Elite Monetary Solutions LLC

These types of improvements include Energy Efficient Home Improvement Credits for things like water heaters, exterior windows and doors and heating and air conditioning installations.

Residential Clean Energy Credits are available for taxpayers who install solar water heaters, fuel cells and battery storage or solar, wind and geothermal power generation.

Taxpayers can visit the Home Energy Tax Credits page on IRS.gov to learn more.

Juneteenth, officially Juneteenth National Independence Day, is a federal holiday in the United States. It is celebrated annually on June 19 to commemorate the ending of slavery!

What do you have planned for the kids to do this summer?

HAPPY 33RD BIRTHDAY TO OWNER/CEO Nicole Romig / Baybie

Some taxpayers earn summer income with a side hustle or doing gig work. They can visit the Gig Economy Tax Center at IRS.gov to learn how participating in the gig economy can affect their taxes.

If taxpayers are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. For more information, go to IRS.gov/1099k.

Wedding season is upon us, and newlyweds can make their tax filing easier by taking two simple steps now:

First, report any name change to the Social Security Administration.

Next, notify the United States Postal Service, employers and the IRS of any address change. (To officially change their mailing address with the IRS, taxpayers must compete and submit Form 8822, Change of Address. See page 2 of the form for detailed instructions.)

While summer is a time for fun, it’s never the wrong time to thinking about taxes – and some of those summer activities could have an impact! Here are a few summertime activities and tips on how taxpayers should consider them for filing season.

How was your tax season?.. Did everyone get their taxes filed?

Next Day Refunds Up to $6,000 For Those Who Qualify!

Thank you to all of our tax clients who filed with us already this year‼️🫶🏻

Ready to file your 2023 taxes?
Text "Elite Taxes" to #240-531-7805📲

When you file your taxes with us Elite Monetary Solutions LLC you'll receive a complementary FNA (Financial Needs Analysis) worth over $300‼️

We have some exciting news‼️

Elite Monetary Solutions LLC will have custom "coffee" mugs to give out to our first 10 tax clients ✨

We want to say hello 👋🏻😁 & thank you, to all of our followers- old & new‼️

Need extra cash?

Ready to file your 2023 taxes?

Text "Elite Taxes" to #240-531-7805📲

File with us now!

REMINDER:

If you have student loans in default, the IRS will be snatching your tax refunds this year!

Please do yourself a favor and put your student loans in the "fresh start" program with your student loan servicer.

How do you find out who your student loan servicer is?

Go to studentaid.gov, login and there will be a number inside of your account to call your student loan servicer.

Call them! The process takes 15 mins.

Ready to file your taxes? Let our virtual tax office do it for you!

Text "Elite Taxes" to #240-531-7805📲

Be sure to join our tax referral program for 2024!

The IRS announced that they are increasing the standard mileage rate for business vehicles by 1.5 cents from 2023. In 2024, the new mileage rate will be $0.67 per mile.

Make sure to track your mileage!🚗

The time is NOW! Let us help you file your 2023 taxes... Contact us today!

🔔 IRS Announcement: Penalty Relief for Taxpayers 🔔

The IRS is providing penalty relief to approximately 4.7 million individuals, businesses, and tax-exempt organizations who didn't receive automated collection reminder notices during the pandemic. This relief amounts to about $1 billion, primarily benefiting those making under $400,000 annually.

💡 Background:
Due to COVID-19, the IRS paused automated reminders for overdue tax bills from February 2022. Despite the pause, failure-to-pay penalties continued accruing for those who didn't fully pay their bills after the initial notice.

📌 Steps Taken:
To aid taxpayers with unpaid bills, the IRS will issue special reminder letters next month, detailing the liability, easy payment options, and penalty relief amount. The agency is waiving failure-to-pay penalties for eligible taxpayers, estimating $1 billion in savings.

🔄 Automatic Relief:
This penalty relief is automatic for eligible taxpayers with assessed tax under $100,000. The IRS has adjusted individual accounts and will extend adjustments to businesses, trusts, estates, and tax-exempt organizations in early 2024.

❗ Important Dates:
The failure-to-pay penalty relief applies to tax years 2020 and 2021. The relief ends on April 1, 2024. Taxpayers not eligible for automatic relief can explore other penalty relief procedures.

💻 Online Assistance:
The IRS encourages taxpayers to use online tools, such as the IRS Document Upload Tool, improved phone service, and IRS Online Account, for assistance with tax bills.

📆 Resumption of Collection Notices:
Automated collection notices will resume in 2024, with the IRS gradually sending letters to individuals with tax debts prior to 2022 and businesses, tax-exempt organizations, trusts, and estates with debts prior to 2023.

📚 Additional Information:
Taxpayers should be aware of possible penalties and interest for late filing or payment. The failure-to-file penalty can be up to 25%, while interest accrues daily on unpaid balances.

Want to be a tax client of ours?
Fill out our New Client Priority List:

Elite Monetary Solutions LLC NEW CLIENT Priority LIST Please click the link to complete this form.

Ways to elevate your tax return in 2024 🚀:

📌Create a solid budget so you don’t overspend

📌Have an emergency fund of 3-6months
expenses put away in a high yield savings

📌Get a term life insurance policy of 10x your annual income

📌Invest in a Roth IRA (you can invest up to $7000 if you’re under 50, $8000 if you’re over 50)

📌Find a side hustle to build that creates passive and residual income

Taxpayers who earn income not subject to tax withholding such as self-employed people or independent contractors should pay their taxes quarterly to the IRS.

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