YOUR Financial Services

📌 TAX TALK | LET’S START WITH THE BASICS

If you plan to deal with the IRS this year refunds, balances, letters, transcripts, identity protection hear me clearly:

👉 You NEED an ID.me account.
Not optional. Not “later.” Not “I’ll get to it.”

ID.me is how the IRS now verifies you are really you.
No account = no access.
No access = delays, stress, and letters you don’t want.

With an ID.me account, you can:
✔️ View your IRS account online
✔️ Check refund status in real time
✔️ See balances & payment history
✔️ Pull wage & income transcripts
✔️ Respond faster if the IRS comes knocking

And let me say this plainly
The IRS is moving digital whether we like it or not.
Paper is fading. Waiting on hold is a gamble.
Preparation is power.

⚠️ Don’t wait until tax day panic sets in.
⚠️ Don’t wait until your refund is “under review.”
⚠️ Don’t wait until someone steals your identity and now you’re playing defense.

Create your ID.me account now, while your coffee’s still hot and your nerves are calm.

This tax season, we’re doing things the right way
Old-school wisdom, new-school tools.

More tax gems coming all month.
Stay ready so you don’t have to get ready. 💼✨

Abigail Chambers Brown
Your Financial Services Inc

ID.me ID.me Wallet simplifies how individuals discover and access benefits and services through a single login and verified identity.

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💼 Welcome to Your Financial Services Inc.! 💰 We’ve been serving Chicago’s West Side for 20+ years, helping individuals and small businesses with tax preparation, bookkeeping, and financial planning. 💼📊

✨ Need help with taxes or finances? Let us handle the numbers while you focus on your goals!

📍 Located on the West Side | Call us at 📞 773-336-2701

🔗 Book an appointment: 773-336-2701 call or text

Call now to connect with business.

A statutory employee is someone who works under specific conditions defined by law and is treated as an employee for Social Security and Medicare tax purposes but not for federal income tax withholding. This classification affects how taxes are paid and how workers can deduct expenses. Being a statutory employee allows for greater tax deduction flexibility compared to a standard employee while still benefiting from Social Security and Medicare contributions made by the employer.
Being classified as a statutory employee by the IRS means that an individual is treated as an employee for certain tax purposes, even though their job may resemble that of an independent contractor in some ways. This classification affects how taxes are reported and who is responsible for withholding and paying them.
Wages are reported on Form W-2, and the statutory employee box (Box 13) is checked.
Statutory employees can deduct work-related expenses directly on Schedule C (Form 1040) without the 2% floor limitation that applies to regular employees.
Statutory employees are somewhat like independent contractors because they control their work schedule and tasks.
However, they rely on one employer for assignments and income, which makes their classification unique.

The IRS offers several programs for taxpayers who cannot pay their full tax bill by the due date. These programs are designed to help you settle your tax debt over time or reduce the amount owed, depending on your financial situation. Here’s an overview:

1. Installment Agreements (Payment Plans)

• What It Is: Allows you to pay your taxes in monthly installments over a set period.
• Eligibility: Available if you owe $50,000 or less in combined tax, penalties, and interest (for individual taxpayers).
• Types:
• Short-Term Payment Plan: Up to 180 days to pay in full, no setup fee (though penalties and interest continue to accrue).
• Long-Term Payment Plan: Over 180 days, with setup fees (waived for low-income taxpayers).
• How to Apply: Online via the IRS website or by filing Form 9465, Installment Agreement Request.

2. Offer in Compromise (OIC)

• What It Is: Allows you to settle your tax debt for less than the full amount owed if you can’t pay in full or if doing so would cause financial hardship.
• Eligibility: Based on your ability to pay, income, expenses, and asset equity.
• Key Steps:
• Complete Form 656, Offer in Compromise, and Form 433-A(OIC) or 433-B(OIC) to provide financial information.
• Pay an application fee (low-income taxpayers may qualify for a waiver).
• Important: The IRS will only accept an OIC if it believes the offered amount is the most it can collect within a reasonable time.

3. Currently Not Collectible (CNC) Status

• What It Is: Temporarily halts IRS collection efforts if paying your tax debt would prevent you from meeting necessary living expenses.
• Eligibility: Based on financial hardship; requires proof of inability to pay (e.g., income and expense information via Form 433-F).
• Important: Penalties and interest will continue to accrue, and the IRS may file a lien to protect its interest.

4. Penalty Abatement

• What It Is: Reduction or removal of penalties for failure to file or pay taxes on time.
• Eligibility:
• First-time penalty relief if you’ve had no penalties in the past three years and have filed all required returns or extensions.
• Reasonable cause, such as illness, natural disaster, or other extenuating circumstances.
• How to Request: Call the IRS or submit a written request explaining your situation.

5. Partial Payment Installment Agreement (PPIA)

• What It Is: A hybrid of installment agreements and OIC, where you make monthly payments that are less than the full debt amount.
• Eligibility: Similar to regular installment agreements but considers your financial ability to pay.
• Important: Requires a financial disclosure.

6. Relief Programs for Spouses

• Innocent Spouse Relief: Avoid liability for a spouse’s tax debts if you were unaware of errors or fraud.
• **Separation of Liability

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