Legacy Financial Solutions

Need help filing your income taxes? But don't want to leave the comfort of your home due to fears of catching Covid... Or, you work long hours and aren't able to go file your taxes during normal business hours...no problem! I'm offering convenient remote tax preparation assistance for your safety. TEXT 424-305-6241 or send me a DM to get your income taxes eFiled today. ... We offer bank products for your convenience so that you don't have to pay a dime out of pocket for preparation fees.

If you have a family that depends on you financially, you should definitely have a life insurance policy in place in the event of a tragedy. Life insurance is best purchased when you're young and healthy, not when you're older and dealing with health issues. The younger & healthier you are, the better chances you have for getting approved for coverage and the lower your premium payments will be. Need life insurance? I can help you get fast, reliable insurance coverage from ...top tier insurance companies that I broker with. DM or TEXT me at 424-305-6241 for insurance inquiries and quotes. Holding life licenses in the following states: CA, CO, OH, TX, VA

IR-2021-59, March 17, 2021 WASHINGTON The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. "This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstanc...es related to the pandemic, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to." Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17... To read entire IRS publication, go to the following website link: https://www.irs.gov//tax-day-for-individuals-extended-to-m

New Tax Deadline: May 15th

Unemployment Compensation - New Exclusion If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $1...0,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation. The exclusion should be reported separately from your unemployment compensation. See the updated instructions and the Unemployment Compensation Exclusion Worksheet to figure your exclusion and the amount to enter on Schedule 1, lines 7 and 8. Source: https://www.irs.gov//new-exclusion-of-up-to-10200-of-unemp

Update on the American Rescue Plan Act of 2021: Congress just passed the relief bill and it’s heading to Biden’s desk! What does it mean for you? Stimulus checks: $1400 checks for you AND adult dependents. Checks will go to people making less than $75K annually and married couples making less than $150K. Check sizes phase down from there, with a cap of $80K for individuals and $160K for couples. ... Child tax credit: On top of that, households making less than $150k will receive $3000 per child ($3600 for those <5 yrs old). The tax credit will be advanced - and come in the form of monthly payments starting in July. Unemployment benefits: Continued $300/ week jobless benefits, extended to August 29. Additionally, the first $10,200 in unemployment benefits you received in 2020 will NOT be taxed if your total income is less than $150K. Small business support: $25B in grants specifically for restaurant and bar relief. An additional $7.2B for Paycheck Protection Program loans, with a new Community Navigator program to reach small businesses who were unable to access PPP loans in 2020. COVID vaccine: $14B dedicated to vaccine distribution. Health insurance subsidies: 100% COBRA subsidies to ensure that laid-off workers can remain on their employer health plans at no cost through the end of September 2021. The White House has announced Biden will sign the bill on Friday. Keep your eyes peeled for updates as to how these resources will become accessible to you when they’re signed into law! https://www.axios.com/covid-relief-bill-provisions-42edeaa1