Xennial Tax & Accounting Services, LLC.

If you still need to file and didn't request an extension, the encourages you to file as soon as you can to reduce late filing penalties. We have resources to help you if you can't pay your balance in full. Pay as much as you can to reduce the amount of penalties and interest on your balance.

Learn more: https://ow.ly/xWIv50Rr22O.

Please call our office with any questions at 305-676-6501!

2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers | Internal Revenue Service IR-2024-04, Jan. 8, 2024 — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

With rising interest rates, the art of 0% financing is making a comeback. But buyer beware! Here is what you need to know.

Client Update Newsletter: September 2023 With interest rates continuing to increase, what could be better than making a purchase with 0% interest? In reality, financing a purchase with a 0% interest rate may be more trouble than it’s worth, as we explain in this month’s newsletter. Also discover the hidden tax benefits of ownin...

Understanding unearned income can be a great benefit in reducing your taxable income, but only if you understand what it is.

Understanding Tax Terms: Unearned Income - Not all income is the same in the eyes of the tax code What's in a name? If it is defining different types of income, it can mean more income tax obligations. Here are some things to know.

Oops. You donated too much to your IRA. What do you do. Follow these tips.

Oops. An IRA Contribution Error The IRS is beginning to tackle the problem of taxpayers contributing too much to their IRA accounts each year. Here is what you need to know.

Here's a tip to avoid unwanted tax penalties.

A Tip to Avoid Late Payment Penalties - What to do if you miss a quarterly estimated tax payment Here is a simple idea to avoid late payment penalties if you miss a quarterly estimated tax payment (form 1040 ES). While it might not apply to everyone, it could save you some money come tax time.

The Employee Retention Credits are now under the microscope at the IRS. Here is what is happening now.

Tax & Business Newsletter: August 2023 The Employee Retention Credit was a valuable tool for millions of businesses to financially make it through the COVID-19 pandemic. But now it's being looked at under the microscope by the IRS. Learn what is being said by the IRS and understand now is the time to be prepared for a review. This month....

The only group happier than you when you a win a prize is the IRS. Most prizes are taxable. Make sure you fully understand the value of the prize and how it's taxed before you accept it.

The Taxability of Prizes - What everyone should know Prizes received are to be recorded on your tax return as income. Unfortunately, there are many pitfalls. Here are some tips.

A recent Supreme Court ruling creates good AND bad news for taxpayers. Here is what you need to know.

Tax Planning Insights: August 2023 If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. This month's edition recaps a recent Supreme Court decision that impacts anyone with foreign bank accounts or assets. There is also a review of don...

Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do.

Save Those Receipts! - These tips are money in your pocket Too often during the course of an audit, the auditor throws out valid deductions. Not because they did not occur, but soley because you did not provide adequate documentation. Here are tips to help solve this problem.

A tax planning session may be a good idea if you find yourself in these 3 situations. Also read about mastering your credit card & tips to lower your car insurance.

Client Update Newsletter: August 2023 Preventing unwanted tax surprises starts with proper planning. And there’s no better time than now to begin looking at how you can cut next year’s tax bill. In this month’s newsletter, we’ve included several situations when it makes sense to schedule a tax review so you can t...

The IRS is eliminating most unannounced revenue officer visits. This is what that means for you.

IRS Ends Unannounced Revenue Officer Visits The IRS recently announced a major policy change that it will end most unannounced agency revenue officer visits to taxpayers. Here are the details.