Monarca Business Solutions - Realty, Notary, & Tax Services

Happy 2022 to all my tax clients! Another year and another tax season is upon us. There were many changes to the tax code again this year due to Covid. There were two major changes which affect most taxpayers.

Advance Child Tax Credit Payments
One of the biggest changes was sending out the Advance Child Tax Credit payments starting last July (2020) to those taxpayers with dependents under the age of 18. Unless a taxpayer opted out of the advance payments, they should have received $250 a month for children aged 6-17 and $300 a month for children under the age of 6 years old. The IRS used the information they had from a taxpayer's 2020 tax return when issuing the payments. When you come to do your 2021 tax return, we will need the total amounts received for each of your children in 2021. This amount will be reported on your tax return and will adjust how much of a total child tax credit you will receive. The IRS is supposed to start mailing out letters (Letter 6419) in late December and all through January for any affected taxpayer.
https://www.irs.gov/newsroom/irs-issues-information-letters-to-advance-child-tax-credit-recipients-and-recipients-of-the-third-round-of-economic-impact-payments-taxpayers-should-hold-onto-letters-to-help-the-2022-filing-season

Please bring this letter with you when you file your 2021 tax return. If you didn't get one, go through your bank statements starting in July 2020 - December 2020 to see how much, if any, of the advance child tax credit you received so we can report it correctly on your tax return.

Third Stimulus Payment ($1,400)
The other big change was the third stimulus payment of $1,400 that went out to every eligible taxpayer and dependents (limitations based on your income, as always). When you come file your taxes, we will need the amount you received for this third stimulus payment, along with anyone else listed on your tax return (spouse and dependents). The IRS was supposed to mail out Letter 6475 to every taxpayer who received the third stimulus payment. Bring this letter with you when you come to file your 2021 tax return, if you have it. If you don't have it, review your bank statements starting in March 2021 - December 2021 to see if you received the third stimulus payment. If you didn't receive the payment, we can put it on your 2021 tax return as part of your refund. You want to be ABSOLUTELY sure you didn't receive before we put it on your tax return. If we put it on the return, a human being at the IRS has to review the return before they will issue a refund. Based on 2020 refunds with the first 2 stimulus payments on it, it will take about 6-8 months!

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience | Internal Revenue Service IR-2021-255, December 22, 2021 — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when p...

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There are still millions of veteran's who haven't refinanced their VA loan. The IRRRL program provides one of the most streamlined ways to refinance your existing VA loan. Don't miss out on savings. Reach out to me today to start your IRRRL today! I have not just one, but several lenders that can help you. Blanca Almaguer 832..723.1577

What is this program? IRRRL???
A Department of Veterans Affairs (VA) Interest Rate Reduction Refinance Loan (IRRRL) can be used to refinance an existing VA loan to lower the interest rate.

IRRRLs do not require credit underwriting and may include the entire outstanding balance of the prior loan, to include closing costs and up to two discount points. Please note that some lenders may require additional credit requirements for loan approval. Therefore, VA encourages you to contact multiple lenders to determine the best loan option to fit your needs.

Like I said...reach out to me today! I have not just one, but several lenders that can help you. Blanca Almaguer 832.723.1577

Hello!! ☀️
News from the IRS⬅️⬅️
✅If you have already filed your federal income tax return and had unemployment income😏 you do not have to do anything 🙌🏼 they, the IRS, will make the adjustment themselves and they will send you the difference ✅✅

🔥IMPORTANT INFORMATION 🔥
Are unemployment benefits taxable? Unemployment benefits are generally subject to federal income tax and may be subject to state income taxes if you live in a state with a personal income tax. However, the new law makes the first $ 10,200 in unemployment benefits tax-free for those with income less than $ 150,000. This is a one-time exception for 2020 only.

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Buenos días!! ☀️
Bellas noticias por parte de IRS⬅️⬅️
✅Si ya hizo su declaración y llevaba desempleo 😏no tiene que hacer nada 🙌🏼 ellos mismos harán el ajuste y le mandarán la diferencia ✅✅

🔥INFORMACIÓN IMPORTANTE 🔥
¿Los beneficios por desempleo están sujetos a impuestos? Los beneficios de desempleo generalmente están sujetos al impuesto sobre la renta federal y pueden estar sujetos a los impuestos sobre la renta estatales si vive en un estado con un impuesto sobre la renta personal. Sin embargo, la nueva ley hace que los primeros $ 10,200 en beneficios de desempleo estén libres de impuestos para aquellos con ingresos inferiores a $ 150,000. Esta es una excepción única para 2020 únicamente.

If you have already filed your taxes and you had unemployment on your return the IRS will adjust your account and send you your additional refund. If we filed your return we will let you know how much more you will be receiving but you 𝗱𝗼 𝗻𝗼𝘁 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗳𝗶𝗹𝗲 𝗮𝗻 𝗮𝗺𝗲𝗻𝗱𝗲𝗱 𝗿𝗲𝘁𝘂𝗿𝗻. 🚨

IRS Statement — Jan. 10, 2021 Update on Economic Impact Payments | Internal Revenue Service January 10, 2021 — The IRS continues to take additional steps to get the second Economic Impact Payments to more eligible taxpayers.