All About Taxes and Services LLC

More reason to not use online free tax sites. They sell your information. Information you don’t want sold. Nothing is turely free. That’s why I suggest using a paid tax preparer that you trust. At All About Taxes, we never sell your information to anybody.

REPORT: Tax Prep Sites Dealing Users' Financial Info Tax-prep companies are sharing Americans' most private financial data with tech firm giants like Meta and Google. Ana Kasparian discusses on The Young Turks....

Have a happy and safe 4th of July.

Today is our One Year Anniversary of becoming a LLC. Thanks to our clients that helped make this year great.

Today is the day. Tax Day is here!!! Have you filed your taxes yet?

April 18th is Tax Day!!!

Happy Easter

Let's keep in mind that the IRS has now formally announced, in this new Strategic Operating Plan, that they are planning to increase audit rates by 1,000% for "high-income taxpayers."

Over $400,000 income has become the cut-off for fitting into that "high-income taxpayers" category.

All of our clients get Tax Audit Defense when they file with All About Taxes and Services LLC. Call today.

From the Spring 2023 Client Update.

Are you getting a refund? Do you not have the money to pay for your taxes to be filed? We have options to help pay later to file now. Ask while making an appointment.

The Spring 2023 Client Update is in. Clients will be getting there’s in the mail soon. Don’t forget that April 18th is Tax Day.

All taxpayers that file their individual tax return with us have complete access to our expert tax audit defense team. In the unlikely event you receive a tax notice from the IRS or State, our Protection Plus audit defense team will provide up to $1,000,000 in services to find a resolution.

Did you know we provide free audit defense when you file your 1040 tax return with us? We want you to have peace of mind even after successfully filing your return. So, if you receive a notice from the IRS, don't worry. We've got it covered.

Don’t wanna pay now? Don’t want to use credit cards? That’s ok we have something for you. Make an appointment today.

With the IRS getting extra money for audits this year we are making sure our clients our Protected. So starting this year all clients will receive Protection Plus Audit Defense. File taxes with ease of mind this year and future years at All About Taxes.

Tax season for individuals is officially Jan 23 through April 18. Make appointments today. We also offer Pre Ack returns and if approved get an advance on your refunds.

In addition, The IRS has issued Notice 2023-1 in response to the new 2023 Clean Vehicle Tax Credit, a provision of the Inflation Reduction Act. Taxpayers may be eligible for a credit of up to $7500 for purchasing and placing a qualifying new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in service if the following income limitations are met.

Modified adjusted gross income (AGI) must not exceed:

$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers

The Office will be closed from the 1st-6th. Taking calls for appointments starting Jan 7th. Let’s make this year, legendary.

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The new Winter 2022 Newsletters are out now.

Always know the IRS will never contact you by phone first. They never randomly call you. If you receive a call that is random, it is a SCAM.

Scammers are pretending to be government employees. They may threaten you and may demand immediate payment to avoid arrest or other legal action. Don't fall for it! Learn more about protecting yourself from these criminals: https://youtu.be/MUlv5pcKVQQ

Student Loan Forgiveness & Taxes

With the recent student loan forgiveness announcement, many borrowers have been left confused or even unaware of their tax obligation for the coming tax year. Here is something’s to know what to expect with our list of common tax-related questions surrounding student debt relief.

Is student debt forgiveness taxable?

For the most part, no. The American Rescue Plan of 2021 made student debt forgiveness non-taxable for federal income tax until 2025. However, this does not take into account state income tax.

Is student debt forgiveness taxable under my state taxing authority?

It depends. Most states will follow the federal government and not count student debt forgiveness as taxable income. But there are a handful of states where this decision is yet to be made.

As of November 2022, North Carolina, Indiana, and Mississippi have legislature in place that taxes student debt relief. Arkansas, Minnesota, Wisconsin, and California have yet to announce a decision.

How will the state taxing authority know who's received student debt relief?

Because the federal government has decided to not tax student deft relief, they will not be sending out 1099-C forms to borrowers and state taxing authorities. This will put the burden on borrowers to be proactive and pay any state income tax owed.

As a result, it's likely many borrowers will not know they need to pay state income tax on their debt relief without the 1099-C form alerting them of this obligation. Unfortunately this opens up the door for state tax notices and audits down the road.

Use these tips to help guide your tax needs and let your tax preparer you did get a forgiveness and they should now the state laws to minimize those notices. Have a Happy Thanksgiving.

Student Loan Forgiveness Update!!!

The student loan debt repayment forbearance from the federal government has been extended until December 31, 2022.

President Biden officially announced student debt relief. Up to $10,000 per household, or up to $20,000 if you received a Pell Grant to attend college.

"How do I know if I received a Pell Grant?" Good article here from CNBC, talking through how to check on that—involves going to studentaid.gov and looking at your account.

Taxpayers with annual income up to $125,000 (not married) or $250,000 (Married Filing Jointly) will qualify for this new relief.

When will this debt forgiveness happen? At this point, it seems extremely likely, although not 1,000% for sure yet, that this relief will start being available for real, in real life, around December of 2022.

It is believed, although not 1,000% known for sure yet, that the government will "automatically" reduce debt amounts for some borrowers, if the government has the necessary info. And then for other borrowers, there will be some kind of application process. (New service you could offer?) 🤔

Any student loan forgiveness will be non-taxable on the federal return, maybe taxable though in some states.

Clients can sign up here to be notified when more details on student loan debt relief are released.
https://studentaid.gov/debt-relief-announcement/

Click here to view the full "Fact Sheet" from the White House about new student loan debt relief efforts. In addition to the "headline news" of the forgiveness, there are also some adjustments to repayment requirements that should lower monthly payments for many borrowers.
https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

studentaid.gov

But, hard as it may be to believe, all that new money is almost certainly good news. It doesn’t mean the tax cops are more likely to be on your tail.
In fact, it might make the whole business of paying your taxes easier and better, maybe even reduce the amount all of us have to pay.

The IRS is getting a lot more money for audits. Should you be worried? — Los Angeles Times New infusion by Congress of $80 billion for the IRS will allow it to add thousands more auditors and customer service representatives.

Here are some updates on how the student debt forgiveness will work out.

7 New Details on How Student Loan Cancellation Will Actually Work - NerdWallet The Education Department released new information on how student loan cancellation will work and what borrowers can expect.

The whole Newsletter is now on the website.

https://www.aatandservicellc.com/general-1

The Fall 2022 Client Newsletter is coming in the mail soon. Here is what to expect.

It will be interesting to see what is done and the tax implications.

White House Planning Student Loan Announcement Wednesday President Biden and his senior aides have for months been weighing whether to cancel some federal student loan debt

This coming season we will now be offering Afterpay.

All About Taxes and Services LLC updated their website address.

FYI post for people with that “side hustle”. The IRS is gonna be cracking down on Venmo and other cash apps. 1099-K will be issued. No worries for my clients, I am prepared.

All About Taxes and Services LLC updated their business hours.

All About Taxes and Services LLC updated their phone number.

All About Taxes and Services is now an LLC.
More growth to come to this company and I’ll be happy for you all to join me. Stay tuned.

Now it's easier to send All About Taxes and Services LLC a message.

You can send a message directly to All About Taxes and Services LLC.