Stokes Tax and Business Solutions LLC

Merry Christmas and Happy Holidays to everyone!

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🚨 30 DAYS LEFT TO FILE WITHOUT AN EXTENSION‼️

I’ll be offering $20 extensions until April 1st. Extension fee will increase after that.

Home | Stokes Tax And Business Solutions LLC Stokes Tax and Business Solutions is a virtual, FinTech company specializing in income tax preparation services and bookkeeping services for business owners.

Refunds with earned income credit and child tax credits will start depositing on Feb 22nd.

The IRS has announced that they will begin accepting individual tax returns on Monday, January 23, 2023.

The deadline to file without an extension is by Tuesday, April 18, 2023.

The deadline to file with an extension is Monday, October 16, 2033

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.

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The Business mileage rate has increased to 65.5 cents per mile for 2023. This is the standard mileage rate.

22 cents per mile for medical or moving purposes for qualified active duty members of the armed forces.

14 cents per mile in service of charitable organizations.

IRS issues standard mileage rates for 2023; business use increases 3 cents per mile | Internal Revenue Service IR-2022-234, December 29, 2022 — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

There will be some big changes to the 2022 tax season due to the American Rescue Plan of 2021 not extending certain credits and deductions.

The American Rescue Plan of 2021 was signed by the Biden Administration to help tax payers take advantage of increased credits and deductions due to the Covid 19 pandemic.

Below are some key changes to the 2022 tax season that will revert back to the original amounts of certain credits and deductions.

-The Child Tax Credit reverts back to $2,000 per child under the age of 17. This is a decrease from $3,600 per child under age 6 and $3,000 per child ages 6-17.

-The Child and Dependent Care Credit reverts back to $3,000 for one qualifying person and $6,000 for one or more qualifying persons. This a decrease from $8,000 for one qualifying person or $16,000 for two or more dependents in 2021.

-Charitable Contributions can now only be claimed if taxpayers itemize their deductions for 2022. The past 2 years, taxpayers were allowed to claim $300 for cash donations or $600 for married couples filing together for donations to charities. This includes church tithes and offerings as well. If taxpayers take the standard deduction in 2022, they will not be allowed to claim any charitable contributions.

Please contact your tax advisor or tax preparer for more information on key changes to the 2022 tax season!

Please remember that the deadline for employers and contractors to send you your W2's and 1099's is January 31st, 2023.

It is important that you wait to receive all necessary tax documents before filing a tax return to avoid refund delays and submitting an inaccurate tax return.

Happy New Year!🎆 #2023

The IRS has delayed this, you can still use your Cashapp etc….without having to report over $600. For now….

Venmo, Cash App And Other Payment Apps To Report Payments Of $600 Or More If you receive $600 or more payments in total for goods and services through a third-party payment network, such as Venmo, Cash App, or Zelle, these payments will now be reported to the IRS. The new rule results from the American Rescue Plan signed into law in March 2021 and will mainly impact bu