Ray Accounting & Tax Consulting

🚨 Business owners, Freelancers, gig workers, and self-employed individuals: it's that time again! Your estimated quarterly tax payment for Q2 is due June 17th, 2024.

🤓By paying your taxes steadily throughout the year, as opposed to just wait until June 17, you avoid interest, late payment penalties and underpayment penalties.

⚠ Not sure what your tax liability is or how to make the payment? Reach out to us!

🤟Follow us for tax savings tips and smart solutions!

🚨 June 17, 2024 is the due date for the second estimated tax payment for 2023 Tax Year🚨

🤟 Follow us for tax savings tips and smart solutions! 🤟

☑When it comes to reporting short-term rental income on your tax return, the key distinction between using Schedule C or Schedule E is whether you provide substantial services to your tenants.

☑In addition, If your rental's average stay is seven days or less, it’s not a real estate activity according to Treasury Regulation Sec. 1.469-1T(e)(3)(ii)(A).

☑By carefully evaluating your rental activity and the services provided, you can determine the appropriate schedule to use for reporting income and expenses on your tax return.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

🚨On May 28, 2024 the IRS announced tax relief for individuals and businesses in Texas that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 26, 2024🚨

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

Maryland Payroll Company Owner Pleads Guilty to Employment Tax Crimes and Embezzling from Employees’ 401(k) Plans A Maryland woman pleaded guilty to failing to pay employment taxes to the IRS and embezzling from an employee benefit plan.

Virginia Man was Sentenced to More than Six Years in Prison for Tax Scheme. Defendant Thwarted IRS Collection Efforts by Hiding Assets from the IRS

Virginia Man Sentenced to More than Six Years in Prison for Tax Scheme A Virginia businessman was sentenced to 78 months in prison for evading the payment of employment taxes, filing false tax returns and obstructing the IRS.

🚨 Business owners, Freelancers, gig workers, and self-employed individuals: it's that time again! Your estimated quarterly tax payment for Q1 is due April 15th, 2024.

🤓By paying your taxes steadily throughout the year, as opposed to just wait until April 15, you avoid interest, late payment penalties and underpayment penalties.

⚠ Not sure what your tax liability is or how to make the payment? Reach out to us!

🤟 Follow us for tax savings tips and smart solutions!

🚨April 15, 2024 is the due date for the first estimated tax payment for 2024 Tax Year🚨

Ask an Advisor: Is it Wise to Convert 10% of My 401(k) into a Roth IRA Each Year to Avoid Taxes and RMDs? Is it wise to start converting my 401(k) into an IRA (and then Roth) by 10% per year in order to avoid having to claim too much income each year when converting and also avoid RMDs as much as I can? -Cathy It's definitely smart to be thinking about this, Cathy. Systematic Roth conversions like […]...

🚨 The IRS is Currently Sending out Notices of Intent to Levy Certain Assets. Here is what to do when you Receive a Collection Letter from the IRS :
✅ Don't panic
✅ Take a Deep Breath
✅ Send documents to me for a free, no-obligation consultation & tax resolution advise.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

IRS Intensifies Efforts to Target High-Income earners, including millionaires, who have failed to file their tax returns despite having financial activity exceeding $100 billion.

IRS launches new effort aimed at high-income non-filers; 125,000 cases focused on high earners, including millionaires, who failed to file tax returns with financial activity topping $100 billion | Internal Revenue Service IR-2024-56, Feb. 29, 2024 — In the continuing effort to improve tax compliance and ensure fairness, the Internal Revenue Service announced a new effort today focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017.

Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief The IRS, with billions of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy individuals, partnerships and large companies.

IRS Commissioner Danny Werfel assured Congress that the agency is capable of swiftly executing adjustments to the Child Tax Credit, with the implementation process estimated to take only a few weeks. Additionally, Werfel stated that the IRS is committed to issuing tax refunds in a timely and efficient manner.

IRS commits to making Child Tax Credit changes quickly The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly.

✅If you sold your primary residence and realized a capital gain, you may be eligible to exclude a portion of that gain from your taxable income.
⚠ The exclusion amount is up to $250,000 for single filers or $500,000 for joint filers.
🚨However, it's important to note that certain conditions must be met to qualify for this exclusion.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

✅Taxes are a good thing.
✅A lot of taxes usually equals a lot of money.
✅Paying taxes is an indicator that you are earning income which is a positive thing.
✅Maximizing tax benefits by legally utilizing available strategies and structures is fair play.
✅Don't let taxes limit your success.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

💰 The maximum refundable child tax credit amount per child is set to increase from $1,600 to $1,800 for Tax Year 2023, reaching $1,900 in Tax Year 2024, and a fantastic $2,000 in Tax Year 2025! 💰

💼📊 Having a solid understanding of personal and business tax fundamentals can help entrepreneurs navigate the complexities of tax regulations and optimize their financial strategies ​💼📊

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

Don’t Wait on Expanded Child Tax Credit to File, IRS Chief Says Taxpayers shouldn’t wait for Congress to enact changes to the child tax credit and instead file when they are ready, IRS Commissioner Danny Werfel said ahead of the start of filing season Monday.

As an Accountant, the #1 question I get from both entrepreneurs and small business owners:

💡I started an LLC, What does this mean for my taxes ?

✅How to structure your business (I.e. the legal entity) will determine how you file your taxes (I.e. your tax classification).

LLCs file a 1040 Schedule C (1 owner) or Partnership (2+ owners) by default.
LLCs can elect to have a tax classification of an S-Corp or C-Corp.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

💡 April 15, 2024: File (Form 1040) Individuals & Schedule C filers and Pay Tax Due (or file an extension) 💡

🚨 DON'T BE A PROCRASTINATOR. BOOK YOUR APPOINTMENT TODAY. SECURE PORTAL & EMAIL FOR FASTER SERVICE 🚨

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

💡 April 15, 2024: File (Form 1120) “C Corporation” Income Tax Returns and Pay Tax Due (or file an extension) 💡

🚨 DON'T BE A PROCRASTINATOR. BOOK YOUR APPOINTMENT TODAY. SECURE PORTAL & EMAIL FOR FASTER SERVICE 🚨

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

💡 March 15, 2024: File 2023 “Partnership" (Form 1065) Income Tax Returns (or file an extension) 💡

🚨 DON'T BE A PROCRASTINATOR. BOOK YOUR APPOINTMENT TODAY. SECURE PORTAL & EMAIL FOR FASTER SERVICE 🚨

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

💡 March 15, 2024: File 2023 “S Corporation" (Form 1120S) Income Tax Returns (or file an extension) 💡

🚨 DON'T BE A PROCRASTINATOR. BOOK YOUR APPOINTMENT TODAY. SECURE PORTAL & EMAIL FOR FASTER SERVICE 🚨

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

IRA Early Withdrawal Rules and Penalties for 2024 When you deposit cash into your retirement account, it enters a new realm of rules and regulations. While your IRA contributions are still your money, they're subject to withdrawal penalties, taxes and exceptions that allow you to withdraw money for specific expenses. As a result, withdrawing from y...

IRS will start simplifying its notices to taxpayers as agency continues modernization push The IRS wants to rewrite its complicated letters to taxpayers and speak to people in plain English. The federal tax collector is rewriting and sending out commonly received notices ahead of the 2024 tax filing season as part of its new “Simple Notice Initiative.”

Tax Changes are on their way that will take effect in 2024 that could matter to your 2023 tax filing

✅ The 4th estimated tax payment was pushed off by one day only; From Monday, January 15th, 2024, to January 16th, 2024 (Because January 15 is a Federal Holiday) ✅

🚨One of the most basic tax concepts that a majority of taxpayers (including business owners) don’t know is the he difference between a tax deduction and a tax credit.

👉Deductions reduce the amount of income subject to tax.

👉Credits are a dollar-for-dollar reduction in tax.

✅As an example, if you were in the 24% marginal tax bracket, a $1,000 deduction would save you $240 in tax, while a $1,000 credit would save you $1,000 in tax.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

🚨 Set your business up correctly for 2024. A wrong choice can cost you thousands 🚨

👉Looking to start a small business ?
👉Need to form a new business entity ?
👉Started a small business recently ?
👉Been in business for a few years ?
👉Are you having problems with the IRS ?
👉Do you need a Tax Checkup and Guidance ?
👉Need help with Payroll, QuickBooks, Bookkeeping ?

✅Choosing The Right Business Entity For Your New Business Venue is VERY important.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email🙌