Taxcare Affiliates: Home of CPA & Bookkeepers LLC

HAPPY FRIDAY! How is tax season going for everyone so far? Have you filed your taxes? Are you dreading filing your taxes? Did you file all of your 1099s back in January? Remember April 18 is the tax deadline for individual and C-Corp tax returns. Please file extensions by that date to get an automatic 6-month extension so you would not be assessed any late filing penalties. If you have a S-Corp or Partnership you filing depends right around the corner on March 15. Please file an extension by that time to get an automatic 6-month extension as well.

This is a reminder for our Texas clients that your 2022 Franchise tax return will be due on 05/16/2022.

2022 tax season is here now! This year’s filing deadline is Monday, April 18th. If you will file an extension, those tax returns need to be filed by Monday, October 17th. Please take heed to the advice below.

ADVICE! I can't stress this enough to clients and potential clients when it comes to filing your taxes. Please review these helpful tips below:

- Please ensure you have your taxes done by a CPA or enrolled agent (EA), or by a professional organization, and that your tax preparer has to do continuing education.
-Another reason to use a CPA or EA to prepare your taxes is that they can represent you in case of tax audit. A tax prepayer without those professional credentials and just a PTIN can not help you in that situation.
-Beware of tax preparers promising you a large refund without even seeing your tax documents or knowing your tax situation.
-Beware of tax preparers that do not provide audit protection and identity theft protection as part of their tax preparation service to you.
-ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS review your tax return and make sure you understand why you owe and especially understand why you are getting a refund then sign the tax return or sign electronically an e-file authorization form before your tax return is filed or mailed to the IRS.
-Vet your tax preparer or potential tax prepayer by checking to see if their CPA or enrolled agent license with state licensing boards is still valid as well as see if they have a valid Preparer Tax Identification Number (PTIN) at www.irs.gov.
-Be aware that anyone that has a PTIN does not have to be a CPA or EA. So their tax experience could potentially be less than that of a CPA and EA.
-Beware of tax preparers that charge you a fee based on your refund amount. Get upfront prices before allowing them to work on your tax return!
-NEVER NEVER NEVER NEVER NEVER sign a blank return!!!
-Always make sure before you sign a tax return or electronically e-file authorization form that your tax preparer's PTIN is showing on those documents. You can look up how many returns that tax prepayer has filed and whether or not their PTIN is valid at www.irs.gov. Also if no PTIN is on the tax return that is a red flag to stop working with them.
-ALWAYS ALWAYS ALWAYS double check then double check again that your refund is going to your bank account and that is the correct bank number.
- Get a tax preparer that you can have access to either in person, by phone, by text, or email all year-round. Beware of tax prepayers that pop up during tax season but you can't get a hold of them the rest of the year.
- Lastly ask ask ask questions of your tax preparer. If they are not taking the time to educate you to empower you, legally, as far as the tax law is concerned then they are doing you a disservice.
-Lastly, YOU, the taxpayer is ultimately responsible if you get audited and owe the IRS more money due to you paying a bad tax preparer that misinterpreted the tax law or tried to manipulate the tax law in order to get you a bigger refund when you sign a tax return by hand or electronically. YOU cannot pass that blame to your tax preparer, specifically, that new tax liability because the onus is on YOU, the taxpayer, to review your return before it is filed. (Only if your identity is stolen or you can prove a tax preparer filed your tax return without your consent or knowledge will there be course of action to make them liable instead of YOU.)

Internal Revenue Service | An official website of the United States government Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

The start of the 2022 tax season is around the corner starting Monday, January 24th with individual tax returns due Monday, April 18th. If you will file an extension, those tax returns need to be filed by Monday, October 17th. Please take heed to the advice below.

ADVICE! I can't stress this enough to clients and potential clients when it comes to filing your taxes. Please review these helpful tips below:

- Please ensure you have your taxes done by a CPA or enrolled agent (EA), or by a professional organization, and that your tax preparer has to do continuing education.
-Another reason to use a CPA or EA to prepare your taxes is that they can represent you in case of tax audit. A tax prepayer without those professional credentials and just a PTIN can not help you in that situation.
-Beware of tax preparers promising you a large refund without even seeing your tax documents or knowing your tax situation.
-Beware of tax preparers that do not provide audit protection and identity theft protection as part of their tax preparation service to you.
-ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS review your tax return and make sure you understand why you owe and especially understand why you are getting a refund then sign the tax return or sign electronically an e-file authorization form before your tax return is filed or mailed to the IRS.
-Vet your tax preparer or potential tax prepayer by checking to see if their CPA or enrolled agent license with state licensing boards is still valid as well as see if they have a valid Preparer Tax Identification Number (PTIN) at www.irs.gov.
-Be aware that anyone that has a PTIN does not have to be a CPA or EA. So their tax experience could potentially be less than that of a CPA and EA.
-Beware of tax preparers that charge you a fee based on your refund amount. Get upfront prices before allowing them to work on your tax return!
-NEVER NEVER NEVER NEVER NEVER sign a blank return!!!
-Always make sure before you sign a tax return or electronically e-file authorization form that your tax preparer's PTIN is showing on those documents. You can look up how many returns that tax prepayer has filed and whether or not their PTIN is valid at www.irs.gov. Also if no PTIN is on the tax return that is a red flag to stop working with them.
-ALWAYS ALWAYS ALWAYS double check then double check again that your refund is going to your bank account and that is the correct bank number.
- Get a tax preparer that you can have access to either in person, by phone, by text, or email all year-round. Beware of tax prepayers that pop up during tax season but you can't get a hold of them the rest of the year.
- Lastly ask ask ask questions of your tax preparer. If they are not taking the time to educate you to empower you, legally, as far as the tax law is concerned then they are doing you a disservice.
-Lastly, YOU, the taxpayer is ultimately responsible if you get audited and owe the IRS more money due to you paying a bad tax preparer that misinterpreted the tax law or tried to manipulate the tax law in order to get you a bigger refund when you sign a tax return by hand or electronically. YOU cannot pass that blame to your tax preparer, specifically, that new tax liability because the onus is on YOU, the taxpayer, to review your return before it is filed. (Only if your identity is stolen or you can prove a tax preparer filed your tax return without your consent or knowledge will there be course of action to make them liable instead of YOU.)

Internal Revenue Service | An official website of the United States government Get My Payment Get Your Refund Status Get Coronavirus Tax Relief File Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Get Answers to Your Tax Questions Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Other Schedu...

TAX SEASON STARTS ON MONDAY, JANUARY 24, 2022. MONDAY, APRIL 18TH IS THE 2022 FILING DEADLINE! EXTENSION DEADLINE IS MONDAY, OCTOBER 17, 2022!

ADVICE! I can't stress this enough to clients and potential clients when it comes to filing your taxes. Please review these helpful tips below:

- Please ensure you have your taxes done by a CPA or enrolled agent (EA), or by a professional organization, and that your tax preparer has to do continuing education.
-Another reason to use a CPA or EA to prepare your taxes is that they can represent you in case of tax audit. A tax prepayer without those professional credentials and just a PTIN can not help you in that situation.
-Beware of tax preparers promising you a large refund without even seeing your tax documents or knowing your tax situation.
-Beware of tax preparers that do not provide audit protection and identity theft protection as part of their tax preparation service to you.
-ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS review your tax return and make sure you understand why you owe and especially understand why you are getting a refund then sign the tax return or sign electronically an e-file authorization form before your tax return is filed or mailed to the IRS.
-Vet your tax preparer or potential tax prepayer by checking to see if their CPA or enrolled agent license with state licensing boards is still valid as well as see if they have a valid Preparer Tax Identification Number (PTIN) at www.irs.gov.
-Be aware that anyone that has a PTIN does not have to be a CPA or EA. So their tax experience could potentially be less than that of a CPA and EA.
-Beware of tax preparers that charge you a fee based on your refund amount. Get upfront prices before allowing them to work on your tax return!
-NEVER NEVER NEVER NEVER NEVER sign a blank return!!!
-Always make sure before you sign a tax return or electronically e-file authorization form that your tax preparer's PTIN is showing on those documents. You can look up how many returns that tax prepayer has filed and whether or not their PTIN is valid at www.irs.gov. Also if no PTIN is on document that is a red flag to stop working with them.
-ALWAYS ALWAYS ALWAYS double check then double check again that your refund is going to your bank account and that is the correct bank number.
- Get a tax preparer that you can have access to either in person, by phone, by text, or email all year-round. Beware of tax prepayers that pop up during tax season but can't get a hold of the rest of the year.
- Lastly ask ask ask questions of your tax preparer. If they are not taking the time to educate you to empower you, legally, as far as the tax law is concerned then they are doing you a disservice

Internal Revenue Service | An official website of the United States government Get My Payment Get Your Refund Status Get Coronavirus Tax Relief File Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Get Answers to Your Tax Questions Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Other Schedu...

Please review if you received any unemployment compensation in 2020.

New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service f your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.

Great news my Texas residents and business owners. As of yesterday per the IRS, all tax filing deadlines for forms 1040, 1120,1120s, 1065 are now due June 15th. Please review the link to see if other stipulations apply to your tax situation. For example, tax forms that are normally due March 15th (S-Corps/Partnerships) or April 15th (Individual/C-corps) then the new deadline is June 15th. This also includes calendar year tax-exempt organizations.

IRS announces tax relief for Texas severe winter storm victims | Internal Revenue Service TX-2021-02, February 22, 2021 — Victims of winter storms that began February 11, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced today.