Tax Factory

🎉🎉🎉🎉

‼️It’s important to KNOW that although the IRS filing season starts today, January 29…
Most refunds are issued in less than 21 days, BUT…

Most EITC or Additional Child Tax Credit (ACTC) related refunds processing time will not start until mid February! So 7-21 days from MID FEBRUARY!

Funds should be available in bank accounts beginning Feb. 27 as long as there are no other issues with the tax return‼️

If you have Ambetter from Peach State Health Plan you will receive a 1095A that has to be reported in your income tax return.

Good morning. I will be in the office today for free estimates and to file. Visit our website to fill out the client intake form for a smooth process www.taxfactoryga.com

If you’re looking for a new car head in over to Nissan of LaGrange We will be there to file your taxes and you can apply for a Refund Advance 💰to help with your down payment!

Tax Factory Tax Factory provides unparalleled personalized tax services to a broad range of clients across the world. As your tax professionals, we are here to ensure that all your tax preparation needs are met accurately and as quickly as possible. We take pride in our ability to provide our clients with up-to...

Christmas is OVER!!…Tax Season is that you??🤑🤑

Christmas Advances up to $300 end December 30th

Refund Advances up to $9500 starts January 2nd🤑

Inbox or call the office with any questions

706-407-0440

Good morning ☀️

We are opening at 11 am.

Virtual clients may fill out an intake form at www.taxfactoryga.com

Christmas Loans are up to $300 upon bank approval

You may get the Christmas loan and also opt in for the Refund Advances that start on January 2nd

Please call the office at 706-407-0440

Tax Factory Tax Factory provides unparalleled personalized tax services to a broad range of clients across the world. As your tax professionals, we are here to ensure that all your tax preparation needs are met accurately and as quickly as possible. We take pride in our ability to provide our clients with up-to...

It’s almost time!! Here is a list of documents that you may need to file.

Christmas🎄 Advances 🤑Start December 15th

We are here to help with your current and past years Income Tax needs.

🚨BOI (Beneficial Ownership Information)Registration
🚨In person and virtual Tax Preparation
🚨Tax Advances Up To $9500
🚨Audit Protection

‼️Individual, Small Business & Corporation Tax Preparation

📞 706-407-0440

Filing season starts January 24th!!!

Advances start Monday!!!

🚨🚨

🚨🚨Tax Update!!! Last year, certain credits existed temporarily or were inflated due to covid.

🚨In 2022, the child tax credit will no longer be $3600 for children under 7 and $3,000 for children 7-17, but will be $2,000 for children under 17. The full amount also will not be refundable, only up to $1,500 per dependent will be refundable.

🚨The dependent care will no longer be $8,000 for 1 dependent under age 13 or disabled dependent at any age and $16,000 for 2 or more dependents, but will be $3,000 for 1 dependent (for a maximum credit of up to $1,050) and $6,000 for 2 or more dependents (with a maximum credit of up to $2,100).

🚨There will be no claiming of recovery rebate credit aka stimulus on the 2022 return.

🚨There will be no 7202 covid sick leave credit for self employed individuals on the 2022 return.

🚨There will be no option to look back to 2019 earned income on the 2022 return.

🚨Starting in 2022, all payments received on business cash apps, PayPal, Lyft, Uber, Instacart, Door Dash, etc over $600 (not $20,000 as it was before) will now trigger you to be issued a 1099-K you will need to report on your tax return. The IRS receives these as well as you so they need to be reported.

🚨DHS & the IRS is linked, so if you have dependents you receive benefits for and are letting someone else claim them because you owe child support, back taxes, social security, unemployment, etc, more and more ppl doing this are triggering audits. To beat an audit, the child needs to have lived with the person claiming them at least 6 months out of the year and would need to provide school/medical records proving the child lived with them. So if you plan on letting a family member claim your dependent, now is the time to add them to school/medical records on record so that if needed they have the proper proofs to present in an audit.

If you owe past due city and state taxes, your federal refund could be offset.

If anyone needs assistance, call our office at 706-407-0440

🚨🚨🚨
TAX CREDITS that were allowed for self-employed people who couldn’t work due to pandemic related sickness or family leave if they were an employee have EXPIRED. They ARE NOT available for the 2022 tax year.

🚨Tax changes🚨

Child tax credit, per child:

2021
$3,000 to $3,600

2022
$2,000

Note: Refunds will not be the same as last year!

🚨TAX CHECKLIST🚨

Personal Information

Tax Identification Numbers are mandatory items on your checklist. All taxpayers will need the following to do their taxes.
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✔️Your social security card
✔️Your spouse’s full name, social security number or tax ID number, and date of birth
✔️Information about your stimulus payment — also known as an economic impact payment (EIP) — if applicable — you may have IRS Notice 1444 or other records showing your EIP amount
✔️Identity Protection PIN, if one has been issued to you, your spouse, or your dependent by the IRS
✔️Routing and account numbers to receive your refund by direct deposit or pay your balance due if you choose
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Dependent(s) Information
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Parents and caregivers should gather this information as they review what they need to file their taxes.
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✔️Dates of birth and social security cards
✔️Childcare records (including the provider's tax ID number) if applicable
✔️Income of dependents and of other adults in your home
✔️Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)
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Sources of Income

Many of these forms won’t be needed to file taxes every year. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity.
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✔️Employed
Forms W-2
✔️Unemployed
Unemployment (1099-G)
✔️Self-Employed
Forms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC
Records of all expenses — check registers or credit card statements, and receipts
Business-use asset information (cost, date placed in service, etc.) for depreciation
Office in home information, if applicable
Record of estimated tax payments made (Form 1040–ES)
Rental Income
Records of income and expenses
Rental asset information (cost, date placed in service, etc.) for depreciation
Record of estimated tax payments made (Form 1040–ES)
Retirement Income
Pension/IRA/annuity income (1099-R)
Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)
Social security/RRB income (SSA-1099, RRB-1099)
Savings & Investments or Dividends
Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
Income from sales of stock or other property (1099-B, 1099-S)
Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)
✔️Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)
✔️Expenses related to your investments
✔️Record of estimated tax payments made (Form 1040–ES)
✔️Transactions involving cryptocurrency (Virtual currency)
✔️Other Income & Losses
Gambling income (W-2G or records showing income, as well as expense records)
Jury duty records
Hobby income and expenses
Prizes and awards
Trust income
Royalty Income 1099–MISC
Any other 1099s received
Record of alimony paid/received with ex-spouse’s name and SSN
State tax refund

Types of Deductions

The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the documents listed below for your taxes.
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Home Ownership
Forms 1098 or other mortgage interest statements
Real estate and personal property tax records
Receipts for energy-saving home improvements (e.g., solar panels, solar water heater)
All other 1098 series forms
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Charitable Donations
Cash amounts donated to houses of worship, schools, other charitable organizations
Records of non-cash charitable donations
Amounts of miles driven for charitable or medical purposes
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Medical Expenses
Amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals
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Health Insurance
Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)
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Childcare Expenses
Fees paid to a licensed day care center or family day care for care of an infant or preschooler
Amounts paid to a baby-sitter or provider care of your child under age 13 while you work
Expenses paid through a dependent care flexible spending account at work
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Educational Expenses
Forms 1098-T from educational institutions
Receipts that itemize qualified educational expenses
Records of any scholarships or fellowships you received
Form 1098-E if you paid student loan interest
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K-12 Educator Expenses
Receipts for classroom expenses (for educators in grades K-12)
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State & Local Taxes
Amount of state and local income or sales tax paid (other than wage withholding)
Invoice showing amount of vehicle sales tax paid and / or personal property tax on vehicles
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Retirement & Other Savings
Form 5498-SA showing HSA contributions
Form 5498 showing IRA contributions
All other 5498 series forms (5498-QA, 5498-ESA)
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Federally Declared Disaster
City/county you lived/worked/had property in
Records to support property losses (appraisal, clean-up costs, etc.)
Records of rebuilding/repair costs
Insurance reimbursements/claims to be paid
FEMA assistance information
Check the FEMA website to see if your county has been declared a federal disaster area

📢Did you pay childcare for any dependent 13 and younger? The refundable dependent care credit gets you 50% of what you paid out of pocket back on your refund this year. Up to $8000 refund for 2 children!

📢Age 19 or older with no children? Worked a job and made under $21,000? That can get you up to $1502 extra this year!

📢Self employed? Had to take time off for covid for yourself or a child? There is a credit for that too!

📢Didn't work this year? Or received only unemployment? But you did work and file a return in 2019? Come see us for the Lookback provision‼️

The 8K is the Dependent Care Credit. Not to be confused with a child tax credit.

The child and dependent care credit is a tax credit that may help you pay for the care of eligible children and other dependents (qualifying persons).

The credit is calculated based on your income and a percentage of expenses that you incur for the care of qualifying persons to enable you to go to work, look for work, or attend school.

For 2021, the American Rescue Plan Act of 2021, enacted March 11, 2021, made the credit substantially more generous (up to $4,000 for one qualifying person and $8,000 for two or more qualifying persons) and POTENTIALLY refundable, so you might not have to owe taxes to claim the credit (so long as you meet the other requirements).

This means that more taxpayers will be eligible for the credit for the first time and that, for many taxpayers, the amount of the credit will be larger than in prior years. However, taxpayers with an adjusted gross income over $438,000 are not eligible for this credit even though they may have previously been able to claim this credit.

Get ready for taxes:

🚨Check on advance Child Tax Credit payments

In January 2022, the IRS will send Letter 6419 with the total amount of advance Child Tax Credit payments taxpayers received in 2021.

🚨Economic Impact Payments and claiming the Recovery Rebate Credit

Individuals who didn't qualify for the third Economic Impact Payment or did not receive the full amount may be eligible for the Recovery Rebate Credit based on their 2021 tax information. They'll need to file a 2021 tax return, even if they don't usually file, to claim the credit.

🚨Charitable deduction changes

Taxpayers who don't itemize deductions may qualify to take a charitable deduction of up to $600 for married taxpayers filing joint returns and up to $300 for all other filers for cash contributions made in 2021

🤑We are BAAAACK. And we are ready to provide our customers both new and returning with quality tax preparation services. Capital Tax Service will be opening our office beginning December 14, 2020 for the upcoming tax season. Be sure to like our business pages and make sure your notifications are ON!! Refund Advances start January 2nd!!

🚨Tax Preparation Checklist🚨

PERSONAL INFORMATION📌
✔Your social security number, ITIN, TIN
✔ Your spouse’s full name, social security number or tax ID number, and date of birth
✔Information about your stimulus payment — the amount you received
✔Unexpired Government ID (mandatory for tax advance and refund transfer)
✔Identity Protection PIN, if one has been issued to you, your spouse, or your dependent by the IRS
✔Current address, phone number, and email

DEPENDENT INFORMATION📌
✔Dates of birth and social security numbers or tax ID numbers
✔Childcare records (including the provider's tax ID number) if applicable
✔Income of dependents and of other adults in your home
✔Nonbiological Dependents: Documents proving residency and relationship of dependents
✔1098T for college students
✔Disability statement for disabled dependents

INCOME📌
✔Employed: Forms W-2
✔Unemployed Unemployment (1099-G)
✔Self-Employed Forms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC, AND RECORDS OF EXPENSES/HOME OFFICE/ASSETS & Any estimated taxes paid form 1040ES
✔Rental Income: Records of income and expenses Rental asset information (cost, date placed in service, etc.) for depreciation Record of estimated tax payments made (Form 1040–ES)
✔Retirement Income
✔Pension/IRA/annuity income (1099-R)
✔Traditional IRA basis (i.e., amounts you contributed to the IRA that were already taxed)
✔Social security/RRB income (SSA-1099, RRB-1099)
✔Savings & Investments or Dividends
✔Interest, dividend income (1099-INT, 1099-OID, 1099-DIV) --Income from sales of stock or other property (1099-B, 1099-S)
✔Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)
✔Expenses related to your investments
✔Record of estimated tax payments made (Form 1040–ES)
✔Transactions involving cryptocurrency (Virtual currency)
✔Gambling income (W-2G or records showing income, as well as expense records)

DEDUCTIONS📌
✔Home Ownership
✔Forms 1098 or other mortgage interest statements
✔Real estate and personal property tax records
✔Receipts for energy-saving home improvements (e.g., solar panels, solar water heater) All other 1098 series forms
✔Charitable Donations
✔Cash amounts donated to houses of worship, schools, other charitable organizations
✔Records of non-cash charitable donations
✔Amounts of miles driven for charitable or medical purposes
✔Medical Expenses .
✔Amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals
✔Health Insurance Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange)
✔Childcare Expenses
✔Fees paid to a licensed day care center or family day care for care of an infant or preschooler
✔Amounts paid to a baby-sitter or provider care of your child under age 13 while you work
✔Expenses paid through a dependent care flexible spending account at work
✔Educational Expenses
✔Forms 1098-T from educational institutions
✔Receipts that itemize qualified educational expenses
✔Records of any scholarships or fellowships you received
✔Form 1098-E if you paid student loan interest
✔K-12 Educator Expenses Receipts for classroom expenses (for educators in grades K-12)
✔State & Local Taxes Amount of state and local income or sales tax paid (other than wage withholding) Invoice showing amount of vehicle sales tax paid and / or personal property tax on vehicles
✔Retirement & Other Savings Form 5498-SA showing HSA contributions Form 5498 showing IRA contributions All other 5498 series forms (5498-QA, 5498-ESA)
✔Federally Declared Disaster
✔City/county you lived/worked/had property in
✔Records to support property losses (appraisal, clean-up costs, etc.)
✔Records of rebuilding/repair costs Insurance reimbursements/claims to be paid FEMA assistance information

‼️PRE-TAX SEASON CHECKLIST‼️

Before tax season begins I would like to tell y’all now, based on what I go through every year with my clients I’m hoping this helps someone get ahead of the game and have a smooth tax season!

👉🏽If you get an IP PIN every year for you or your dependent you need to makeSure the address the IRS has on file is the right address to send the PIN they’re going out in December this year! If it is not right, you need to change your address I’ll post in the comments the proper forms. You can’t file without this pin

👉🏽go ahead and check with all your previous employers and make sure they have a good address/email address or that you can log into their portals to get your old w2s without delay when the time comes

👉🏽Get all duplicate/replacement social security cards/birth certificates NOW for your dependents!

👉🏽If you know you won’t be returning to the preparers/company/software that filed your taxes this year get your tax tax papers NOW to get your AGI (if you will be filing them on your own)! Put it in a safe place.

‼️If you received unemployment/PUA DO NOT be in a rush to file your taxes until you receive the 1099-G ‼️ YES YOU NEED THIS! Do not let anyone tell you otherwise!!! That money including the extra $600 PUA and $300 LWA is taxable income!!

🚨 If you got a $1-10k grant/EIDL loan or PPP LOAN you need to have ALL that information for your tax preparer!! Don’t let anyone tell you otherwise!🚨

If you got marketplace insurance (healthcare. gov) make sure you can login to the website or have your address changed to your current address to ensure that you will receive your 1095A! YOU WILL HAVE A DELAY IF YOU FILE WITHOUT THIS FORM

REFUND ADVANCES💵💵

‼‼IF YOU ARE A HAIRSTYLIST, BARBER, BABYSITTER, NAIL TECH, DRIVER, SELF EMPLOYED INDIVIDUAL COME BY THE OFFICE TO APPLY FOR AN ADVANCE‼‼

Refund Advances start tomorrow!!!

We are very thankful for a very successful year!! Thank you to ALL of our loyal customers🤩

The federal tax penalty for not being enrolled in health insurance was eliminated in 2019.

Here is a checklist of the most common documents that are needed when you file✔✔✔

🤑🤑🤑IT’S ALMOST TAX TIME🤑🤑🤑

**WE HAVE 2 LOCATIONS TO SERVE YOU**

ACCEPTING NEW CLIENTS IN ALL 50 STATES

Are you ready for see $4,000, $6,000, $8,000 and so on in your bank account❓💵

🚨FREE 🚘 CAR GIVEAWAY
🚨SELF EMPLOYED
🚨1099
🚨W2

‼REFUND ADVANCES UP TO $6000 BEGINS JANUARY 2ND‼