Speed-E-Tax & Other Services

‼️‼️‼️ RECONCILE ADVANCE CHILD TAX CREDIT PAYMENTS ‼️‼️‼️

🌹If you received advance payments, when you file your 2021 tax return, you will need to compare the advance Child Tax Credit payments that you received during 2021 with the amount of the Child Tax Credit that you can properly claim on your 2021 tax return. The fastest way for you to get your tax refund that will include your Child Tax Credit is by filing electronically and choosing direct deposit.🌹

🌹If you received less than the amount that you're eligible for, you'll claim a credit for the remaining amount of Child Tax Credit on your 2021 tax return. If you received more than the amount that you're eligible for, you may need to repay some or all of that excess payment when you file.🌹

🌹In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that you received in 2021. You need to keep this and any other IRS letters you received about advance CTC payments you received with your tax records and refer to them when you file.🌹

‼️Tips to help taxpayers choose a reputable tax return preparer‼️

🌾As taxpayers get ready to file their 2022 tax return, they may be considering hiring a tax return preparer. The IRS reminds taxpayers to choose a tax return preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for them.🌾

💐When choosing a tax professional, taxpayers should:💐

🌷Ask about fees. Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of their refund into their financial accounts.

🌹Be wary of tax return preparers who claim they can get larger refunds than others.🌷

💐Ask if they plan to use e-file.💐

🌹Make sure the preparer is available. People should consider whether the individual or firm will be around for months or years after filing the return. Taxpayers should do this because they might need the preparer to answer questions about the preparation of the tax return.🌹

🌹Ensure the preparer signs and includes their preparer tax identification number. Paid tax return preparers must have a PTIN to prepare tax returns.🌹

🌷Check the person's credentials. Only attorneys, CPAs and enrolled agents can represent taxpayers before the IRS in tax matters. Other tax return preparers who participate in the IRS Annual Filing Season Program have limited practice rights to represent taxpayers during audits of returns they prepared.🌷

‼️‼️‼️ IRS IDENTITY THEFT SEASON BEGINS NOW‼️‼️‼️
🌾 💐 🌷Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant.
🌷 🌹Early tax filing season is the worst time
Your federal tax account at the IRS has plenty of money in it from all the taxes withheld from your paycheck during the course of the year.
Thieves know this too, and will try to file a fraudulent tax return before you have time to submit your own. So what can you do?
🌷 🌹File early. The sooner you file your tax return, the less likely a thief will beat you to your refund.
🌷 🌹Get an Identity Protection PIN. All taxpayers who can verify their identity can get an Identity Protection PIN (IP PIN) from the IRS. The IP PIN is a six-digit code known only to you and the IRS that helps prevent identity thieves from filing fraudulent tax returns. If you want an IP PIN, visit irs.gov/IPPIN.
🌷 🌹Check your credit reports. See if there is any suspicious activity on your accounts and on your credit reports.
🌷 🌹Protect your ID. Be suspicious. Never give out your Social Security Number, do not leave your credit card unattended, never give ID information to someone who called you, use the password function on your phone, be aware of strange mail, and shred important documents. Your best defense to IRS ID theft is to use best practices to protect your information.
🌷 🌹The IRS is becoming a better spotter
If the IRS suspects something is wrong with your filed tax return they will send you a notice. If this happens to you:
🌷 🌹Respond immediately. Get the direct contact information from the IRS website and let them know that you have a possible identity theft problem.
🌾 💐 🌷File an Identity Theft Affidavit (IRS Form 14039). This will record your problem with the IRS and they will take extra steps to ensure your account activity is coming from you and not the ID thief.
🌾 💐 🌷File a police report.
🌾 💐 🌷Contact the credit bureaus.
Having your identity stolen is one thing. Having your tax withholding stolen and then needing to unravel this problem within the IRS is a major hassle. Try to stay vigilant and know that there are steps to help protect your tax records. Is there good news in all this? If the IRS pays out a refund to someone stealing your identity, they are on the hook for this loss, not you.
CALL ME AT 214-542-3498

💐Who can claim the Recovery Rebate Credit on 2020 Tax Return💐

Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and.💐💐
Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.💐💐
Eligible individuals who did not receive the full amounts of both Economic Impact Payments may claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR. To determine whether you are an eligible individual or the amount of your Recovery Rebate Credit, complete the Recovery Rebate Credit Worksheet in the Instructions for Form 1040 and Form 1040-SR.
Call me at 214-542-3498🌾 💐 🌷 🌹

Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer. Additionally, refunds for people claiming the Earned Income Tax Credit or Additional Child Tax Credit will not be issued before mid-February. The law requires the IRS to hold the entire refund to ensure that taxpayers receive the refund they’re due by giving the IRS more time to detect and prevent fraud.

IRS ANNOUNCES TAX SEASON WILL BEGIN:‼️‼️‼️

FEBRUARY 12th, 2021 ‼️‼️‼️

Yes on a FRIDAY!‼️‼️‼️

IRS WARNS PEOPLE ABOUT A COVID-RELATED TEXT MESSAGE SCAM‼️‼️‼️‼️‼️‼️

The IRS and its Security Summit partners are warning people to be aware of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.‼️‼️‼️

HERE’S HOW THE SCAM WORKS ‼️‼️‼️
People get a text message saying they have “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment… Continue here to accept this payment …" The text includes a link to a phishing web address.

This fake link appears to come from a state agency or relief organization. It takes people to a fake website that looks like the IRS.gov Get My Payment website. If people visit the fake website and enter their personal and financial account information, the scammers collect it.

IF YOU RECENTLY CHANGED YOUR NAME DUE TO MARRIAGE OR DIVORCE FOLLOW THE STEPS BELOW!‼️‼️‼️

AVOID NAME MISMATCH AUDIT ‼️‼️‼️

If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing next year's tax return. The IRS automatically conducts a name match on the first few letters of your last name.

THE PROBLEM‼️‼️‼️
If the name on your tax return does not match the name on file at the Social Security Administration for your Social Security number, here's what could happen:
Your tax return might be rejected when you try and e-file
The IRS automatically accepts your income as taxable, but then disallows any deductions
You may receive a notice from the IRS with taxes owed and underpayment penalties
HERE'S IS WHAT YOU CAN DO ‼️‼️‼️

Prior to filing your tax return, go to www.ssa.gov and download form SS-5. Fill the form with the name change and file it as soon as possible.
Also notify your employer. Double check the W-2 you receive to ensure the change was made correctly. If the change is made on your W-2, you must make sure it is also changed with the Social Security Administration.
If you are planning a major financial transaction in the near future, you may wish to adjust the timing of the transaction or the timing of your name change to avoid complications.
Don't forget to also change your name on other important documents like auto titles, driver's licenses, property titles, bank accounts, loan agreements, beneficiary documents and other accounts.
If you are unable to make the name change in a timely manner, use the name on file at the Social Security Administration AND with your employer when filing your taxes to avoid the automatic notification of a name mismatch.
Here is a link to the Social Security Administration's website and Form SS-5 that walks through the name change process. Please be forewarned, this process is not as simple as it was in the past. You now need to provide proof of citizenship and submit documents that show the original and new names. Spend some time going over the name change process and plan accordingly.‼️‼️‼️

The United States Social Security Administration Official website of the U.S. Social Security Administration.

PEOPLE SHOULD HAVE TAX WITHHELD FROM UNEMPLOYMENT NOW TO AVOID A TAX-TIME SURPRISE ‼️‼️‼️

Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable.

People can have taxes withheld from this compensation now to help avoid owing taxes on this income when they file their income tax return next year.

By law, these benefits are taxable and must be reported on a federal income tax return for the tax year it was received. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security Act.

Withholding is voluntary
Federal law allows recipients to choose a flat 10% withholding from these benefits to cover part or all their tax liability. To do this, recipients should complete Form W-4V, Voluntary Withholding Request, and give it to the agency paying their benefits. Don't send the form to the IRS. If the paying agency has its own withholding request form, use it instead.

Recipients who don't choose voluntary withholding, or if the withholding isn’t enough, can make quarterly estimated tax payments. The payment for the first two quarters of 2020 was due on July 15. Third quarter is due September 15, 2020 and fourth quarter on January 15, 2021. Taxpayers can visit IRS.gov to view all payment options.

Reporting unemployment compensation
In January 2021, unemployment benefit recipients should receive a Form 1099-G, Certain Government Payments, from the agency paying their benefits. This form will show the amount of unemployment compensation received during 2020 and any federal income tax withheld. Taxpayers should report this information, along with other income, on their 2020 federal tax return.

Stimulus Checks for Individuals and Joint Taxpayers‼️‼️‼️
Stimulus checks — up to $1,200 for individuals, $2,400 for joint taxpayers and an additional $500 for each qualifying child — will be based on information from your most recent tax filings, either 2019 or 2018 if you have not yet filed this season.

The first step you should take right now‼️‼️‼️ is to file your 2019 tax return, if you have not already. And, if you are getting a tax refund, choose to receive that refund through direct deposit. This will ensure that the IRS has the most current tax filing and direct deposit information for you, which they will use to determine individual stimulus check amounts.

Beware of Stimulus Payment Scams‼️‼️‼️

Tax Professionals — here’s what taxpayers need to know about stimulus payment processing in order to protect themselves from scammers:
Be alert for phone scams.‼️‼️‼️
The Internal Revenue Service (IRS), Treasury Department, or any other government agency will not contact you by phone to collect information for stimulus payment processing. Period.

Be alert for phishing scams.‼️‼️‼️
Government agencies will not email or text you to collect information for stimulus payment processing. Watch for suspicious emails or texts with links or attachments requesting information for processing stimulus deposits or checks. If you receive one, do not click the link or open the attachment. It’s a scam. Delete it.

Be alert for state-related scams.‼️‼️‼️
State agencies will also not call, email or text you to collect information or a fee to process a stimulus payment. To date, no state has introduced their own version of a stimulus payment.
As of now, we are only aware of one communication a taxpayer will receive from the IRS. No later than 15 days after distributing a stimulus payment, the IRS is required to mail a notice to the taxpayer indicating the payment amount, whether the payment was mailed or deposited, and a phone number to call if the taxpayer did not receive the payment.

Victims or targets of stimulus payment scams should report it immediately to the Federal Trade Commission, www.ftc.gov/complaint.

We will provide more information about the IRS’s plans to process stimulus payments as it becomes available.

- FTC Complaint Assistant IdentityTheft.gov is the federal government's one-stop resource for identity theft victims. The site provides streamlined checklists and sample letters to guide you through the recovery process. Visit ftc.gov/idtheft for prevention tips and free resources to share in your community.