LGM Financial Consulting

LGM Financial Consulting

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My name is Lynn and I am a certified tax preparer for LGM Financial Consulting, LLC. I can get you the money you need and more. Let me be your Virtual Tax Preparer! Let ME help YOU get more of your money!
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Cash app Charlotte Shepard
Nuky-Nuk93
$23evette
Dont sleep on LGM Financial Consulting!!You will Not be Disappointed!!Thanks
This if certified the best tax preparer me and my wife used. Very precise on all your mistakes, on the money you get back, and what you qualify for. Get your taxes done by, in my opinion, the best

LGM FINANCIAL CONSULTING offers both in person and virtual tax-return preparation services for perso LGM Financial Consulting, LLC prides itself with helping you by making “your money work for you.” We teach you how to manage and leverage your money in hopes of helping you become financially independent.

10/05/2022

Do you need to train your team of TAX PREPARERS? I have a tax preparation course for you.

10/01/2022

ONLINE IRS APPROVED TAX COURSE - STARTING OCTOBER 12TH
Inbox me for more information

10/01/2022

Attention Tax Preparers and those interested in becoming a Tax Preparer‼️
LGM Financial ConsultingTAX PREPARATION COURSE begins October 12th!!!

Inbox me for details

09/29/2022

Credit is key‼ Money is made from debt. Learn the rules of the game 🎮

Why save $20,000 when you can apply for $20,000 to fund your dreams? 🤷🏾‍♂️
Instead of trying to save $200 per week for 2 years, you could take out a $20,000 business loan and have the money tomorrow. 💰💰
📢 Use the capital to start your business venture then use a portion of your sales to pay the loan back. 🦸‍♂️

Using Other Peoples Money is one of the biggest success hacks‼

09/23/2022

𝐅𝐢𝐥𝐞 𝟐𝟎𝟏𝟗, 𝟐𝟎𝟐𝟎 𝐫𝐞𝐭𝐮𝐫𝐧𝐬 𝐛𝐲 𝐒𝐞𝐩𝐭. 𝟑𝟎 𝐭𝐨 𝐠𝐞𝐭 𝐂𝐎𝐕𝐈𝐃 𝐩𝐞𝐧𝐚𝐥𝐭𝐲 𝐫𝐞𝐥𝐢𝐞𝐟

If you have clients who were negatively affected by the COVID-19 pandemic, they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by Sept. 30. Besides providing relief to both individuals and businesses impacted by the pandemic, this step is designed to allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season.

09/21/2022

𝙄𝙍𝙎 𝙖𝙙𝙫𝙞𝙨𝙚𝙨 𝙩𝙝𝙖𝙩 𝙞𝙢𝙥𝙧𝙤𝙥𝙚𝙧𝙡𝙮 𝙛𝙤𝙧𝙜𝙞𝙫𝙚𝙣 𝙋𝙖𝙮𝙘𝙝𝙚𝙘𝙠 𝙋𝙧𝙤𝙩𝙚𝙘𝙩𝙞𝙤𝙣 𝙋𝙧𝙤𝙜𝙧𝙖𝙢 𝙡𝙤𝙖𝙣𝙨 𝙖𝙧𝙚 𝙩𝙖𝙭𝙖𝙗𝙡𝙚

WASHINGTON – The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan).

The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan proceeds that were forgiven based upon misrepresentations or omissions. Taxpayers who inappropriately received forgiveness of their PPP loans are encouraged to take steps to come into compliance by, for example, filing amended returns that include forgiven loan proceed amounts in income.

“This action underscores the Internal Revenue Service’s commitment to ensuring that all taxpayers are paying their fair share of taxes,” said IRS Commissioner Chuck Rettig. “We want to make sure that those who are abusing such programs are held accountable, and we will be considering all available treatment and penalty streams to address the abuses.”

Many PPP loan recipients who received loan forgiveness were qualified and used the loan proceeds properly to pay eligible expenses. However, the IRS has discovered that some recipients who received loan forgiveness did not meet one or more eligibility conditions. These recipients received forgiveness of their PPP loan through misrepresentation or omission and either did not qualify to receive a PPP loan or misused the loan proceeds.

The PPP loan program was established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to assist small US businesses that were adversely affected by the COVID-19 pandemic in paying certain expenses. The PPP loan program was further extended by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act.

Under the terms of the PPP loan program, lenders can forgive the full amount of the loan if the loan recipient meets three conditions.

1 - The loan recipient was eligible to receive the PPP loan. An eligible loan recipient:

is a small business concern, independent contractor, eligible self-employed individual, sole proprietor, business concern, or a certain type of tax-exempt entity;
was in business on or before February 15, 2020; and
had employees or independent contractors who were paid for their services, or was a self-employed individual, sole proprietor or independent contractor.
2 - The loan proceeds had to be used to pay eligible expenses, such as payroll costs, rent, interest on the business’ mortgage, and utilities.

3 - The loan recipient had to apply for loan forgiveness. The loan forgiveness application required a loan recipient to attest to eligibility, verify certain financial information, and meet other legal qualifications.

If the 3 conditions above are met, then under the PPP loan program the forgiven portion is excluded from income. If the conditions are not met, then the amount of the loan proceeds that were forgiven but do not meet the conditions must be included in income and any additional income tax must be paid.

09/11/2022

If you are a Business Owner or Entrepreneur and you want income tax saving tips or tips on establishing business credit follow LGM Financial Consulting.

09/05/2022

𝐆𝐄𝐓 𝐈𝐍 𝐓𝐇𝐄 𝐓𝐀𝐗 𝐏𝐑𝐄𝐏𝐀𝐑𝐀𝐓𝐈𝐎𝐍 𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐓𝐎𝐃𝐀𝐘‼️

Text FRANCHISE to 214-937-5700 for more information‼️

✅No EFIN Required (We will provide the EFIN)
✅We offer tax preparation training (which starts soon)

We have 3 packages to choose from - GOLD - SILEVER - BRONZE

Partner with LGM Financial Consulting and we will guide you from beginning to end on how to market and advertise your services to clients. We will show you how you can make $40K or more in only 4 months‼️

09/01/2022

𝗧𝗶𝗽𝘀 𝘁𝗼 𝗖𝘂𝘁 𝗬𝗼𝘂𝗿 𝗧𝗮𝘅 𝗕𝗶𝗹𝗹

🔹Tweak Your W-4

The W-4 is a form you give to your employer, instructing it on how much tax to withhold from each paycheck.
If you got a huge tax bill this year and don’t want another surprise next year, raise your withholding so you owe less when it's time to file your tax return.

If you got a huge refund, do the opposite and reduce your withholding — otherwise, you could be needlessly living on less of your paycheck all year.

You can change your W-4 any time.

If you need help filling out your W-4 inbox us.

08/31/2022

𝗧𝗶𝗽𝘀 𝘁𝗼 𝗖𝘂𝘁 𝗬𝗼𝘂𝗿 𝗧𝗮𝘅 𝗕𝗶𝗹𝗹

🔹Tweak Your W-4

The W-4 is a form you give to your employer, instructing it on how much tax to withhold from each paycheck.

If you got a huge tax bill this year and don’t want another surprise next year, raise your withholding so you owe less when it's time to file your tax return.

If you got a huge refund, do the opposite and reduce your withholding — otherwise, you could be needlessly living on less of your paycheck all year.

You can change your W-4 any time.

If you need help filling out your W-4 inbox us.

08/26/2022
08/26/2022

They won't understand what you're BUILDING until it's BUILT‼

Stop trying to explain your BLUEPRINT‼

08/19/2022

🎯 Trust your hard work. It's unlocking doors🚪you don't see yet‼

08/15/2022

, ,

08/11/2022

Where are the Top Rated Bloggers?

Timeline photos 08/10/2022

Follow LGM Financial Consulting for more business and personal tax saving tips‼

08/03/2022
07/30/2022

Ways to Avoid the Chance of Being Audited.

Follow these steps to avoid a risk of a tax audit. 👇

1️⃣ Keep your receipts 🧾
2️⃣ Take ALL of the legitimate deductions you can‼
3️⃣ Track and report all of your income 💰
4️⃣ Keep good documentation 📝
5️⃣ Have a separate business account and personal account 🏦 🏦

Some states looking to end sales tax on baby diapers 07/30/2022

Some states looking to end sales tax on baby diapers

🚨 Families are facing growing costs in these inflationary times. That's why some states are looking at putting baby diapers on the no-sales-tax list.

https://www.dontmesswithtaxes.com/2022/07/states-acting-to-end-diaper-taxes-being-a-parent-is-a-challenge-even-with-the-best-of-children-its-also-expensive-especia.html

Some states looking to end sales tax on baby diapers Photo by William Fortunato Being a parent is a challenge, even with the best of children. It's also expensive, especially for parents of infants. And the costs have increased thanks to the recent inflation spike. "Most parents are the poorest they'll ever be in their kid's life on the day their kid....

07/27/2022

I will be mentoring and helping 𝟏𝟎 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐏𝐫𝐞𝐩𝐚𝐫𝐞𝐫𝐬
(1-2 years) grow their tax business this upcoming season.

If you are interested inbox me now‼️

Timeline photos 07/20/2022

Timeline photos

07/18/2022

I'm looking to help 10 New Tax Preparers grow their tax business this upcoming season.

Let's go‼️

Timeline photos 07/13/2022

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Timeline photos 07/13/2022

Timeline photos

07/12/2022
07/07/2022

Do you have 10,000 followers or more? Or do you know someone that does? Tag them below👇

06/29/2022

NEVER sit so High that u Belittle others because the script can flip anytime‼🎯

06/29/2022

Tax Refund Help

Inbox us and ask about our Tax Software Reseller opportunity‼

Photos from LGM Financial Consulting's post 06/29/2022

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Photos from LGM Financial Consulting's post 06/25/2022

Share and Save these interview questions/answers. Maybe someone you know can benefit from the information.

Timeline photos 06/23/2022

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06/19/2022

Happy Father's Day to all the Father's out there‼

06/07/2022

Are you an Insurance Adjuster? Do you need CE hours? Are you a Tax Preparer needing CE hours?
Get discounted CE hours at
www.webce.com/lgmfinancialconsulting/login

06/07/2022

I need someone who specializes in Website SEO

05/28/2022

Are you a business owner?
Do you need help establishing business credit?

05/18/2022

We are up and learning!!! 👨‍🎓

One of the many Tax Professional Conferences that we will attend.

Iron Sharpening Iron‼

Timeline photos 05/10/2022

Inbox us and let's discuss your life insurance options.

05/10/2022

If you filed your tax return with LGM Financial Consulting and you have not received the email with your VACATION CERTIFICATE please drop your email info below.

05/08/2022

To All The Mothers Out There, Happy Mother's Day To You‼

Timeline photos 04/30/2022

Inbox us and let's discuss your life insurance options.

Timeline photos 04/30/2022

Do you know how life insurance can benefit you?

Timeline photos 04/29/2022

Are you ready to purchase life or health insurance? Inbox us for more information.

Timeline photos 04/29/2022

Timeline photos

04/20/2022

𝐎𝐰𝐞 𝐭𝐡𝐞 𝐈𝐑𝐒 𝐌𝐨𝐧𝐞𝐲? 𝐇𝐨𝐰 𝐋𝐨𝐧𝐠 𝐃𝐨 𝐓𝐡𝐞𝐲 𝐇𝐚𝐯𝐞 𝐭𝐨 𝐂𝐨𝐥𝐥𝐞𝐜𝐭?

Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications:

Y̲o̲u̲ ̲f̲i̲l̲e̲ ̲b̲e̲f̲o̲r̲e̲ ̲t̲h̲e̲ ̲A̲p̲r̲i̲l̲ ̲d̲u̲e̲ ̲d̲a̲t̲e̲– If you file before the April due date, the three-year statute of limitations still begins on the April due date. So filing early does not start an earlier running of the statute of limitations. For example, whether you file your 2021 return on February 15, 2022, or April 15, 2022, the statute does not start running until April 18, 2022 (that’s not a typo). The due date for 2021 returns was delayed from April 15 to April 18 because of a holiday in the District of Columbia (Emancipation Day) and a weekend, and the April 18th date applies even if you don’t live in DC. But there’s a further exception for residents of Massachusetts and Maine, the due date for 2021 returns is April 19, 2022, because of a holiday observed in both of those states. So, for residents in these two states, the statute of limitations for 2021 returns begins on the 19th.

You may recall that due to the Covid-19 pandemic, the IRS extended the original due date to May 17, 2021 for 2020 returns and to July 15, 2020 for 2019 returns. As a result, the statute of limitations for refunds expires May 17, 2024 for 2020 returns and July 15, 2023 for 2019 returns.

Y̲o̲u̲ ̲f̲i̲l̲e̲ ̲a̲f̲t̲e̲r̲ ̲t̲h̲e̲ ̲A̲p̲r̲i̲l̲ ̲d̲u̲e̲ ̲d̲a̲t̲e̲ - The assessment period for a late-filed return starts on the day after the actual filing, whether the lateness is due to a taxpayer’s delinquency, or under a filing extension granted by IRS. For example, say your 2021 return is on extension until October 17, 2022, and you file on September 1, 2022. The statute of limitations for further assessments by the IRS will end on September 2, 2025. So the earlier you file those extension returns, the sooner you start the running of the statute of limitations.

If you want to be cautious you may wish to retain verification of when the return was filed. For electronically filed returns, you can retain the confirmation from the IRS accepting the electronically filed return. If you file a paper return, proof of mailing can be obtained from the post office at the time you mail the return.

Y̲o̲u̲ ̲f̲i̲l̲e̲ ̲a̲n̲ ̲a̲m̲e̲n̲d̲e̲d̲ ̲t̲a̲x̲ ̲r̲e̲t̲u̲r̲n̲ – If after filing an original tax return you subsequently discover you made an error, an amended return is used to make the correction to the original. The filing of the amended tax return does not extend the statute of limitation unless the amended return is filed within 60 days before the limitations period expires. If that occurs, the IRS generally has 60 days from the receipt of the return to assess additional tax.

Y̲o̲u̲ ̲u̲n̲d̲e̲r̲s̲t̲a̲t̲e̲d̲ ̲y̲o̲u̲r̲ ̲i̲n̲c̲o̲m̲e̲ ̲b̲y̲ ̲m̲o̲r̲e̲ ̲t̲h̲a̲n̲ ̲2̲5̲%̲ - When a taxpayer underreports their gross income by more than 25%, the three-year statute of limitations is increased to six years.

In determining if more than 25% of income has been omitted, capital gains and losses aren’t netted; only gains are taken into account. These “omissions” don’t include amounts for which adequate information is given on the return or attached statements. For this purpose, gross income, as it relates to a trade or business, means the total of the amounts received or accrued from the sale of goods or services, without reduction for the cost of those goods or services.

Y̲o̲u̲ ̲f̲i̲l̲e̲ ̲t̲h̲r̲e̲e̲ ̲y̲e̲a̲r̲s̲ ̲l̲a̲t̲e̲ – Suppose you procrastinate and you file your return three years or more after the April due date for that return. If you owe money, you will have to pay what you owe plus interest and late filing and late payment penalties. If you have a refund due, you will forfeit that refund and perhaps get stuck with a $450 or more minimum late filing penalty (the amount is adjusted for inflation each year). No refunds are issued three years after the filing due date.

Y̲o̲u̲ ̲h̲a̲v̲e̲n̲’̲t̲ ̲f̲i̲l̲e̲d̲ ̲a̲t̲ ̲a̲l̲l̲ – In situations where no tax return has been filed or there’s fraud (the willful intent to evade tax), there is no time limit for the IRS to assess the tax or additional tax or to take court action.

1̲0̲-̲y̲e̲a̲r̲ ̲c̲o̲l̲l̲e̲c̲t̲i̲o̲n̲ ̲p̲e̲r̲i̲o̲d̲ – Once an assessment of tax has been made within the statutory period, the IRS may collect the tax by levy or court proceeding started within 10 years after the assessment or within any period for collection agreed upon by the taxpayer and the IRS before the expiration of the 10-year period.

D̲i̲s̲c̲a̲r̲d̲i̲n̲g̲ ̲t̲a̲x̲ ̲r̲e̲c̲o̲r̲d̲s̲ - Remember not to discard your tax records until after the statute has run its course. When disposing of old tax records, be careful not to discard records that prove the cost of items that have not been sold. For example, you may have placed home improvement records in with your annual receipts for the year the improvement was made. You don’t want to discard those records until the statute runs out for the year you sold the home. The same applies to purchase records for stocks, bonds, reinvested dividends, business assets, or anything you will sell in the future and need to prove the cost.

And a word of caution about discarding those tax records – to limit your exposure to ID theft, be sure to dispose of the documents safely and securely, such as by shredding paper files, or if the records are stored on your computer delete them, or by destroying the hard drive when you take the device out of service.

S̲t̲a̲t̲e̲ ̲s̲t̲a̲t̲u̲t̲e̲ ̲o̲f̲ ̲l̲i̲m̲i̲t̲a̲t̲i̲o̲n̲ – Most, but not all, states follow the federal 3-year statute of limitations and 10-year collection period rules. Contact this office if you need further information about your state’s statute of limitations.

If you are behind on filing your returns and would like to get caught up, please give this office a call. If you discovered you omitted something from your original return and would like to file an amended return, we can help with that as well.

Our Story

LGM Financial Consulting, LLC prides itself with helping you by making “your money work for you.” We teach you how to manage and leverage your money in hopes of helping you become financially independent. Our goal is to lead you in the right direction monetary wise, helping you to provide financial stability for yourself and your family.

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𝗧𝗶𝗽𝘀 𝘁𝗼 𝗖𝘂𝘁 𝗬𝗼𝘂𝗿 𝗧𝗮𝘅 𝗕𝗶𝗹𝗹🔹Tweak Your W-4 The W-4 is a form you give to your employer, instructing it on how much tax to ...
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Tax Refund Help

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6060 N Central Expressway, Suite 538
Dallas, TX
75206

Opening Hours

Monday 9am - 10pm
Tuesday 9am - 10pm
Wednesday 9am - 10pm
Thursday 9am - 10pm
Friday 9am - 10pm
Saturday 9am - 10pm

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