Income Tax Preparation by Danielle

IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year | Internal Revenue Service

Tax Season has begun. File early and electronically and you can expect your refund in 21 days or less.

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year #:~:text=Most%20refunds%20issued%20in%20less,issues%20with%20their%20tax%20return.

IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year | Internal Revenue Service IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

The benefits of having a tax refund direct deposited | Internal Revenue Service

The benefits of having a tax refund direct deposited.

The benefits of having a tax refund direct deposited | Internal Revenue Service Tax Tip 2023-13, February 2, 2023 — Receiving a tax refund is happy news to any taxpayer; getting it quickly is even better. Direct deposit is the safest and most convenient way to receive a tax refund. The IRS encourages taxpayers to file when they are ready and choose direct deposit to receive a...

Gift Card Scam

https://www.youtube.com/watch?v=Z9yRuyXt9vQ

Beware of scammers! Check out this video by the IRS regarding gift cards. And remember not to give any information to someone who calls you and claims to be from the IRS. Reach out to me with any questions.

Gift Card Scam Find out how to avoid becoming a victim of a gift card scam. For more information, go to https://www.irs.gov/scams. us:Twitter – https://t...

Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions | Internal Revenue Service

Charitable contributions - but what if I don't itemize?
https://www.irs.gov/newsroom/most-taxpayers-can-deduct-up-to-300-in-charitable-contributions-without-itemizing-deductions

Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions | Internal Revenue Service COVID Tax Tip 2020-170, December 14, 2020

Tax Season has officially begun! Please reach out to me for an appointment. Don't forget this year you have to report the amount of the 3rd stimulus payment you received and look out for a statement from the IRS reporting the Advance Child Tax Credit amounts you received in 2021.

Hi everyone!!! It's almost the last quarter of 2021, so I wanted to send out a little advice! Use this last 3 months of the year to make qualified cash donations to your favorite charities.
Many folks lost the ability to claim a deduction for cash donations when the standard deduction increased, HOWEVER, for 2021, individuals, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities even if you don't itemize. The maximum deduction is increased to $600 for married individuals filing joint returns.
When you make a donation, keep a copy of the receipt, check number, etc. If you received confirmation of your donation via email, make a separate "tax" or "donation" folder so you remember to include them when you file your taxes.

What to Do If You Haven't Received Your Third Stimulus Payment Yet

https://www.nbcconnecticut.com/news/business/money-report/what-to-do-if-you-havent-received-your-third-stimulus-payment-yet/2456117/

What to Do If You Haven't Received Your Third Stimulus Payment Yet Taxpayers who filed their returns with H&R Block and TurboTax, or who qualify for Social Security income, may experience a delay receiving their stimulus funds.

Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions | Internal Revenue Service

https://www.irs.gov/newsroom/most-taxpayers-can-deduct-up-to-300-in-charitable-contributions-without-itemizing-deductions #:~:text=Following%20tax%20law%20changes,%20cash%20donations%20of%20up,the%20standard%20deduction,%20rather%20than%20itemizing%20their%20deductions.

Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions | Internal Revenue Service COVID Tax Tip 2020-170, December 14, 2020

Filing begins 2/12, but it's not too early to make your appointment.

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service

https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

Tax Preparedness Series: Tax Records — What to Keep | Internal Revenue Service

Spending your quarantine cleaning, organizing and purging? Wondering how long to keep your old tax records? According to the IRS, no longer than 7 years, but usually no more than 3.
https://www.irs.gov/newsroom/tax-preparedness-series-tax-records-what-to-keep

Tax Preparedness Series: Tax Records — What to Keep | Internal Revenue Service IR-2016-162, December 6, 2016 — As tax filing season approaches, the IRS has information for taxpayers who wonder how long to keep tax returns and other documents.

Economic Impact Payments | Internal Revenue Service

Wondering if you are eligible for a Corona Virus Economic Impact Payment? Want to check your payment status? All you need to know is on the IRS website:
https://www.irs.gov/coronavirus/economic-impact-payments

Economic Impact Payments | Internal Revenue Service We’re committed to helping you get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.

The tax filing & payment deadline has been extended to July 15. I'm still working on returns - drop off on my porch or through email to avoid contact. Reach out with any questions.

https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed

Treasury and IRS to delay tax payment deadline by 90 days

https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html

Treasury and IRS to delay tax payment deadline by 90 days Taxpayers are about to get a three-month reprieve to pay income taxes owed, Treasury Secretary Steven Mnuchin said at a news conference Tuesday.

Did you know....
A new law that began this year eliminates the 70½ age limit for making contributions to traditional IRAs. So, people over 70½ who are still working or own a business can contribute to a traditional IRA beginning in 2020.
AND if you turn 70½ after 12/31/19, you may be able to wait until you turn 72 before taking required minimum distributions. The previous rule was that minimum distributions began April 1 of the year after you turn 70½.

Happy New Year everyone! This year, appointments are available beginning February 10th. If you have any questions, please send me a private message. I look forward to seeing you all!

IRS Withholding Calculator | Internal Revenue Service

Disappointed that you owed when you filed your return this year? Not sure how to fix it next year? If you didn't have enough withheld, you should increase your withholding by filling out a new Form W4 with your employer. The IRS has a withholding calculator available on their site to help:
https://www.irs.gov/individuals/irs-withholding-calculator

irs.gov The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

Hi all! Happy New Year! Change in phone number so please do not use the number included on this page. Send me a PM or respond to this post and I'll get you my current number. Thanks!

What Taxpayers Should do When They Need More Time to Pay | Internal Revenue Service

https://www.irs.gov/newsroom/what-taxpayers-should-do-when-they-need-more-time-to-pay

irs.gov Tax Tip Number 2018-58, April 16, 2018

Did you know: The individual income tax has been the largest source of federal government revenue since 1950, accounting for 47.3 percent of revenue and amounting to 8.4 percent of the GDP in 2016.

State of CT, budget bill tax changes includes changes to the Property Tax Credit effective for 2017 and 2018.

The personal income tax credit that Connecticut residents may claim for property tax paid on a primary residence is limited to individuals who:

are age 65 or older before that year ends; or
may validly claim at least 1 dependent on their federal income tax return for that year.

The maximum credit, which starts to phase out based on a taxpayer’s filing status and Connecticut AGI, is $200.

Driver’s license information now required on some state e-filed returns

Don't forget your drivers license, it will ensure your return is processed timely.
https://www.journalofaccountancy.com/news/2017/feb/drivers-license-information-on-state-returns-201715949.html

journalofaccountancy.com Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.

Happy New Year everyone! I'm taking appointments beginning in February. Available weeknights 6:30pm and later, Friday, Saturday & Sunday any time, by appointment. Give me a call. Looking forward to seeing you 🎉

Income Tax Preparation by Danielle

Buying Your First Home - TurboTax Tax Tips & Videos

I get a lot of questions from people buying their first home. People wonder what additional tax breaks they will get. Here's an article that will help you think about the types of things you may now be able to deduct.
https://turbotax.intuit.com/tax-tips/home-ownership/buying-your-first-home/L5QxJLcQT

turbotax.intuit.com Buying your first home is a huge step, but tax deductions available to you as a homeowner can reduce your tax bill.

I'm at my limit for the season! I'm not taking any more appointments, sorry if you missed me. Thanks to everyone who contacted me this year. Now just wrapping things up.

Know these Facts Before Deducting a Charitable Donation

Check out this link if you'd like to learn more about charitable contributions as a tax deduction :)

https://www.irs.gov/uac/know-these-facts-before-deducting-a-charitable-donation

irs.gov IRS Tax Tip 2017-32, March 20, 2017

Timeline Photos

8 crucial tax tips for Millennials

http://www.usatoday.com/story/money/personalfinance/2017/01/31/8-crucial-tax-tips-millennials/97244274/

usatoday.com

How to Use the Where's My Refund? Tool

Already filed your taxes? Wondering where your federal refund is? The IRS has a tool on their website to provide you the status of your refund. Here's a video to tell you how it works
https://www.youtube.com/watch?v=-WrZR2qc-3g

youtube.com Find out how to use the new Where's My Refund? tool on IRS.gov/refunds.

Happy New Year! Gearing up for tax season again. You can call or email any time to make your appointment. I am available beginning February 1st.

Just one week left! Wrapping up the last few returns on my desk....if you or anyone you know haven't filed yet, feel free to reach out and I'll do my best to squeeze you in before the deadline.

Affordable Care Act (ACA) Tax Provisions

Keep your Health Insurance Documents with Your Tax Records

Gathering documents and keeping well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to follow-up with you for more information.

This year marks the first time that you may receive information forms about health insurance coverage.

The information forms are:

Form 1095-A, Health Insurance Marketplace Statement
Form 1095-B, Health Coverage
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

You do not need to send these forms to IRS as proof of your health coverage. However, you should keep any documentation with your other tax records. This includes records of your family’s employer-provided coverage, premiums paid, and type of coverage. You should keep these – as you do other tax records – generally for three years after you file your tax return.

When preparing 2015 tax returns, most people will simply have to check a box to indicate they and everyone on their tax return had health care coverage for the entire year. You will not need to file any additional forms, unless you are claiming the premium tax credit or a coverage exemption. In which case, you will use Form 8962, Premium Tax Credit, or Form 8965, Health Coverage Exemptions.

SOURCE: For more information about the information forms, see our Questions and Answers on IRS.gov/aca.

irs.gov The Affordable Care Act contains comprehensive health insurance reforms and includes tax provisions that affect individuals, families, businesses, insurers, tax-exempt organizations and government entities. These tax provisions contain important changes, including how individuals and families file t…

IRS Tax Tips

https://www.irs.gov/uac/IRS-Tax-Tips
7 weeks left! Give me a call or send me a message for an appointment.

irs.gov

Season is going well so far. Thanks to everyone who has already made their appointment. I've already wrapped up and filed a good number of returns. Appointments still available. Most weeknights 6:30pm or later and weekend appointments too if you prefer. If you prefer a daytime appointment Friday is your best bet. Give me a call or send me an email!

Ready, set, go...tax season has begun! Call for your appointment. Looking forward to seeing everyone. :)