AKRE Tax & Financial Services

https://www.forbes.com//release-the-kraken-district-cour/ 4 MORE DAYS!

7 more days till tax deadline, May 17, 2021

Countdown to May 17Countdown to May 17

https://www.irs.gov//tax-day-for-individuals-extended-to-m

SPIDELL Tax Analysis Education Hold off on claiming those UI benefit exclusions (03-12-21)... The IRS has announced that they will be providing guidance shortly regarding the retroactive exclusion of up to $10,200 of UI benefits on the 2020 return that was enacted by the American Rescue Plan Act. For those taxpayers with UI benefits who haven't filed yet, the IRS is working with the software industry to update current tax software (and will be providing a worksheet for those who file paper returns). For those taxpayers who received UI benefits last year and have already filed their 2020 tax return, the IRS has stated that amended returns should not be filed until they issue additional guidance. The IRS’s statement is available at: www.irs.gov//irs-statement-american-rescue-plan-act-of-2021

Q&A For 3rd Round of Stimulus Payments Here are simplified Questions & Answers about the freshly minted 3rd round of stimulus payments under the new American Rescue Plan Act of March 2021. 1. How much is the third Economic Impact Payment?... $1,400 for individuals, $2,800 for married couples plus $1,400 for each dependent. You will get a payment for all your dependents claimed on a tax return (not just their qualifying children under 17). 2. Who are eligible for the third Stimulus Payments? U.S. citizen and resident aliens who are not a dependent of another taxpayer and have a valid Social Security number with adjusted gross income (AGI) that does not exceed: $150,000 if married and filing a joint return or if filing as a qualifying widow or widower. $112,500 if filing as head of household. $75,000 if single or married people filing separate returns. 3. Payments will be phased out or reduced above those AGI amounts: $160,000 if married and filing a joint return or if filing as a qualifying widow or widower. $120,000 if filing as head of household. $80,000 if single filers and married people filing separate returns. 4. How will IRS determine who are eligible? The IRS will use information of people who: Filed a 2020 tax return. Filed a 2019 tax return if the 2020 return has not been processed yet. Did not file a 2020 or 2019 tax return but registered for the first Economic Impact Payment. Received Social Security and Railroad Retirement Board benefits, Supplemental Security Income (SSI) or Veteran benefits in 2020. 5. How do I find out if the IRS is sending me a payment? Check the status of your third payment at Get My Payment tool on IRS.gov. 6. How will the IRS know where to send my payment or if I changed bank accounts? Taxpayers with direct deposit information on file will receive the payment via direct deposit. Those without current direct deposit will receive the payment as a check or debit card in the mail. 7. Active Military: If you or your spouse is an active member of the U.S. Armed Forces at any time during the taxable year, you will receive up to $2,800 (even if only one spouse has a valid SSN). 8. Is any action needed by those who don’t typically file tax returns? Most people who receive Social Security retirement, disability, railroad retirement, and veterans’ benefits in 2020 need not take any action to receive a payment. 2 9. Will I receive the 3rd stimulus if I didn’t file a 2019 or 2020 tax return and didn’t register with the IRS.gov non-filers tool last year? Yes, if you meet the eligibility requirements. You won’t receive an automatic payment now but can get it when you file a 2020 return and claim the Recovery Rebate Credit. 10. Will people who receive a payment get a notice from the IRS? Yes, you will receive an IRS notice

Merrie March to all! Contact us to get your taxes done, do not wait for last minute.

Blessed Good Morning to all! We provide a safer alternative than coming down to the office to get your taxes filed. Mail, FAX, E-MAIL or Call US @ 818 645 9550 for more info. Some Important Notes from IRS.GOV... Taxpayers can start filing now: Electronic filing. E-filing combined with direct deposit is the fastest way to get a refund. Recovery Rebate Credit: If you’re eligible and either didn’t receive Economic Impact Payments or if you think you qualify for more than you received you’ll need to file a 2020 tax return and claim the Recovery Rebate Credit even if you otherwise are not required to file a tax return. Earned Income Tax Credit: The EITC can give qualifying workers with low-to-moderate income a substantial financial boost. EITC not only reduces the amount of tax someone owes but may give them a refund even if they don't owe any taxes or aren't required to file a return. Important change for EITC: Taxpayers may use their 2019 earned income to figure the EITC if they earned more in 2019 than in 2020. IRS reminds taxpayers to double-check to ensure they have all their tax documents (W-2 and 1099) before filing a tax return; these forms are available online, but, if unavailable, taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency directly to request the missing documents. Self-employed individuals can now claim their sick & family leave tax credits due to COVID-19 on the new IRS Form 7202. Choose a tax preparer wisely. Most tax return preparers provide outstanding service. The IRS urges taxpayers to check their tax return preparer’s qualifications and history. Choose wisely because you are responsible for all the information on your income tax return. Eligible educators can deduct COVID-19 unreimbursed protective item expenses incurred after March 12, 2020 to stop the spread of the virus in the classroom. Have a wonderful Day!

Fax it, Email it, Text it. or Post it. We can do your taxes remotely. Details kindly call 818 645 9550 or email US

2021 tax filing season begins Feb. 12 IR-2021-16, Jan. 15, 2021 WASHINGTON The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.... The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits. This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return. To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. People can begin filing their tax returns immediately with tax software companies. These groups are starting to accept tax returns now, and the returns will be transmitted to the IRS starting Feb. 12. Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop to prepare for this as well as delivering Economic Impact Payments in record time, said IRS Commissioner Chuck Rettig. Given the pandemic, this is one of the nation’s most important filing seasons ever. This start date will ensure that people get their needed tax refunds quickly while also making sure they receive any remaining stimulus payments they are eligible for as quickly as possible. Last year’s average tax refund was more than $2,500. More than 150 million tax returns are expected to be filed this year, with the vast majority before the Thursday, April 15 deadline. Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves. The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers will need to check Where’s My Refund for their personalized refund date. Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.

Let us know if you have any questions. WE CAN DO taxes remotely. https://www.ml.com//tax-tips-that-could-save-you-money.htm

LLCs DONE. Oct 15, 2020 deadline for the Corp taxes, looming around the corner, give us a call to finalize your Corp taxes.

7 more days till JULY 15 deadline! Call in to get your taxes done.

Countdown to July 15 tax filing deadline begins

Taxpayers The majority of Americans will receive an economic impact payment that’s based on their income and the filing status on their 2019 tax return. If you haven’t filed your 2019 taxes, your 2018 return will be used to calculate the amount you’ll receive. Single or married filing separately... - If your adjusted gross income is below $75,000, you’ll receive the full $1,200. You will also receive $500 for each child under the age of 17 you claim on your taxes. - If your adjusted gross income is above $75,000, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $75,000. - If your adjusted gross income is more than $99,000 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment. Head of household - If your adjusted gross income is below $112,500, you’ll receive the full $1,200. You will also receive $500 for each child under the age of 17 you claim on your taxes. - If your adjusted gross income is between $112,500 and $136,500, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $112,500. - If your adjusted gross income is more than $136,500 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment. Married filing jointly - If your adjusted gross income is less than $150,000, you’ll receive the full $2,400. You will also receive $500 for each child under the age of 17 you claim on your taxes. - If your adjusted gross income is above $150,000, you’ll receive an amount that will be reduced $5 for every $100 in adjusted gross income above $150,000 - If your adjusted gross income is more than $198,000 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment.

The Coronavirus Aid, Relief and Economic Security (CARES) Act is the third round of federal government support in response to the Coronavirus crisis and associated economic fallout. Below is a summary of the relief for employees and employers: ...Continue reading

IRS extends tax filing deadline to July 15 as coronavirus spreads, Mnuchin says. https://www.cnbc.com//ccoronavirus-mnuchin-says-irs-will-m

Just a reminder. You do not have to leave your house to file your income tax, we can coordinate via EMAIL, FAX and thru text. Give us a call at 818 645 9550 to take advantage of this service.

IF YOU PAY, THEY MUST SIGN. Tax preparers who charge a fee to do your taxes, but never sign your tax return are breaking the law. No signature? Means no accountability. No proof of existence. ... Hiring a tax preparer (often referred to as "ghost tax preparers") will increase your chances for tax fraud, penalties and additional taxes. "https://www.ctec.org/taxpayers/did-your-tax-preparer-sign"

You can Email: [email protected] or [email protected], Fax: (818)579-7744, or text your documents (818) 645-9550. No need to come down the office. Once we receive your documents we will discuss over the phone. That Easy! =)

IF YOU PAY, THEY MUST SIGN. Tax preparers who charge a fee to do your taxes, but never sign your tax return are breaking the law. No signature? Means no accountability. No proof of existence. ... Hiring a tax preparer (often referred to as "ghost tax preparers") will increase your chances for tax fraud, penalties and additional taxes. "https://www.ctec.org/taxpayers/did-your-tax-preparer-sign"

https://www.latimes.com//glendale-tax-preparer-arrested-on

You can Email: [email protected] or [email protected], Fax: (818)579-7744, or text your documents (818) 645-9550. No need to come down the office. Once we receive your documents we will discuss over the phone. That Easy! =)

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FYI: The tax rate was lowered during 2018, your take home pay was more when that came into effect and you were happy. You cannot expect to get more or the same Federal refund, since you contributed less during the tax year. You cannot get more on your pay and get a lot of refund. Your refund comes from your tax witholdings.

Time to schedule your tax appointment! Call 818-645-9550

Huge New Auto Tax Deduction Alert: by David Ellis, CPA Tax Reform has given us many gifts, not the least of which is what I call the get a giant tax deduction when you trade-in your business auto loophole. ...Continue reading

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