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Tax forms for investment accounts are starting to become available, it might take up until the end of Feb to receive your tax documents for 2021. Most places you will be able to go onto their app and download. Some of these include TD AMERITRADE, ACORNS, ROBINHOOD, ETRADE and WEBULL to names a few.
These 2021 tax documents for your investment accounts are important and are required to be filed with your tax return. DO NOT FORGET THEM!
Everyone, please remember to get you tax documents from investment/trading accounts.
As simple as logging in and usually in settings or documents you can download or print.
You need that for 2021 taxes.
This includes ROBINHOOD, ETRADE, TDAMERITRADE, WEBULL and anywhere else you can buy, sell or trade stocks.
You must report profits, and if you have losses they could help you from a tax standpoint!!!
Attached is sample of form image.
Taxes are open for filing for IRS and NYS.
I know many have been messaging me and calling/texting. Filings are open and I am NOW accepting 2021 tax info.
If you got a 1099 from your work. I can save you $ this year on your taxes.
If anyone got unemployment through last year dont forget to log onto unemployment and get your 1099G
Also if you got a 3rd stimulus payment get the amount and date of when it was deposited.
IRS phone volume is up 300% due to lagging of filing and processing returns. They have answered 7% of those calls.
There is obviously a huge delay in tax processing. And a huge delay in refunds being issues it could take up to 12 weeks to get your return. Please be patient while they process and they also have to amend returns from the stimulas act that made 10,200 unemployment funds not taxable.
Be patient I have submitted many returns and processing times are taking longer than expected for obviously reasons but there is nothing I can do as an accountant or tax preparer to expedite your refund processing.
You can check online with IRS wheres my refund and you can see your status. It gets updated once a day.
- Tarsh Consulting
If you already filed your federal taxes and you had unemployment income. The IRS with automatically adjust your tax return for the 10,200 exemption. You do not need to amend return.
On March 11, 2021, President Biden signed the American Rescue Plan Act, which provides approximately $1.9 trillion in further supports and stimulus to individuals, businesses and other organizations, as well as state and local governments affected by the COVID-19 pandemic. The Act contains many different funding and support programs that effect employers.
• Recovery Rebates to Individuals
• Unemployment Insurance Benefits Supplements
• Increased Child Tax Credit and Earned Income Tax
• 100% COBRA Health Coverage Subsidy
• Employee Retention Credit Extended Through 2021
• Families First Coronavirus Response Act (FFCRA) Paid Sick Leave & Family Leave Tax Credit Extended
• Paycheck Protection Program (PPP) Expansion
• Dependent Care FSA Exclusion Increased
• Increased Affordable Care Act (ACA) Premium Subsidies
• Pension Provisions
We are in full tax season swing!
All personal returns, business returns, small or big business we can handle!
Be sure to have all your documents! robinhood statements or unemployment 1099G!!
Tax software is all up and ready to go, the IRS started accepting returns Friday.
Let me know if you need 2020 taxes prepared or any other tax questions, I do personal and business returns. Basic personal Tax returns starting between $125-150
Remember if you collected unemployment last year you need to get the 1099-G from the unemployment website.
Just a friendly reminder from an accountant that if you are trading shares and holding them less than a year, you need to pay short term capital gains tax, which is equivalent to your normal federal tax rate.
￼￼ For short-term capital gains, the tax brackets for ordinary income taxes apply. The tax brackets are 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent.
If you have any investment accounts such as Robin Hood, Acorns ETC. you must file your 1099 consolidated form from each of those brokerages. No matter if you made money or lost money a big or small amount it must be filed with your taxes!
A wise person should have money in their head, but not in their heart. --Jonathan Swift
“It’s has nothing to do with time management, it has everything to do with priority management.”
Some tips to help you keep saving money during these pandemic times.
The 3 smartest ways to cut costs and grow your savings during a pandemic, according to a personal finance guru Ramit Sethi shares how to streamline your finances and effortlessly grow your emergency fund, even during a pandemic.
I know a few local business owners who are having the same issue, especially with the federal assistance of $600 a week. Many people are making more than they would make working during the week. So what leaves them any incentive to go back to work?
Businesses Struggle to Lure Workers Away From Unemployment Businesses looking for a quick return to normal are running into a big hitch: Workers on unemployment benefits are reluctant to give them up. That’s complicating plans to reopen states and get the U.S. economy back on track.
So how does this work? Do I need to file anything to get my check? Technically, the checks are advances of refundable credits. Treasury will advance your check based on your most recently filed tax return (2018 or 2019 tax return). If you haven’t filed a tax return, the bill allows Treasury to use the information on your 2019 Form SSA-1099, Social Security Benefit Statement, Form RRB-1099, Social Security Equivalent Benefit Statement.
Okay, I don’t understand. What is a refundable tax credit? A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don't have any tax liability, the "extra" credit is not lost but is instead refunded to you.
In this case, the stimulus check acts like a refund that you get in advance based on your 2020 income. That’s confusing because you don’t know how much you’re going to earn in 2020, but it’s why the IRS is using earlier returns. But this advance payment on the credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check.
FYI... The stimulus checks will be treated as an "advanced payment" of tax credits for 2020. Completely non-taxable.
Full amounts (1200) go to individuals making less than 75k. For married, full amount (2400) goes to those couples making less than 150k.
Do you still need taxes done? Let me know if you haven’t filed yet! I handle returns in all states, corporate and self employed! Starting at $125 for basic!
Why poor people make poor decisions Our efforts to fight poverty are often based on the misconception that poor people must pull themselves up out of the mire. But the relentless struggle to make ends meet has serious effects on the brain. Poverty is not a lack of character – it’s a lack of cash.
Average people “celebrate” for no legitimate reason far too often.
“It’s the weekend!”
“It’s *irrelevant holiday*!”
Easy trap to fall into.
1) Bust your ass towards a personally meaningful goal
2) Delay gratification
3) Accomplish goal
Morgan Stanley estimates that amazon is delivering half of all the packages in the US....... how crazy is that?
There is no excuse....
1,700 People in America Are Becoming Millionaires Every Day The number of millionaires could rise by 3.1 million by 2020
GM Loses Money On Every 2020 Corvette Under $80,000 Every base model Corvette Stingray isn't doing GM any favors, and they are totally okay with this for now.
The average in-store discount is 20 percent for the entire week. That discount increases to 37 percent on Thanksgiving, Black Friday, and Saturday. Online sales are the best on Thanksgiving Day, not Black Friday. The average discount is 24 percent.
Motor1 reports that the new Chevrolet corvette will lose money on every model they sell under $80,000. Being that base peice is around $60,000. Thats alot to lose unless buyers option out their orders.
Online shopping on Thanksgiving was $4.2 billion dollars. Up 14% from 2018.
Today is small business Saturday!
Go around to a local store and support them. This can include food, gas, anything!
More people are employeed by small businesses then big business in the USA.
We have about one more month for you to hit your financial goals for the year. Make sure you finish strong.
It’s the most wonderful time of the year 🎅 🎁 #t4t #toysfortots #toys4tots #corvette #vette #c5 #c6 #c7 #z06 #zr1 #zl1 #racecar #donate #charity @donatetoys4tots #christmas #thanksgiving #businessowner #hustle #grind #nyc @ The North Pole
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I can help any suspend account reopen. .we have a good team for this work
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