KettyS Robles

KettyS Robles

Advisory Accounting Services, Financial Advise, Bookkeeping, Individuals & Businesses Tax preparation Providing Accounting services such as reconciliation financial, Financial planning, Tax Preparation

Operating as usual

Timeline Photos 08/18/2021

Some Taxpayers May Choose to Unenroll from 2021 Advance CTC – Did You Know?

Millions of U.S. households received their first advance payments of the 2021 Child Tax Credit (CTC) in July. While these payments will help many families, some taxpayers may come out better by unenrolling from the advance payment program. If the advance payments add up to more than your total credit for 2021, you may end up owing tax for the year.

In most cases, the IRS bases CTC advance payments on the taxpayer's 2020 federal tax return, or their 2019 return if their 2020 return has not been processed. Certain life changes during 2021 could reduce your CTC amount, or even make you ineligible for the credit. Therefore, you may wish to consider opting out of advance payments if any of the following occur:

- A qualifying child who lived with you in 2020 (or 2019) will not live with you for more than half of 2021.
- Your income increases significantly in 2021.
- Your filing status changes in 2021.
- You previously met the CTC residency requirement, but will not live in a U.S. state or D.C. for more than half of 2021. In this case, unenrollment may be required.

You can also choose to unenroll from advance payments simply because you want to receive your entire 2021 CTC when you file your tax return in the spring. To unenroll for any reason, use the IRS Advance CTC Update tool (link below).

Note that for married couples filing jointly, both spouses must unenroll from advance payments. If only one spouse opts out, the other will still receive monthly advance payments equal to half of the original payment amount calculated for the household.

IRS Advance CTC Portal to unenroll: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Some Taxpayers May Choose to Unenroll from 2021 Advance CTC – Did You Know?

Millions of U.S. households received their first advance payments of the 2021 Child Tax Credit (CTC) in July. While these payments will help many families, some taxpayers may come out better by unenrolling from the advance payment program. If the advance payments add up to more than your total credit for 2021, you may end up owing tax for the year.

In most cases, the IRS bases CTC advance payments on the taxpayer's 2020 federal tax return, or their 2019 return if their 2020 return has not been processed. Certain life changes during 2021 could reduce your CTC amount, or even make you ineligible for the credit. Therefore, you may wish to consider opting out of advance payments if any of the following occur:

- A qualifying child who lived with you in 2020 (or 2019) will not live with you for more than half of 2021.
- Your income increases significantly in 2021.
- Your filing status changes in 2021.
- You previously met the CTC residency requirement, but will not live in a U.S. state or D.C. for more than half of 2021. In this case, unenrollment may be required.

You can also choose to unenroll from advance payments simply because you want to receive your entire 2021 CTC when you file your tax return in the spring. To unenroll for any reason, use the IRS Advance CTC Update tool (link below).

Note that for married couples filing jointly, both spouses must unenroll from advance payments. If only one spouse opts out, the other will still receive monthly advance payments equal to half of the original payment amount calculated for the household.

IRS Advance CTC Portal to unenroll: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

08/13/2021
Timeline Photos 08/10/2021

IRS Warns Businesses About Tax Promoter Scams – Did You Know?

As part of the Dirty Dozen list of the worst tax scams of 2021, the IRS has issued multiple warnings to business taxpayers about tax promoters. These individuals and entities promise to help businesses claim large deductions and credits that will dramatically reduce their tax. Many tax promoters charge substantial fees for their “services,” which often involve schemes that violate IRS regulations.

Some tax promoter scams deal with the Research and Experimentation Credit, commonly called the Research & Development or R&D Credit. Promoters often mislead business owners into believing that they can claim sizable R&D Credits with relatively little effort. In reality, to legally claim this credit, a business must demonstrate that a designated research activity satisfies a long list of IRS requirements. In addition, the progress of qualified research activities, and all associated expenses, must be thoroughly documented over a period of time.

Similarly, while conservation easements can provide legitimate tax deductions, tax promoters often peddle bogus “syndicated easements” based on phony partnerships. The IRS rejects many of these arrangements, and has recently stepped up enforcement of conservation easement rules. Tax promoters also push “micro-captive” insurance scams, pension plans that abuse international tax treaties, and shady methods to improperly defer capital gains on property sales.

The IRS recently created a new Office of Promoter Investigations (OPI) to crack down on these and similar scams. Importantly, the OPI is authorized to pursue action against not only promoters, but also any businesses that participate in the scams. In general, if a tax-reducing scheme sounds too good to be true, it usually is. To protect your enterprise, check with a business tax professional about the rules and regulations before claiming any of these deductions or credits.

IRS Warns Businesses About Tax Promoter Scams – Did You Know?

As part of the Dirty Dozen list of the worst tax scams of 2021, the IRS has issued multiple warnings to business taxpayers about tax promoters. These individuals and entities promise to help businesses claim large deductions and credits that will dramatically reduce their tax. Many tax promoters charge substantial fees for their “services,” which often involve schemes that violate IRS regulations.

Some tax promoter scams deal with the Research and Experimentation Credit, commonly called the Research & Development or R&D Credit. Promoters often mislead business owners into believing that they can claim sizable R&D Credits with relatively little effort. In reality, to legally claim this credit, a business must demonstrate that a designated research activity satisfies a long list of IRS requirements. In addition, the progress of qualified research activities, and all associated expenses, must be thoroughly documented over a period of time.

Similarly, while conservation easements can provide legitimate tax deductions, tax promoters often peddle bogus “syndicated easements” based on phony partnerships. The IRS rejects many of these arrangements, and has recently stepped up enforcement of conservation easement rules. Tax promoters also push “micro-captive” insurance scams, pension plans that abuse international tax treaties, and shady methods to improperly defer capital gains on property sales.

The IRS recently created a new Office of Promoter Investigations (OPI) to crack down on these and similar scams. Importantly, the OPI is authorized to pursue action against not only promoters, but also any businesses that participate in the scams. In general, if a tax-reducing scheme sounds too good to be true, it usually is. To protect your enterprise, check with a business tax professional about the rules and regulations before claiming any of these deductions or credits.

Timeline Photos 08/04/2021

IRS Identity Protection PINs – Did You Know?

Beginning in 2021, the IRS now offers IP PINs to all interested taxpayers. Unlike a Social Security Number (SSN), this unique code is known only to the taxpayer and the IRS. Having an IP PIN helps to protect you against others filing fraudulent returns in your name, along with other forms of tax-related identity theft.

If you choose to obtain an IP PIN, you will need to include it on all electronic and paper IRS forms filed in 2021, including your 2020 federal tax return. Thereafter, you will receive a new IP PIN each year by mail. Although there is currently no way to opt out of the program once you have registered and received a PIN, the IRS plans to allow opt-outs beginning with tax year 2022.

The easiest way to apply for an IP PIN is to use the Get an IP PIN tool at http://www.IRS.gov/IPPIN. You will need to verify your identity by providing your legal name, birthdate, federal tax filing status, mailing address, and SSN or Individual Taxpayer Identification Number (ITIN). You will also need a financial account other than a checking or savings account, such as a major credit card, student loan, auto loan, mortgage, or home equity loan. If you have a mobile phone, you can request an activation code to receive your IP PIN instantly. Otherwise, the IRS will mail you the code you need to complete your registration and get your PIN.

If you cannot complete the online verification process but your adjusted gross income (AGI) is $72,000 or less, you may file Form 15227 (Application for an IP PIN) by mailing or faxing it to the IRS. You can then use your most recent tax return to complete the verification process over the phone with an IRS agent. Otherwise, you can apply for an IP PIN in person by making an appointment at an official IRS Taxpayer Assistance Center.

IRS Identity Protection PINs – Did You Know?

Beginning in 2021, the IRS now offers IP PINs to all interested taxpayers. Unlike a Social Security Number (SSN), this unique code is known only to the taxpayer and the IRS. Having an IP PIN helps to protect you against others filing fraudulent returns in your name, along with other forms of tax-related identity theft.

If you choose to obtain an IP PIN, you will need to include it on all electronic and paper IRS forms filed in 2021, including your 2020 federal tax return. Thereafter, you will receive a new IP PIN each year by mail. Although there is currently no way to opt out of the program once you have registered and received a PIN, the IRS plans to allow opt-outs beginning with tax year 2022.

The easiest way to apply for an IP PIN is to use the Get an IP PIN tool at http://www.IRS.gov/IPPIN. You will need to verify your identity by providing your legal name, birthdate, federal tax filing status, mailing address, and SSN or Individual Taxpayer Identification Number (ITIN). You will also need a financial account other than a checking or savings account, such as a major credit card, student loan, auto loan, mortgage, or home equity loan. If you have a mobile phone, you can request an activation code to receive your IP PIN instantly. Otherwise, the IRS will mail you the code you need to complete your registration and get your PIN.

If you cannot complete the online verification process but your adjusted gross income (AGI) is $72,000 or less, you may file Form 15227 (Application for an IP PIN) by mailing or faxing it to the IRS. You can then use your most recent tax return to complete the verification process over the phone with an IRS agent. Otherwise, you can apply for an IP PIN in person by making an appointment at an official IRS Taxpayer Assistance Center.

Timeline Photos 07/26/2021

Summer Activities May Affect Your 2021 Taxes – Did You Know?

Both major life events and small changes to your work or family routines can have an impact on your taxes. These events and changes often occur during the summer, especially this summer with the economy reopening. If your life circumstances take either a planned or unexpected turn this summer, you may want to take a few extra steps to prepare for tax season next spring.

If you get married, you should report any name or address change to the Social Security Administration, IRS and post office to ensure that you receive important tax documents. If your child returns to in-person day camps or daytime education programs, some of the cost may qualify for the Child and Dependent Care Credit. Make sure to save records of all fees paid.

Seasonal and part-time work create a variety of record keeping and tax reporting considerations. If you are a student and do not earn enough money to owe federal income tax, you may need to file a 2021 tax return to claim a refund of any tax withheld from your pay. Those who earn side income from a part-time job or gig economy work may need to adjust their paycheck withholding for their primary job to make sure enough tax is withheld. You can use the IRS Withholding Estimator tool (link below) to check where you stand.

Also keep in mind that income earned as a freelancer or independent contractor may be subject to self-employment tax. Figuring out whether you are officially an employee or an independent contractor can get tricky for temporary work. A tax pro can help you determine your status, and plan for self-employment tax if appropriate.

IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator

Summer Activities May Affect Your 2021 Taxes – Did You Know?

Both major life events and small changes to your work or family routines can have an impact on your taxes. These events and changes often occur during the summer, especially this summer with the economy reopening. If your life circumstances take either a planned or unexpected turn this summer, you may want to take a few extra steps to prepare for tax season next spring.

If you get married, you should report any name or address change to the Social Security Administration, IRS and post office to ensure that you receive important tax documents. If your child returns to in-person day camps or daytime education programs, some of the cost may qualify for the Child and Dependent Care Credit. Make sure to save records of all fees paid.

Seasonal and part-time work create a variety of record keeping and tax reporting considerations. If you are a student and do not earn enough money to owe federal income tax, you may need to file a 2021 tax return to claim a refund of any tax withheld from your pay. Those who earn side income from a part-time job or gig economy work may need to adjust their paycheck withholding for their primary job to make sure enough tax is withheld. You can use the IRS Withholding Estimator tool (link below) to check where you stand.

Also keep in mind that income earned as a freelancer or independent contractor may be subject to self-employment tax. Figuring out whether you are officially an employee or an independent contractor can get tricky for temporary work. A tax pro can help you determine your status, and plan for self-employment tax if appropriate.

IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator

Timeline Photos 07/19/2021

IRS Begins Sending 2021 Advance Child Tax Credit Payments – Did You Know?

On July 15, the IRS sent the first round of advance payments of the 2021 Child Tax Credit (CTC) to over 30 million families. Qualifying households will receive monthly payments of up to $300 per child under age 6, and up to $250 per child age 6 through 17, through the end of 2021. The payment amount depends on the taxpayer's adjusted gross income (AGI). Generally, the advance payments will total half the CTC that the IRS anticipates for the taxpayer for 2021.

The IRS is sending most CTC advance payments by direct deposit, so millions of taxpayers have already received their first payment. Paper checks are mailed in cases where the IRS does not have banking information for a qualifying family. It may take a week or more for mailed payments to arrive. Upcoming payments will be sent on August 13th, and on the 15th of September, October, November and December.

The IRS will automatically calculate and send advance CTC payments to taxpayers who qualify and have done any ONE of the following:
- Filed a 2020 federal income tax return
- Filed a 2019 federal income tax return
- Used the 2020 IRS Non-Filers Tool for Economic Impact Payments (EIPs)
- Used the 2021 Non-Filers Signup Tool for Advance CTC (see link below).

The IRS urges all potentially eligible Americans who are not required to file federal tax returns and have not yet used an online Non-Filers Tool to do so as soon as possible. If you filed returns for both 2019 and 2020 but the IRS has not yet processed your 2020 return, your advance payments will initially be calculated based on your 2019 return. Your monthly payment amount may change after your 2020 return is processed.

You can also use the Advance CTC portal to check your CTC eligibility, update your banking information, or opt out of advance payments if you prefer to claim your entire credit when you file your 2021 tax return.

IRS 2021 Advance CTC site, including Non-Filers Signup, Eligibility and Unenroll Tools:
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

IRS Begins Sending 2021 Advance Child Tax Credit Payments – Did You Know?

On July 15, the IRS sent the first round of advance payments of the 2021 Child Tax Credit (CTC) to over 30 million families. Qualifying households will receive monthly payments of up to $300 per child under age 6, and up to $250 per child age 6 through 17, through the end of 2021. The payment amount depends on the taxpayer's adjusted gross income (AGI). Generally, the advance payments will total half the CTC that the IRS anticipates for the taxpayer for 2021.

The IRS is sending most CTC advance payments by direct deposit, so millions of taxpayers have already received their first payment. Paper checks are mailed in cases where the IRS does not have banking information for a qualifying family. It may take a week or more for mailed payments to arrive. Upcoming payments will be sent on August 13th, and on the 15th of September, October, November and December.

The IRS will automatically calculate and send advance CTC payments to taxpayers who qualify and have done any ONE of the following:
- Filed a 2020 federal income tax return
- Filed a 2019 federal income tax return
- Used the 2020 IRS Non-Filers Tool for Economic Impact Payments (EIPs)
- Used the 2021 Non-Filers Signup Tool for Advance CTC (see link below).

The IRS urges all potentially eligible Americans who are not required to file federal tax returns and have not yet used an online Non-Filers Tool to do so as soon as possible. If you filed returns for both 2019 and 2020 but the IRS has not yet processed your 2020 return, your advance payments will initially be calculated based on your 2019 return. Your monthly payment amount may change after your 2020 return is processed.

You can also use the Advance CTC portal to check your CTC eligibility, update your banking information, or opt out of advance payments if you prefer to claim your entire credit when you file your 2021 tax return.

IRS 2021 Advance CTC site, including Non-Filers Signup, Eligibility and Unenroll Tools:
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

About us

My goal is to help entrepreneurs and small business increase their revenues, manage cash flow, and take the highest tax savings be in compliance.

If you are trying to Increase Revenues & Step Up To The Next Level, While Receiving quality Customer Service, and Build a solid foundation of mutual Support and Trust then I/we can definitely help you

I am a specialists in Accounting Business and my accomplishments include:


  • Bachelor’s degree in Accounting, Tax preparer, Financial Planning
  • Videos (show all)

    Happy New year 2021
    New year ‘s Message.
    New year ‘s Message.
    New year ‘s Message.
    Merry Christmas!!! Enjoy with your Love ones.

    Telephone

    Address


    792 Spur Drive South
    Bay Shore, NY
    11706

    Opening Hours

    Monday 2pm - 11pm
    Tuesday 2pm - 11pm
    Wednesday 2pm - 11pm
    Thursday 2pm - 11pm
    Friday 2pm - 11pm
    Saturday 8am - 11pm
    Sunday 8am - 11pm
    Other Financial Planning in Bay Shore (show all)
    C. G. Hughes Company, LLC C. G. Hughes Company, LLC
    21 Maple Ave Unit 3
    Bay Shore, 11706

    Founded in 1981. Completely independent offering impartial advice to assist clients' long-term planning goals. 100% fee only.

    R. Hollmann Wealth Management, Inc. R. Hollmann Wealth Management, Inc.
    Bay Shore, 11706

    Celebrating 25 years in business, I help individuals, families, and small business owners identify, implement, and manage investment strategies.

    Mi Casa Tax Pro Mi Casa Tax Pro
    1656 5th Ave
    Bay Shore, 11706

    About Mi Casa Tax Pro

    HRD Consulting HRD Consulting
    309 Asharoken Blvd
    Bay Shore, 11706

    Education Funding, College Financial Aid Planning