MAcc Financial

Hey y’all, I’m looking to add 5 to 10 tax preparation to my team. Comment below if interested.

File your taxes today and receive a complimentary $100 restaurant certificate in addition to a free vacation!

www.maccfinancial.com

There’s been an increase in the standard deduction to adjust for inflation.

IRS announces new income tax brackets | CNN Business If you are someone who likes to plan ahead on your taxes, the IRS this week released the new inflation-adjusted income tax brackets and standard deduction amounts that will be in effect for tax year 2024.

Most tax credits expire after 3 years. The IRS will stop processing/accepting tax returns November 18th to prepare for the next tax season. So the window to claim tax credits that you maybe entitled to for 2020 is closing.

The deadline to submit 1099 for independent contractor payments and other miscellaneous payment is Tuesday January 31st. Contact us if you need help with submission.

Am I Required to File a Form 1099 or Other Information Return? | Internal Revenue Service If you own a small business or are self-employed, use this IRS guidance to determine if you need to file form 1099 or some other information return.

Tax preparation services for self-employed only is 50% for the month of January.

Now offering 50% off for Self-Employed tax preparation. Special ends January 31st. Schedule your appointment today.
https://calendly.com/maccfinancial/tax-preparation-service

Now offering 50% off for Self-Employed tax preparation. Special ends January 31st. Schedule your appointment today.
https://calendly.com/maccfinancial/tax-preparation-service

For a limited time business formation is 50% off. Get started here:
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For a limited time business formation is 50% off. Get started here: https://form.jotform.com/223394700028148

Here is a free list of thing you can do now to save on taxes this year.

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Use the tax checklist below to help with filing your 2021 tax return. book here for tax preparation: www.maccfinancial.com

In addition to the child tax credit, babies born in 2021 also qualify for the $1400 Economic Impact Payment. Thats up to an additional $5000 for babies born in 2021.


https://money.com/child-tax-credit-babies-born-2021/

How to Get the Child Tax Credit Payments if You Have a Baby in 2021 You will get the full credit for your newborn, but you'll have to wait.

Deadline to submit 1099s to the IRS is tomorrow Feb 1, 2022! It is not to late if you need help with submission please schedule now www.maccfinancial.com

https://www.irs.gov/newsroom/businesses-have-feb-1-deadline-to-provide-forms-1099-misc-and-1099-nec-to-recipients

Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients | Internal Revenue Service IR-2021-14, January 14, 2021 — The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by February 1, 2021.

Happy Holidays from MAcc Financial!
After a very busy year we are back and now accepting new clients.

For those that filed and received unemployment benefits the IRS will process refunds automatically. To reflect the no tax on $10,200. No amendment necessary.

https://www.accountingtoday.com/articles/irs-to-automatically-process-refunds-on-jobless-benefit-payments

IRS to automatically process refunds on jobless-benefit payments The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said.

https://www.bloomberg.com/news/articles/2021-03-17/irs-plans-to-delay-tax-deadline-to-mid-may-after-chaotic-year

IRS to Delay Tax Deadline to Mid-May After Chaotic Year The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month, giving taxpayers additional time to file returns and pay any outstanding levies, according to three people familiar with the discussions.

This is really great news for self-employed/ business owners. Previously PPP loan amounts were based on your bottom line now PPP can be determined by gross income. And the best part is that it all can be forgiven! Contact me if you would like to apply or for more details.

https://www.nytimes.com/2021/02/22/business/smallbusiness/paycheck-protection-program-small-business-biden.html

Biden Changes P.P.P. Rules to Help the Self-Employed A more generous loan formula for solo ventures is meant to get more very small businesses into the Paycheck Protection Program. But bigger applicants face a two-week pause.

Upload your information today and have your taxes done tomorrow! Prefer to come in? No problem, in office or virtual appointments are available book now.

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The IRS has officially started accepting tax returns! 10% ends today but $50 current client referral is on going. Book now for virtual or in office appointment. Prefer no appointment? Request link and upload your information at your convenience.

https://square.site/book/L97MHPDHPTD9B/macc-financial-redford-mi

Self employed individuals are entitled to addition COVID-19 tax credits up to $15,110! For any questions or to see if you qualify contact me today.

COVID-19-Related Tax Credits for Paid Leave Provided by Small and Midsize Businesses FAQs | Internal Revenue Service Overview of COVID-19-related paid sick and paid family leave tax credits.

Did you know you can that you can use the amount of earned income for 2019 for calculation of EIC tax credit for the 2020 tax year? Your EIC can be based of you earned income from 2019 or 2020, whichever year will be the most beneficial. Book your appoint with me now for tax preparation services.
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

Use the EITC Assistant | Internal Revenue Service Use the EITC Assistant to see if you're eligible for this valuable credit, calculate how much money you may get and find answers to questions.

Current special now through February 12,10% off tax preparation services. In office, drop off, or virtual appointments available. Book your appointment now.

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Unemployment benefits are taxable. If you received unemployment benefits do not file your income taxes until you receive your 1099.

If you received unemployment last year, you could be in for a surprise at tax time Tens of millions of Americans collected unemployment benefits for at least some period of time last year due to the pandemic's hit on the economy.

Easy, possibly free funding is available for business owners NOW!
Did you make a profit?
Are self employed or received a 1099?
Were you in business February 2020?

If the answer you answered then you may qualify. contact me or book a session to discuss your options.
https://www.foxbusiness.com/economy/small-businesses-receive-35b-in-ppp-loans-during-third-round-of-lending

Small businesses received $35B in PPP loans during third round of lending The Small Business Administration said Tuesday that it has approved more than 400,000 loans worth about $35 billion through the Paycheck Protection Program.

Did you receive a EIDL grant between $1,000 and $9,000? You may have more money on they way! For those that qualify you will receive additional funds, the difference between what you received and $10,000. To qualify you must live in a low income area, had a 30% reduction in income, have fewer then 300 employees, and you must have applied previously.

New $10,000 EIDL Grants: Do You Qualify? Congress has allocated another $40,000,000,000 in EIDL grants (advances) in the new stimulus bill. Get advice on whether you qualify for these grants with an extended deadline.

The IRS will begin processing 2020 tax returns February 12, 2021. This is about two week later then usually. Do you have you financials in order? Book a free tax strategy session today. https://square.site/book/L97MHPDHPTD9B/macc-financial-redford-mi

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

About 30% of Americans will have to file their 2020 in order to get their stimulus.

Some Americans learn they won’t get a stimulus payment until they file their 2020 taxes The U.S. Treasury has sent out about 68 percent of the second stimulus payments. But many are learning they must file a 2020 tax return to receive their $600 payment.

Download my free e-book “How To Pay $0 In Tax For Real Estate Investors”https://mailchi.mp/443caa24da27/howtopay0