LGM Financial Consulting

LGM Financial Consulting

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We help our clients leverage their resources, manage their money, and guide them to financial freedom. 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 children.

Operating as usual

[03/13/21]   🛑 STIMULUS NEWS 🛑

Heres what to expect with the New Stimulus Bill!

✅$1400 Stimulus Checks Will Be Provided

✅ Individuals making under $75,000 and couples making under $150,000 will receive a payment of $1400 per person and $1400 per dependent. These will decrease for those above this income level. Persons making $80,000 or more or $160,000 or more jointly will not be eligible.

✅ $300 Per Week Unemployment Benefit Boost

✅Unemployment will be extended through early September and will include a $300 per week federal supplement. This includes a provision that waives federal incomes taxes for the first $10,200 of unemployment benefits received in 2020 for households that made $150,000 or less. This will help lower tax bills for those individuals. (If you have already filed, you will need to amend your return in order to receive taxes back that have been paid on unemployment)

✅ The bill would temporarily increase child tax credit. Currently, the credit is set at $2000 for children under 17. Under the new legislation, it would increase it to up to $3600 for children five and under and to $3000 for children 6 to 17.

✅ Full credit will be available to lower income people who were previously ineligible or only received a portion in past years. Some taxpayers would also be able to access advance payments of the credit in installments.

✅ The new bill would increase child and dependent care credit for 2021 and expand earned income credit for workers without children. It will exempt student loan forgiveness from income taxes through to 2025.

03/12/2021

🛑 It’s Official! Another Round of Stimulus Payments Approved by Congress

The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic began disrupting the economy at the beginning of 2020, leaving many Americans without jobs or any way to support their families.
This round of EIPs will be:
• $1,400 ($2,800 for joint filers), plus
• $1,400 per dependent—unlike the prior payments, the payment will apply to all of a taxpayer’s dependents regardless of age.

Since the payments are meant for lower-income taxpayers, they will phase out for higher-income taxpayers. Thus, the payment amounts will phase out for taxpayers with adjusted gross incomes (AGI) between:
• $150,000 and $160,000 for married taxpayers filing jointly;
• $112,500 and $120,000 for head-of-household filers; and
• $75,000 and $80,000 for all other filers.

The Treasury will make these payments automatically based on a taxpayer’s filing status, AGI, and claimed dependents on their 2019 return—or the 2020 return if it has been filed and processed by the IRS by the time the IRS generates the payments.

Example: Don and Shirley file jointly, have one dependent, and their 2019 AGI is $152,500 (they had not filed their 2020 return by the time the third round of EIPs were determined). Because their AGI is a quarter of the way through the phaseout range for joint filers, their EIP3 will be reduced by 25%. Here is the computation for their EIP3:
EIP for Don & Shirley: 2,800
EIP for their dependent 1,400
Total before phaseout 4,200
Phaseout (25%)
Economic impact payment 3,150

Had Don and Shirley had an AGI of less than $150,000, their EIP would have been $4,200.

Had Don and Shirley had an AGI of $160,000 or more, their EIP would have been $0.

It is anticipated that the Treasury will begin issuing the EIP3s within a week after President Biden signs the American Rescue Plan Act into law.

Reconciliation – When taxpayers file their 2021 tax returns, they will need to reconcile the payments they received with the amounts they were entitled to based upon the 2021 tax return filing status, AGI and claimed dependents. If payments were less than what they were entitled to, the difference becomes a refundable tax credit on the 2021 tax return. Taxpayers who received more than they were entitled to are not required to repay any difference.

Example (continued) – Don and Shirley’s actual 2021 AGI ends up being $148,000, so none of the recovery rebate credit (RRC) has to be phased out because the AGI is less than $150,000. Therefore, they’ll be allowed $1,050 (the difference between $4,200 and the EIP3 they received of $3,150) as a refundable credit on their 2021 tax return.

Dependents – Dependents who file their own returns are not eligible for an EIP or the RRC.

Decedents – Individuals who died prior to January 1, 2021 will not be eligible for the EIP3 or RRC.

Social Security Number – A Social Security number is required for eligibility for filers and their dependents. An exception to the SSN requirement is if a dependent is adopted or placed for adoption and has an ATIN (adoption taxpayer identification number). The SSN has to have been issued by the Social Security Administration on or before the due date for filing the 2021 return.

Regulations – The Act specifies that the Treasury Secretary is to issue regulations or other guidance to ensure, to the maximum extent administratively practicable, that in determining the amount of the RRC, an individual is not taken into account more than once. This includes claims by different taxpayers and by reason of a change in joint return status or dependent status between the taxable year for which an advance refund amount is determined and the taxable year for which the RRC is determined.

Non-filers – An individual does not have to file a tax return to be eligible for the EIP. The Treasury has developed methods for directing payments to non-filers, such as Social Security recipients who don’t have other income. If you are a non-filer who received the two prior EIPs, you should automatically receive this third one. Although it may take a bit of time for the IRS to update their website to incorporate the recent changes, they provide a Non-Filer Tool on their website.

Following Up – You will be able to check on the status of your rebate using the “Get My Payment” feature on the IRS webpage.
Also, realize there may have been births, deaths, changes in dependents, marriages, separations, divorces, and income changes that can cause the rebate amounts to be different from expected or, in some cases, incorrect.

The IRS provides an extensive Q&A related to rebate issues and situations that may answer any questions related to your rebate once the information is updated for this third round of payments.
If you have any other questions, please give this office a call.

03/09/2021

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02/26/2021

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[02/26/21]   14 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Retirement Plan Deductions – Contributions to traditional IRAs, self-employed SEPs, SIMPLEs and other qualified retirement plans are above-the-line deductions. However, the deduction for some of these contributions for an employee won’t appear as a line item on the tax return because the tax benefit has already been applied by reducing their taxable wages. The most common example of this treatment is 401(k) plan contributions in which the employee designates a percentage of their wage that is contributed to the plan and their gross wages are reduced by the contribution amount, leaving the balance of the wages as taxable.
If you have questions about how any of these deductions might apply to your tax return, please give this office a call.

[02/25/21]   13 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Business Pass-through Deduction – As part of the 2018 tax reform, certain businesses are allowed a deduction that is generally equal to 20% of their qualified business income (QBI). This deduction is most commonly known as a pass-through income deduction because it applies where the business income passes through to the individual’s, partner’s or stockholder’s 1040 income tax return. This category includes income from sole proprietorships, partnerships, S-corporations, rentals, farms, real estate investment trusts (REITs) and pass-through income from publicly traded partnerships. While not an above-the-line deduction because it doesn’t reduce gross income, this pass-through deduction, like the standard and itemized deductions, is subtracted from AGI to figure taxable income.

[02/25/21]   12 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Alimony Payments May Be Deductible – For divorce or separation instruments entered into before 2019 that haven’t been modified to include the tax law change effective for post-2018 instruments, an individual may be able to claim an above-the-line deduction for alimony payments made during the year if certain requirements (not covered in this article) are met. Effective for divorce or separation instruments entered into after 12/31/2018, alimony payments aren’t deductible by the payer and aren’t taxable to the recipient.

[02/25/21]   11 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Self-employed Health Insurance Deduction – A self-employed individual (or a partner or a more-than-2%-shareholder of an S corporation) may be able to deduct 100% of the amount paid during the tax year for medical insurance on behalf of themselves, their spouse and dependents as an above-the-line expense. However, the deduction is limited to the amount of the individual’s net SE income and the individual, spouse or dependent can’t have participated in a health plan subsidized by an employer.

[02/24/21]   10 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Deductible Part of Self-employment Tax – A self-employed taxpayer can deduct one-half of the self-employment tax computed on Schedule SE for the year.

[02/24/21]   9 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Deduction for Early Withdrawal of Savings – When someone closes a savings account or CD prematurely, they may get penalized by the financial institution. This is referred to as an interest penalty and is deductible above-the-line.

[02/24/21]   8 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Tuition and Fees Deduction – This above-the-line deduction is allowed for qualified tuition and related expenses for any year only to the extent the expenses are in connection with enrollment at an institution of higher education during that tax year. The expenses are limited to $2,000 or $4,000 depending upon the taxpayer’s adjusted gross income. For joint returns with an AGI below $130,000, the maximum deduction is $4,000. Between $130,000 and $160,000, the maximum deduction is $2,000, and above $160,000, it is zero. For other filing statuses, the AGI limits are half of those for joint filers, except that married taxpayers using the married separate filing status aren’t eligible for any deduction. The same expenses can’t be used for this deduction and the American Opportunity Credit or the Lifetime Learning Credit, and 2020 is the last year for this deduction.

[02/23/21]   7 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Student Loan Interest Deduction – A taxpayer can deduct up to $2,500 above-the-line of interest paid by the taxpayer on a student loan on behalf of the taxpayer, spouse or dependents. The student must be at least half-time. However, the deduction is phased out for higher-income taxpayers. The $2,500 limit applies per year per return, regardless of the number of eligible students or number of loans.

[02/23/21]   6 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Moving Expenses for Members of the Armed Forces – Although an above-the-line deduction for taxpayers’ moving expenses in general has been suspended until after 2025, deduction of moving expenses is still allowed for members of the armed forces that have to move as a result of a permanent change of station. There are no requirements for distance or length of time at the new station.

[02/23/21]   5 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Health Savings Account Contributions – Contributions to Health Savings Accounts (HSA) are also an above-the-line deduction. HSAs can only be established by eligible individuals who are covered by high-deductible health plans and generally not covered under any other health plan. There are statutory limits to the amounts that can be contributed to an HSA. Subject to statutory limits, eligible individuals may make contributions to HSAs, and employers as well as other persons (e.g., family members) may contribute on behalf of eligible individuals.
An account holder gets a deduction for contributions to their HSA even if someone else (e.g., a family member) makes the contributions. However, since an employer’s contributions to an employee’s HSA are excludable from the employee’s income, the employee can’t also claim a deduction for those contributions.

Amounts in HSAs accumulate tax-free, and distributions are tax-free if used to pay or reimburse qualified medical expenses. Some individuals use HSAs as supplemental retirement plans when they are maxed out on other available tax beneficial retirement plans.

[02/22/21]   4 of _ Series of Post on Tax Deductions Without Itemizing

🔑 State and Local Government Officials’ Expenses – Employee business expenses for a state or local government official are deductible above-the-line if the official is compensated in whole or in part on a fee basis. This provision is intended for officials who provide certain services to the government and who hire employees and incur expenses in connection with their official duties.

[02/22/21]   3 of _ Series of Post on Tax Deductions Without Itemizing

🔑 Performing Artist Expenses - Some performing artists are allowed to deduct their employment-related expenses as an adjustment to gross income. For taxpayers to qualify for this special rule, all of the following criteria must be met:
(1) They must have had two or more employers in the performing arts field during the tax year (don’t count nominal employers who pay less than $200),
(2) Their business expenses must be more than 10% of their gross income earned as a performing artist, and
(3) Their AGI before deducting the performance-related expenses can’t be more than $16,000. Married performers must file joint returns unless they lived apart all year. The two-employer requirement and 10%-of-gross-income requirement are applied to each spouse separately. However, the $16,000-AGI requirement applies to married performers’ joint income.

[02/22/21]   2 of Series of Post on Tax Deductions Without Itemizing

🔑 Educator Expenses – A qualified educator can annually deduct above-the-line to a maximum of $250 of qualified unreimbursed classroom expenses. These expenses include:
• Books,
• Supplies (other than nonathletic supplies for courses of instruction in health or physical education),
• Computer equipment (including related software and services) and other equipment,
• Supplementary materials used by the eligible educator in the classroom,
• Professional development courses that are beneficial to the students for whom the educator provides instruction, and
• Personal protection equipment (PPE), disinfectant and other supplies used for the prevention of the spread of coronavirus after March 12, 2020.
A qualified educator is generally a kindergarten through grade 12 teacher, instructor, counselor, principal or aide and works in a school at least 900 hours during the school year.

[02/22/21]   4 of _ Series of Post on Tax Deductions Without Itemizing

🔑 State and Local Government Officials’ Expenses – Employee business expenses for a state or local government official are deductible above-the-line if the official is compensated in whole or in part on a fee basis. This provision is intended for officials who provide certain services to the government and who hire employees and incur expenses in connection with their official duties.

[02/22/21]   Series of Post on Tax Deductions Without Itemizing

🔑 Charitable Contributions

• For 2020, non-itemizers can deduct up to $300 of cash contributions above-the-line. The $300 limits apply both to single and married taxpayers. Donations to donor-advised funds and private foundations aren’t eligible for the above-the-line deduction (2020 and 2021). The term “above-the-line” is a shorthand way of saying that the deduction reduces gross income when figuring adjusted gross income (AGI). Eligibility for many credits, some other deductions and sometimes the phaseout of the amount of the credit or deduction are based on AGI or modified AGI.
• For 2021, non-itemizers filing a joint return can deduct up to $600 of cash contributions, while taxpayers using the other filing statuses continue to be limited to $300. Unlike the 2020 version of this deduction, which is an above-the-line deduction, the 2021 deduction is claimed after the AGI is determined.

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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6060 N Central Expressway, Suite 500
Dallas, TX
75206

Opening Hours

Monday 09:00 - 22:00
Tuesday 09:00 - 22:00
Wednesday 09:00 - 22:00
Thursday 09:00 - 22:00
Friday 09:00 - 22:00
Saturday 09:00 - 22:00
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