Nava & Company

Happy Birthday Marines 🇺🇸
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We Remember and Honor 🇺🇸💙
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Happy 2022!!! ✨ Thank you all for trusting us to be of service you this past year.
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Happy Holidays from our family to yours ❄️

Thank you Veterans for your service and sacrifices 🇺🇸💙
Thank you for serving our country.
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We Remember 🇺🇸💙

We wish you all a safe and festive Independence Day!
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Today we honor and remember those that made the ultimate sacrifice for our country. 🇺🇸

Tax Day is exactly a week away! Be sure to file your taxes and pay any amount due by the 17th in order to avoid paying penalties. Please message us with any questions you may have.
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If you have qualifying children under the age of 18, you may be able to claim a child tax credit. The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, which may increase the amount you might receive. https://bit.ly/3nghs3m

Enhanced Child Tax Credit for 2021 | Nava & Company Enhanced Child Tax Credit for 2021If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial, t...

Reminder- The tax filing deadline is in less than a month away- you must file by May 17th. Please message us with any questions you may have and check or website to see what services we offer for both personal and business taxes.
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Happy Easter from our family to yours! 🐰

Happy Tuesday! Get to know our main accountant, Everardo. As you may have seen in our stories, Everardo is recognized by the IRS as an Enrolled Agent. Read below to learn what that means and to get to know Everardo a little more!
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Everardo Nava-U.S Marine Corps. veteran. An accountant with 18 plus years of tax and accounting experience. Is an Enrolled Agent recognized by the IRS as “a person who has earned the privilege of representing taxpayers before the Internal Revenue Service” by passing a three-part comprehensive IRS test covering individual & business tax return.
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Have you filed your taxes? Well, if you have not, you have some extra time. The Treasury Department and Internal Revenue Service announced 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.

Also, keep in mind that processing times for tax returns are delayed, and taking longer than usual. You may check the IRS website to check the status of your refund. As always thanks for your support during this time.
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Do you know how the pandemic relief bills will affect your taxes? Two emergency relief bills passed in 2020 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. Visit the News & Info page on our website or contact us to learn more.
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The IRS has announced a tax filing relief for the state of Texas following FEMA’s disaster declaration. All tax payers in the state of Texas (and possibly other states, check IRS website irs.gov) have until June 15th to file their personal and business tax returns.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Feb. 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.

The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.
(Source irs.gov)
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Do you know the difference between standard & itemized deductions? Below is information on how they differ and impact your taxes.

Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may be quicker and easier, but, itemizing deductions may lower taxes more, in some situations. It's important for all taxpayers to look into which deduction method best fits them.
•Standard deduction
The standard deduction is an amount that reduces taxable income. The amount adjusts every year and can vary by filing status. The standard deduction amount depends on the taxpayer's filing status, whether they are 65 or older or blind, and whether another taxpayer can claim them as a dependent. Taxpayers who are age 65 or older on the last day of the year and don't itemize deductions are entitled to a higher standard deduction.
Taxpayers benefit from the standard deduction if their standard deduction is more than the total of their allowable itemized deductions. They can use the Interactive Tax Assistant, How Much Is My Standard Deduction? to determine the amount their standard deduction and if they should itemize their deductions.

•Itemized deductions
Taxpayers may itemize deductions because that amount is higher than their standard deduction, which will result in less tax owed or a larger refund. In some cases, they not allowed to use the standard deduction.
Tax software can guide taxpayers through the process of itemizing their deductions. Taxpayers who itemize file Schedule A (Form 1040 or 1040-SR), Itemized Deductions or Form 1040-SR, U.S. Tax Return for Seniors.
A taxpayer may benefit by itemizing deductions if any of following apply to their tax situation, they:
* Had large uninsured medical and dental expenses
* Paid interest and taxes on their home
* Had large uninsured casualty or theft losses
* Made large contributions to qualified charities
Individual itemized deductions may be limited. Schedule A, (Form 1040 or 1040-SR), Itemized Deductions  can help determine what limitations may apply.
(Source IRS)

Tax season is here! Today is the first day you can file your tax returns. Be sure to give us a call to set up a contactless meeting, so we may answer any questions you may have. File early and don’t wait till the last minute to file.
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The IRS has announced that the federal income tax filing season for tax year 2020 returns begins on Friday, February 12, 2021. Click here to get more information http://bit.ly/2YVt5RZ

Federal Tax Filing Season Starts Soon | Nava & Company Federal Tax Filing Season Starts SoonThe IRS has announced that the federal income tax filing season for tax year 2020 returns begins on Friday, February 12, 2021. Although tax seasons frequently begin in late January, the additional time will allow the IRS to update its programming and test its sys...

Happy Friday! Tax season is about two weeks away, but it’s not too early to give us a call and have your questions answered. Check out the services we offer for individuals and businesses too.
Our very own Everardo has 20
years of experience, and is certified as and enrolled agent through the IRS.
*We also want to thank you all for the referrals, shares, comments and the love you show to us, we appreciate it so much.
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It’s almost tax season again! The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. If you have all the information we need, we can prepare your tax return to submit ok February 12th.

Please email, call or message us to set up your appointment or if you have any questions at all.
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&company

“Our lives begin to end the day we become silent about things that matter.”-Dr. Martin Luther King Jr.
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Happy Saturday! This morning we got to spend time making breakfast and playing with our little one and then off of work. Feeling thankful for all the referrals, post likes, shares and everything else you all do for your family.
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Do you ever wonder where your money goes each month? Now is a good time to establish a budget to help you keep track of how you spend your money and help you reach your financial goals.
http://bit.ly/357TTCj

Setting Up a Budget For The New Year | Nava & Company Setting Up a Budget For The New YearDo you ever wonder where your money goes each month? Does it seem like you’re never able to get ahead? If so, you may want to establish a budget to help you keep track of how you spend your money and help you reach your financial goals.Examine your financial goa...

Happy 2021 to you all! Wishing you a year of happiness, joy, health and all wonderful things.

We also want to thank you for supporting us! Look forward to this year!
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#2021