Melvin Mora & Associates Inc.

We want to encourage struggling businesses out there. Almost every successful business owner we know has crashed and burned at least once in their career. Entrepreneurs know that hard work and a great idea don't guarantee success. In this season, but really in every season. Keep going. Try again.

Lest you think we just sip margaritas by the pool all day after tax season... What we really spend a lot of time doing in the summer is sitting down with families and business owners to carefully analyze their tax situation -- BEFORE the winter strikes and the moves become much more limited. This is called "tax planning," an essential move to get the maximum tax savings possible. And with what *might* be coming down the pike from Congress, wisdom says it’s time to get your du...cks in a row and plan for what lies ahead. If you’re ready for some tax planning tips, let’s chat.

If you're a parent, this is for you. The IRS recently announced that they'll begin sending advance Child Tax Credit payments starting July 15. Not sure how much you'll receive? This article has a helpful tax calculator to figure that out. If your information is on file, you can expect yours via direct deposit. If not, the IRS will send you a good old-fashioned paper check or (possibly) a debit card.... If you have personal life changes impacting your eligibility (another bundle of joy?) or you want to opt-out of these monthly advance payments and opt for the full balance coming with your 2022 returns, the online portals open July 1 to make changes.

Beware of anybody promising that your tax debt can be settled for some fixed percentage of the debt. That’s not the way it works and never has. Anybody trying to sell you on that idea is selling you beachfront property in Kansas, and you should seek assistance elsewhere. We’d be more than happy to take a look at your situation and identify whether you’re eligible for the Offer in Compromise program. If you’re not, then we can help with other resolution programs you may be eligible for. If you’re ready to put your tax debt behind you, we’d be happy to help you with that. Let’s chat.