SB Financial and Taxes, LLC

🛑 TAX DEADLINE – आज अन्तिम दिन हो! 🛑
यदि तपाईं आज अल्मलिनुभयो वा समय नपुगेर Extension फाइल गर्नु पर्यो?– you’re not alone !!
तर सत्य के हो भने... Last minute Rush - It’s exhausting !!

📉 Focus हराउँछ।
💰 Deductions, जरुरी Information वा Documents छुट्न सक्छ।
😩 अनि त्यो Stress? It’s just not worth it.

The Truth is, यदि तपाईंले planning नगरेर Extension फाइल गर्नु पर्यो भने त्यो मुख्य समस्याको लक्षण मात्र हो, समस्या होइन।

मुख्य समस्या भनेको year-round सही Financial system र Support नहुनु हो।

त्यही ठाउँमा हामी आउँछौं।
SB Financials & Taxes, LLC मा हामी साना व्यवसायीहरूलाई मद्दत गर्छौं – tax season सुरु हुनु अघि नै chaos हटाएर full control लिन।

✅ अब April को anxiety छैन।
✅ Last-minute मा paperwork खोज्नु पर्दैन। stress हट्छ।

Let’s make next year different.

👉 यदि यस वर्ष Tax filing Fire Drill जस्तो लाग्यो भने, DM पठाउनुहोस् वा Email गर्नुहोस्।

हामी सुनिश्चित गर्छौं कि अर्को पल्ट April 15th भनेको just another Tuesday मात्रै होस्।

🚨 FINAL COUNTDOWN! Tax Day is Almost Here! 🚨

Just a crucial reminder from SB Financial & Taxes, LLC: the deadline to file your 2024 Federal Income Taxes is TUESDAY, APRIL 15th, 2025! 🗓️

What You Need to Do by April 15th:
✅ File your 2024 federal tax return (e-file is fastest!)
✅ Pay any taxes you owe for 2024

Running a Bit Behind? ⏳
You can get an automatic extension to file (using Form 4868) until October 15, 2025.

‼️ BUT REMEMBER: An extension to file is NOT an extension to pay. You still need to estimate and pay your owed taxes by April 15th to avoid penalties and interest! 💰

Helpful Resources:
➡️ Find forms, info & free filing options (if eligible): IRS.gov
➡️ Consider consulting a qualified tax professional for personalized guidance.

Don't delay! Avoid the last-minute rush and file electronically for the quickest, most secure processing. 💻✅

📢Filing your 2024 Tax Return?
Let's understand difference between Standard vs. Itemized Deductions !!!

अमेरिकामा Tax Deductions भनेको सरकारबाट तपाईँको taxable income घटाउने छुट हो।

1️⃣ Standard Deduction – "सिधा-साधा तरिका"
(👉 Receipt राख्नु पर्दैन! 🚫📄)

✅ Single Filers (2024) – $14,600 कमाइबाट घट्छ
✅ Married Filing Jointly (MFJ) – $29,200 कमाइबाट घट्छ

🔹 Example (Single):
👉 तपाईंको income $50,000 छ
👉 Standard Deduction $14,600 घटाइन्छ
👉 अब $35,400 मा मात्रै tax तिर्नुपर्छ!

🔹 Example (MFJ):
👉 तपाईं र श्रीमतीको income मिलेर $100,000 छ
👉 Standard Deduction $29,200 घटाइन्छ
👉 अब $70,800 मा मात्रै tax तिर्नुपर्छ!

✅ कसका लागि उपयुक्त?
👉 जो घरका Owner होइनन्, ठूलो medical bill छैन, वा धेरै donation गर्दैनन्।

2️⃣ Itemized Deductions – "Receipt जम्मा गर्ने तरिका"
(👉 सिर्फ त्यही बेलामा राम्रो हुन्छ जब तपाईंको खर्च Standard Deduction भन्दा बढी हुन्छ! 📑)

Itemized deductions मा तपाईं यी खर्चहरू घटाउन सक्नुहुन्छ:
✔️ Mortgage interest (यदि घर किनेका (High Interest Rate) हुनुहुन्छ भने)
✔️ ठूला medical bills (तपाईंको income को 7.5% भन्दा बढी भएमा)
✔️ Charity donations (मन्दिर, गैर-नाफामूलक संस्थाहरू)
✔️ State & Local Taxes (अधिकतम $10,000 सम्म)

🔹 Example (Single):
✔️ Mortgage interest – $6,000
✔️ State taxes – $4,000 (Not applicable in Texas)
✔️ Medical bills – $5,000
👉 Total deductions = $15,000
👉 $15,000 > $14,600, त्यसैले Itemized Deductions गर्दा बचत हुन्छ!

🔹 Example (MFJ):
✔️ Mortgage interest – $12,000
✔️ State taxes – $8,000
✔️ Charity donations – $10,000
👉 Total deductions = $30,000
👉 $30,000 > $29,200, त्यसैले Itemized Deductions गर्दा बचत हुन्छ!

✅ कसका लागि उपयुक्त?
👉 घरका मालिकहरू, उच्च medical खर्च भएकाहरू, वा धेरै दान गर्नेहरू।

💡 Main Point:
✔️ अधिकांश मानिसहरूले Standard Deduction लिन्छन् (यो सजिलो हुन्छ र प्रायः बढी फाइदाजनक हुन्छ)।
✔️ Itemized deductions तिनैलाई फाइदा हुन्छ जसको खर्च Standard Deduction भन्दा बढी हुन्छ।
✔️ Married couples ले ठूलो Standard Deduction पाउँछन्, त्यसैले Itemizing गर्न झन् धेरै Expenses आवश्यक पर्छ।

📢 Important Update for Business Owners: BOI Filing Requirements! 📢

If you’re a business owner, you need to be aware of the new Beneficial Ownership Information (BOI) Reporting requirements! Starting this year, FinCEN now mandates certain businesses to disclose their beneficial ownership information. This change is part of a larger initiative to increase transparency and prevent illegal activities, such as money laundering and fraud.

What is BOI Reporting?
BOI Reporting requires businesses to identify individuals who:
1. Directly or indirectly own 25% or more of the company.
2. Exercise substantial control over the company.

Who Needs to Report?
• Almost all small corporations and LLCs in the U.S. fall under this requirement.
• Exemptions apply to publicly traded companies, regulated entities, and a few other categories.

What Does This Mean for You?
Failing to comply could lead to hefty fines and penalties. If your business falls under the BOI reporting guidelines, it’s crucial to act promptly.

If you are holding foreign assets, do you have to report it to your annual 1040 tax returns? Please follow the link:

Do I need to file Form 8938, Statement of Specified Foreign Financial Assets? | Internal Revenue Service Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer’s annual income tax return. Higher asset thresholds apply to U.S. taxpayers who file a joi...

Get ready for 2022 taxes.

Some tax credits return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.

-- Those who got $3,600 per dependent child in 2021 for the Child Tax Credit (CTC) will, if eligible, get $2,000 for the 2022 tax year.
-- For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $560 in 2022.

Maximum Credit (EITC) Amounts
The maximum amount of credit:

No qualifying children: $560
1 qualifying child: $3,733
2 qualifying children: $6,164
3 or more qualifying children: $6,935

Families with adjusted gross income (AGI) of $59,187 or more will get no EITC credit.

-- The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.

Get Ready for taxes: What's new and what to consider when filing in 2023 | Internal Revenue Service IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.

Turbo Tax has been asked to pay $141m to customers for its misleading advertisement!
https://www.yahoo.com/finance/news/intuit-pay-141m-settlement-over-141322881.html

IRS says 2021 Tax Filing for individuals begins on January 24th.

Tax-filing season begins Jan. 24, IRS says That's the first day that the IRS will start accepting and processing 2021 federal tax returns.

Texas, Oklahoma, & Louisiana - The federal tax filing deadline is 6/15/2021 !!!

The deadline for tax returns is Today(Monday, May 17). But Texas, Louisiana & Oklahoma have until June 15, 2021, to file various individual and business tax returns and make tax payments.

Returns filed with unemployment benefits prior to the $10,200 exclusion should not be amended.
The IRS has indicated it will refigure taxes on these returns and adjust the taxpayer's account accordingly.
The IRS will then send any refund amount directly to the taxpayer.
The IRS has not yet communicated a timeline for making adjustments and sending refunds !!!