be claiming zero exemptions on your W4. Quit saying you don’t know why they didn’t take out taxes on you. Pay attention to your check stubs and update your W4.

ENROLL in the retirement plan your employer is offering. Pre tax enrollment is beneficial.

WHY IS MY TAX REFUND LOWER THIS YEAR? Here are some of the reasons why⬇️

Child Tax Credit Changes

The Child Tax Credit has reverted to the rules that were in effect in 2020 as follows:

The credit amount has been reduced to $2,000 for each qualifying child.
$1,500 of the credit for each qualifying child is eligible to be refundable.
A qualifying child is a child under the age of 17.

Child and Dependent Care Credit Changes

This credit is non-refundable for Tax Year 2022.

Maximum of qualifying childcare expenses are:
$3,000 for one qualifying person – Maximum credit is $1,050
$6,000 for two or more qualifying persons – Maximum credit is $2,100
The maximum credit percentage rate is 35% for taxpayers with AGI of $15,000 or less.

The Recovery Rebate Credit is No Longer Applicable

Key filing season dates
There are several important dates taxpayers should keep in mind for this year's filing season:

January 13: IRS Free File opens
January 17: Due date for tax year 2022 fourth quarter estimated tax payment.
January 23: IRS begins 2023 tax season and starts accepting and processing individual 2022 tax returns.
January 27: 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: National due date to file a 2022 tax return or request an extension and pay tax owed due to the Emancipation Day holiday in Washington, D.C.
October 16: Due date to file for those requesting an extension on their 2022 tax returns.

Per today's news release, "The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year | Internal Revenue Service IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

This is a reminder that unless Congress passes legislation that extends these provisions, the following have reverted back to the rules that applied in 2020 for Tax Year 2022:

Child Tax Credit for 2022

The child tax credit is $2,000 for each qualifying child with $1,500 (adjusted for inflation) eligible to be refundable as the additional child tax credit.
The age limit for a qualifying child is under the age of 17.
The taxpayer must have earned income over $2,500 to qualify for the refundable portion of the child tax credit.
Qualifying child must have a valid SSN.
The advance of the child tax credit is no longer applicable for tax year 2022.

Child and Dependent Care Credit for 2022

The Child and Dependent Care Credit is nonrefundable.
The maximum qualifying expenses are $3,000 for one qualifying person and $6,000 for two or more qualifying persons.
The maximum percentage is 35% for taxpayers with $15,000 or less of AGI. Percentage gradually decreases for AGI between $15,000 and $43,000 until it reaches 20%.

My name means a lot to me. Do right by people & do good business & your business will grow more & more‼️

Attention📢📢📢

By law, the IRS cannot issue a refund involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February, though eligible people may file their returns beginning on January 24. The law provides this additional time to help the IRS stop fraudulent refunds from being issued.

Some returns, filed electronically or on paper, may need manual review, which delays the processing, if their systems detect a possible error or missing information, or there is suspected identity theft or fraud. Some of these situations require them to correspond with taxpayers, but some do not. This work does require special handling by an IRS employee so, in these instances, it may take the IRS more than the normal 21 days to issue any related refund. In those cases where IRS is able to correct the return without corresponding, the IRS will send an explanation to the taxpayer.

The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.

"Planning for the nation's filing season process is a massive undertaking, and IRS teams have been working non-stop these past several months to prepare," said IRS Commissioner Chuck Rettig. "The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays. Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. People should make sure they report the correct amount on their tax return to avoid delays.”

IMPORTANT INFORMATION!!!

Keep these two letters from the IRS.

Letter 6419: The IRS will send Letter 6419 to people who received advance Child Tax Credit payments.

Letter 6475: The IRS will send Letter 6475 to people who received an EIP payment in 2021.

Please be sure to keep both letters for your records. You will need them to prepare your taxes or you can always create an online account and get those amounts as well!

Families receiving monthly Child Tax Credit payments can now update their direct deposit information.

The IRS today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment.

The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the rest of 2021.

Families will receive their July 15 payment by direct deposit in the bank account currently on file with the IRS. Those who are not enrolled for direct deposit will receive a check. The IRS encourages people without current bank account information to use the tool to update their information so they can get the payments sooner.

The IRS also urges people to be on the lookout for scams related to the Child Tax Credit. People who need to update their bank account information should go directly to the IRS.gov site and not click on links received by email, text or phone.

How to update direct deposit information?

First, families should use the Child Tax Credit Update Portal to confirm their eligibility for the payments. If eligible, the tool will also indicate whether they are enrolled to receive their payments by direct deposit.

If so, it will list the full bank routing number and the last four digits of their account number. This is the account that will receive their July 15 payment, and if they don’t change the account, all future payments will go there as well.

Next, if they choose, they can change the bank account receiving the payment starting with the Aug. 13 payment. They can do that by updating the routing number and account number and indicating whether it is a savings or checking account. Note that only one account number is permitted for each recipient—that is, the entire payment must be direct deposited in only one account.

How to switch from paper check to direct deposit

If the Update Portal shows that a family is eligible to receive payments but not enrolled to receive direct deposits, they will receive a check each month. If they want to switch to receiving their payments by direct deposit, they can use the tool to add their bank account information. They do that by entering their bank routing number and account number and indicating whether it is a savings or checking account.

The IRS urges any family receiving checks to consider switching to direct deposit. With direct deposit, families can access their money more quickly. Direct deposit removes the time, worry and expense of cashing a check. In addition, direct deposit eliminates the chance of a lost, stolen or undelivered check.

Families can stop payments anytime

Even after payments begin, families can stop all future monthly payments if they choose. They do that by using the unenroll feature in the Child Tax Credit Update Portal. Eligible families who make this choice will still receive the rest of their Child Tax Credit as a lump sum when they file their 2021 federal income tax return next year.

To stop all payments starting in August and the rest of 2021, they must unenroll by Aug. 2, 2021.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Child Tax Credit Update Portal | Internal Revenue Service Unenroll if you don’t want to get advance Child Tax Credit payments or check if you’re enrolled.

I have already notified some customers of their extra funds that will be on the way but read below⤵️

IRS to recalculate taxes on unemployment benefits; refunds to start in May.

To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

The legislation, signed on March 11, allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes.

Because the change occurred after some people filed their taxes, the IRS will take steps in the spring and summer to make the appropriate change to their return, which may result in a refund. The first refunds are expected to be made in May and will continue into the summer.

For everyone that received funds for the EIDL in 2020 deferent has been granted until 2022.

https://www.sba.gov/article/2021/mar/16/sba-extends-deferment-period-all-covid-19-eidl-other-disaster-loans-until-2022

SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022 {}

The IRS, the U.S. Department of the Treasury and the Bureau of the Fiscal Service have already disbursed 90 million Economic Impact Payments under the American Rescue Plan. In total, this first batch of payments is valued at more than $242 billion. Additional payments will be sent in coming weeks by direct deposit and through the mail as a check or debit card.

Tax Day for individuals extended to May 17, 2021

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

More details to follow.

The IRS has released guidance on reporting unemployment since the passing of the Covid Relief Bill. This client below received unemployment, the bottom number was his/her refund before the passing of the bill, the top number is his/her refund amount now! What a great act President Biden has done for many! If you have already filed your taxes with & received unemployment, the IRS is requesting that we do NOT file amended returns. Wait for more direction from them first. If it turns out that amended returns will be needed. I will be amending all of my clients for FREE!