ARMOR TAX SERVICES

HAPPY LABOR DAY !

Another happy clients received their confirmations of Currently Non Collectible statuses. By providing such status the IRS temporarily closes taxpayers collection cases due to inability of taxpayers pay their tax debts. However, it is predicted that the IRS collection activity will be eventually increased because of COVID 19 caused financial hardships and the proposed IRS budget increase by $80 billion over 10 years.

The IRS allows qualified tax payers with financial hardship to pay just a portion of their tax debt and get forgiveness for the rest of it if an Offer in Compromise is submitted and accepted.There are some other favorable options available such as Partial Payment Installment Agreement or Currently non Collectible Status if the IRS requirements are met. It all starts with the 15 min of free tax consultation. #TaxRelief #LevyOut #backtaxes

College tuition deduction replaced by liberalized Lifetime Learning credit For 2020, this deduction could be up to $4,000 at lower income levels or up to $2,000 at middle income levels.Both the American Opportunity and Lifetime Learning education tax credits are phased out for 2021 and beyond between a modified adjusted gross income (MAGI) of $80,001 and $90,000 for unmarried individuals and between MAGI of $160,001 and $180,000 for married joint-filing couples. The chart bel...low helps you to figure out if your student is eligible to claim an American Opportunity educational credit. #do2020taxes #taxreturnpreparation #filetaxes

Liberalized rule for calculating 2020 refundable child credit and earned income tax credit. You can collect so-called refundable tax credits even if you have no federal income tax liability. Eligible taxpayers can claim a refundable child tax credit (CTC) equal to 15% of earned income in excess of $2,500. The refundable earned income tax credit (EITC) equals the applicable percentage of an eligible taxpayer’s earned income. Earned income means wages, salaries, tips, other tax...able employee compensation, and self-employment income. New law: For purposes of calculating allowable CTCs and EITCs for the 2020 tax year, the CAA allows you to use either your 2020 earned income or your 2019 earned income amount if that’s more than the 2020 figure. #taxcredits #2020taxreturn #dotaxesinglendale

IRS requires corrected information returns for certain SBA loans The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms. Please note that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021. #taxpreparationinglendale #dotaxesinla #taxservicesnearme

Who qualifies for $1,400 stimulus check: Generally, the payments would be $1,400 per individual, or $2,800 per married couple who file jointly, plus $1,400 per dependent. Unlike previous stimulus checks, both children and adult dependents would qualify. Full payments would be available to individuals making up to $75,000 in adjusted gross income, heads of household with up to $112,500, and married couples who file jointly with up to $150,000. The phase-out rate would make it ...so that payments declined by $50 for every $1,000 above the thresholds. The payments would phase out completely for individuals who earn $100,000 and couples with income of $200,000. #2019taxreturn #2020taxreturn

To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP). That means no taxes will apply to the debt forgiven. #taxdebtrelief #dotaxes #2019taxreturn

Gov. Phil Murphy has struck a deal with fellow Democrats who control the state Legislature to raise taxes on high-income earners in New Jersey and write rebate checks to households in the state with income below $150,000 and at least one child, NJ Advance Media has learned. #dotaxes #taxreturn #taxbrackets

With Sept. 15 tax filing deadlines looming, some tax practitioners have expressed concerns that they will not be able to meet those deadlines for a variety of reasons related to the global pandemic. The IRS is willing to work with taxpayers who need relief. Practitioners that have made a good-faith effort to meet the filing deadlines on behalf of their clients, but are unable to do so due to COVID-19, should write "COVID-19" in an attachment to the return briefly describing the reason they cannot meet the deadlines, or, if possible, should write "COVID-19" at the top of the tax return to indicate the need for penalty relief. The practitioners should contact their software providers with questions regarding appropriate form notations. #taxdeadine #businesstaxreturn #Scorp

Your second stimulus check of up to $1,200 per adult could arrive before the end of 2020. https://www.cnet.com//second-stimulus-check-dates-the-irs/ #2019taxreturn #taxdebtrelief #dotaxes

We provide simple solutions to complex tax problems. Simple does not mean easy.Simple means the best for less.

Get your pease of mind now! #taxdebtrelief #collectionhold

California will start processing additional $300 unemployment weekly assistance payments beginning September 7, 2020 #caunemploymentpayments #taxes # https://www.edd.ca.gov//coronavi/lost-wages-assistance.htm

The $400 in extra unemployment aid is actually $300 in most states. And it won’t arrive for weeks, experts warnThe $400 in extra unemployment aid is actually $300 in most states. And it won’t arrive for weeks, experts warn

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. #taxdebtrelief #installmentagreement #wagegarnishment

IRS DEBT CAN BE FORGIVEN. CALL US TO EASE YOUR WORRIES. Once you authorize Armor Tax Services to investigate and research your tax situation and represent you before the IRS, on that very day you will get rid of the burden of interacting with the IRS to get tax relief. Contact us for 15 min free consultation. 1. Tax representation before the IRS... 2. Collection hold 3. Levy release 4. Penalty abatement 5. Filing missing tax returns 6. Tax investigation and research of the best resolution possible. 7. Final tax resolution and tax saving. #TaxRelief #BackTaxes

Trump Must Turn Over Tax Returns to D.A., Judge Rules. https://www.nytimes.com//donald-trump-taxes-cyrus-vance.ht #taxreturn #dotaxes #taxdebt

Your second stimulus check maybe on the way. The amount of your first stimulus check was based on your latest filings with the IRS. You do not owe taxes on the money received and won't be required to pay anything back. Even better, the IRS may give you more money next year if it finds you were underpaid. Underpayments most likely resulted from not getting credit for all of your dependents. So, if you receive too much of a stimulus check, you won’t have to pay anything back. ...If you receive too little, you will get more back in the form of a tax credit. #dotaxesinglendale #irs #secondstimuluscheck