TNT TAXES

10 Reasons to Have a Will and Estate Plan

The majority of Americans don't have a will. They come up with a variety of rationalizations for why they put off arranging their estates. This article covers some of the reasons why people don't have a will and estate plan, along with ten reasons why they should put their wishes into legal, formal documents.
This is about your family following your wishes after you are gone, so please make it easier on them.

UPDATED INFO FOR TAXPAYERS EFFECTED BY THE NATURAL DISASTERS.

More time to file and pay

The IRS automatically gives taxpayers whose address of record is in a disaster-area locality more time to file returns and pay taxes. Taxpayers get the extra time without having to ask for it.

Currently, taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Tennessee and Virginia, who received extensions to file their 2023 returns have until May 1, 2025, to file. Tax-year 2023 tax payments are not eligible for this extension. In addition, May 1 is also the deadline for filing 2024 returns and paying any tax due.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

This page also provides disaster updates and links to resources, and information is usually available on the IRS Twitter (now X) account as well.

Disaster payments usually tax-free

Qualified disaster relief payments are generally excluded from gross income. In general, this means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. See Publication 525, Taxable and Nontaxable Income, for details.

Federal Tax News for Individuals

1. Taking Money Out of Your IRA
2. Document Your Donations Right Away
3. Time's Almost Up to File Your Extended Return!
4. Tax Credit Help with Dependent Care Costs
5. Ideas for Lowerering your 2024 tax filing.

Taking Money Out of Your IRA
If you withdraw money from a traditional IRA before age 59½, you'll generally owe income tax plus a 10% penalty on the amount. But there are exceptions, including if you withdraw the money to cover certain higher education costs or to buy a home (first-time homebuyer expenses up to $10,000). You can usually make penalty-free IRA withdrawals when you have or adopt a child ($5,000 limit per child), in the event of a financial emergency ($1,000 limit per year) and to help with disaster recovery costs ($22,000 limit). Those who become disabled and domestic violence victims ($10,000 limit), among others, also may qualify.

Document Your Donations Right Away
Did your summer chore list leave you with boxes of items to donate to local charities? Not only is it generous to donate, but you might end up with tax savings as well (if you itemize deductions on your tax return).

You'll need to secure proper documentation from the qualified charities you donate to. Noncash donations of less than $250 must be supported by a receipt, showing your name, address, date of donation and detailed descriptions of the items. For donations valued at $250 to $500 you must also obtain a "contemporaneous written acknowledgement" from the charity. Click here for more details, including documentation needed for higher value donations.

Time's Almost Up to File Your Extended Return!
If you requested an extension to file your tax return after the original April 15, 2024, due date, you probably know that the new deadline is coming up soon on Oct. 15. If you have the information you need, you may want to file now, the IRS says.

There's no advantage to waiting, and last-minute filing may lead to worry. If you're concerned about paying any tax owed, the IRS offers short- and long-term payment plans, as well as installment agreements, to taxpayers who qualify. It's important to act quickly if you owe because any amount that was due April 15 accrues interest until the balance is paid. As soon as possible, gather your 2023 tax year records and contact the office for a tax preparation appointment or to ask questions you may have.

Tax Credit Help with Dependent Care Costs

If you incur daycare expenses for children or other dependents, you may qualify for a tax credit. The Child and Dependent Care Credit is available for expenses that allow you or your spouse to work or actively seek work. If eligible, you may be eligible to claim up to 35% of your expenses. The credit can't exceed $3,000 for one qualifying person, or $6,000 for two or more persons, and a percentage applies based on your income. Suppose you pay your mother to watch your children during the day. Does that count towards a credit? Yes, if your mother isn't your dependent. You can also pay other relatives to watch your kids, but conditions apply. Click here for more information.

An Idea for Lowering your 2024 Tax Bill
With the year more than half over, now's the time to consider ways to lower your 2024 tax bill. If you own or are a beneficiary of an IRA and you're at least 70½, here's one option: Make donations of up to $100,000 to IRS-approved charities directly from your IRA (or $200,000 for a married couple where both spouses meet the age requirement).

These qualified charitable distributions (QCDs) can fulfill your annual required minimum distribution if applicable. You can't take a charitable deduction for a QCD, but the donated amount is removed from your taxable income, which may preserve your eligibility for other tax breaks. QCDs also offer other tax advantages. Contact me to learn more. 903-669-5817
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TNT TAXES
3251 Lamar Ave suite B
Paris TX 75460
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Federal Tax News for Individuals

1. Got a Letter from the IRS?
2. Summer Travel: Beware of the New Fees!
3. What to Do if Your Offer in Compromise is Rejected
4. Moving to a New Home?
5. Don't Overlook Paying Tax on Gig Economy Income

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Do You Qualify for the 0% Tax Rate for Capital Gains and Dividends?

Under current tax law, many people pay no federal income tax on net long-term capital gains and qualified dividends earned in their taxable accounts. Here's an overview of the income levels that qualify for the 0% rate, along with tax-smart moves that could allow higher-income taxpayers to pass on wealth to younger generations, while capitalizing on this favorable tax rate.

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Did you know grass clippings in the roadway can present the same hazards as an oil slick or ice? Freshly cut grass or other loose debris in the roadway can be slick and cause motorcycle riders to lose traction. Please be considerate of motorcyclists and avoid blowing yard waste into the roadway.

If you ride a motorcycle, be sure to keep your tires in top condition and remain vigilant of potential roadway hazards.

Join me Everyone TERESSA'S TNT TUPPERWARE for the best Tup experience!
I'm currently updating the room and getting ready for the latest catalog items.
I also have a BIG surprise coming up starting May 1st , and you don't want to miss out on this 1!!
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I just want to thank all my clients, friends and family for such a blessed tax season.
I have had the pleasure of meeting so many new people and clients, mostly because of Dorothy Lipscomb and her recommendation. She has been a blessing.
Thank you everyone and have a great year.
I'm here to help if you need me.
903.669.5817

STOP PAYING THOSE HIGH PRICES FOR TAX PREP!!!
Come see me at TNT Taxes and Notary for all your Tax and Notary needs.
Open 9:00-5:00 M-F(later if needed) and on Saturdays BY APPT ONLY.
My office is located @3251 Lamar Ave Suite B Paris tx. You can reach me @ 903.669.5817.
Thank you and have a blessed and wonderful day!!!

For all your Tax , Notary and Bookeeping needs,

Call for an appt or drop by to see me @ 3251 Lamar ave Suite B Paris, texas

903-669-5817
Hours are 9 to 5 but I will stay later for those hard working people that need help.

Happy New Year Everyone !!!
If you need help with your taxes this year please don't hesitate to call me
903.669.5817

Just a couple months away make sure your former and current employers have your correct mailing address to mail your w2s and 1099s. I will be happy to help 😊
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TNT TAXES

Here are the main takeaways:

1. If you haven’t filed your taxes over the past few years, the window to claim old refunds is closing, according to the IRS.
2. There are nearly 1.5 million people with unclaimed refunds from tax year 2019, worth almost $1.5 billion, the agency estimates.
3. The last chance to file and collect refunds from 2019 was July 17.

Upcoming IRS improvements for small business owners

FS-2023-13, May 2023

As part of National Small Business Week, April 30 to May 6, the Internal Revenue Service wants small business taxpayers to know they will soon see changes to help them better interact with the Internal Revenue Service in ways that work best for them. New improvements to phone service, in-person and online options will allow small business taxpayers get the help they need when they need it.

These improvements are a result of the Inflation Reduction Act (IRA) that passed in August of 2022. The Strategic Operating Plan describes how the agency plans to use funding from IRA to improve customer service and other priorities.

These are some of the enhancements to help small business taxpayers in the near future:

Expanded online service tools

Before next filing season, the IRS will launch Business Online Accounts. This tool is designed with small business taxpayers in mind. Additional features are scheduled to rollout in 2024. As the tool evolves through 2024, small businesses will be able to:

Use their account to see their tax information, track refunds, and schedule and track payments.
Access business tax transcripts will also be available online in an easy-to-read format.
Additional ability to respond to notices and file documents online

The IRS recently launched an online portal for businesses to file Form 1099 series information returns electronically. Businesses used to have to submit these forms by mai

IRS Reminds Taxpayers of April Estimated Tax Payment Deadline

WASHINGTON — The Internal Revenue Service today reminded people that Tax Day, April 18, is also the deadline for first quarter estimated tax payments for tax year 2023.

These payments are normally made by self-employed individuals, retirees, investors, businesses, corporations and others that do not have taxes withheld or employees that don’t have enough taxes withheld by their employers throughout the year.

Income taxes are a pay-as-you-go process. This means, by law, taxes must be paid as income is earned or received during the year. Most people pay their taxes through withholding from paychecks, pension payments, Social Security benefits or certain other government payments including unemployment compensation.

Most often, those who are self-employed or in the gig economy need to make estimated tax payments. Similarly, investors, retirees and others often need to make these payments because a substantial portion of their income is not subject to withholding.

Other income generally not subject to withholding includes interest, dividends, capital gains, alimony and rental income. Paying quarterly estimated taxes will usually lessen and may even eliminate any penalties.

Exceptions to the penalty and special rules apply to some groups of taxpayers, such as farmers and fishers, those who recently became disabled, recent retirees, those who receive income unevenly during the year and casualty and disaster victims.

Due to recent disasters, eligible taxpayers in California, Alabama and Georgia, for example, have until Oct. 16, 2023, to make 2023 estimated tax payments, normally due on April 18, June 15 and Sept. 15. People in other states may have extended deadlines as well; a full list is available on a special IRS.gov page.

How to pay estimated taxes
Form 1040-ES, Estimated Tax for Individuals, includes instructions to help taxpayers figure their estimated taxes. They can also visit IRS.gov/payments to pay electronically.

The best way to make a payment is through IRS online account. There taxpayers can see their payment history, any pending payments and other useful tax information. Taxpayers can make an estimated tax payment by using IRS Direct Pay; Debit Card, Credit Card or Digital Wallet; or the Treasury Department's Electronic Federal Tax Payment System (EFTPS).

For information on other payment options, visit IRS.gov/payments. If paying by check, taxpayers should be sure to make the check payable to the "United States Treasury."

Publication 505, Tax Withholding and Estimated Tax, has additional details, including worksheets and examples, that can be especially helpful to those who have dividend or capital gain income, owe alternative minimum tax or self-employment tax, or have other special situations.

Tax Withholding Estimator
The IRS urges people to use its Tax Withholding Estimator tool to help ensure the right amount of tax is withheld from their paychecks.

Checking taxes withheld periodically helps to protect against having too little tax withheld and possibly facing an unexpected tax bill or penalty at tax time. It also allows people to check taxes withheld up front, resulting in bigger paychecks throughout the year and likely a smaller refund at tax time.

IRS.gov assistance 24/7
Tax help is available 24/7 on IRS.gov. The IRS website offers a variety of online tools to help taxpayers answer common tax questions. For example, taxpayers can search the Interactive Tax Assistant, Tax Topics and Frequently Asked Questions to get answers to common questions.

The IRS is continuing to expand ways to communicate to taxpayers who prefer to get information in other languages. The IRS has posted translated tax resources in 20 other languages on IRS.gov. For more information, see We Speak Your Language.

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1 MONTH LEFT TO FILE TAXES OR FILE AND EXTENSION!!!
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CALL 903-669-5817
3251 LAMAR AVE SUIITE B ACROSS THE STREET FROM GUARANTY BANK ON LAMAR.

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TAX REP/BOOKEEPING B0OKEEPING NOTARY SERVICES
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IRS Tax Refund Calendar 2023: When will state and federal tax refunds be sent out?
Early filers could get refunds soon

IRS Tax Refund Calendar 2023: When will state and federal tax refunds be sent?
There is a certain process that the Internal Revenue Service (IRS) needs to follow in order to reach the stage where they issue a tax refund check to the taxpayers.

Many citizens of the USA may have decided to file their taxes early after the IRS officially announced that they would start accepting eFile tax returns on January 23, 2023.

The first step is to e-file your taxes and mail in your return before the authorities input all information provided for computers to scan your application.

It's only then that the IRS will be able to issue a payment check, one which will be mailed to you.

When will state and federal tax refunds be sent out?
The IRS has informed American taxpayers that the eFile systemallows the government to send out refunds through direct de5posits in a just eight days from when they use eFile.

According to the official IRS website, they tend to issue more than nine out of 10 refunds in less than 21 days.

However, in some cases tax returns may require additional review, which means that they could take longer.

The IRS officially opened yesterday and we are off and running!!!
It's not too late to get your Pre loan!! Call me today @ 903.669.5817 let's get those appointments set and your taxes done!!!

We are here at 3251 Lamar Avenue Suite B across from Guaranty Bank on Lamar Avenue ready to help you with all your income tax needs 903-669-5817 call and make an appointment walk-ins welcome

Important dates per the irs and please share for me ,I'm looking for more and new clients and trying to let my past clients know how to reach me.
903.669.5817
3251 Lamar Ave suite B
Rt across from Guaranty Bank.

Thanks in advance. Have a great new years!!!!!!