KWP TAX LLC

Merry Christmas to all our clients, prospects, and fans.

Eligible New York Families to Receive up to $330 per child in Tax Credit Payments Starting this August.

𝐒𝐭𝐨𝐩! 𝐀𝐬𝐤 𝐟𝐨𝐫 𝐡𝐞𝐥𝐩; 𝐩𝐚𝐲 𝐟𝐨𝐫 𝐢𝐭 𝐢𝐟 𝐲𝐨𝐮 𝐦𝐮𝐬𝐭... 𝐬𝐭𝐨𝐩 𝐬𝐭𝐫𝐞𝐬𝐬𝐢𝐧𝐠.

Earlier today, a client reached out for help regarding a tax matter. It was a simple matter. However, they have struggled in vain to get it done on their own for two weeks. Being a professional, I got it done for them in less than 5 mins.

Client's response : 𝑾𝒐𝒘, 𝒕𝒉𝒂𝒕 𝒘𝒂𝒔 𝒆𝒂𝒔𝒚. 𝑰𝒕 𝒕𝒐𝒐𝒌 𝒎𝒆 2 𝒘𝒆𝒆𝒌𝒔 𝒐𝒇 𝒇𝒓𝒖𝒔𝒕𝒓𝒂𝒕𝒊𝒐𝒏. 𝑻𝒉𝒂𝒏𝒌 𝒚𝒐𝒖!

The moral of the story: don't deal with everything on your own; ask for help when you are at your wits end. More importantly, seek professional help to get things done quickly and properly. It will save you a lot of stress.

Dm .w.p.t.a.x.l.l.c for all your individual and business tax needs.

𝐀𝐭 𝐚 𝐰𝐞𝐝𝐝𝐢𝐧𝐠 𝐜𝐞𝐫𝐞𝐦𝐨𝐧𝐲, 𝐭𝐚𝐤𝐢𝐧𝐠 𝐚 𝐰𝐞𝐥𝐥-𝐝𝐞𝐬𝐞𝐫𝐯𝐞𝐝 𝐭𝐚𝐱 𝐛𝐫𝐞𝐚𝐤... 𝐛𝐞 𝐫𝐢𝐠𝐡𝐭 𝐛𝐚𝐜𝐤... 𝐥𝐞𝐚𝐯𝐞 𝐚 𝐦𝐞𝐬𝐬𝐚𝐠𝐞 😀

𝐖𝐢𝐭𝐡 𝐋𝐨𝐯𝐞 𝐟𝐫𝐨𝐦 𝐓𝐡𝐞 𝐈𝐑𝐒

❤️ 😍 💖 ❣️

We see this face a lot around this time of year. It is usually on people who have failed to think about or plan their taxes throughout the year. These folks visit tax and financial professionals once a year - at tax filing time - and they are surprised at how much they have to pay in taxes.

To avoid surprising tax bills and other surprises at tax time, have a tax professional in your corner all year round. Tell them your business and financial plans for the year; let them help you plan things in the most efficient ways possible to save on cost and taxes.

Waiting until tax filing time to find tax-savings strategies is usually a futile effort. There isn't much that can be done at this time. For maximum tax savings, start your tax plan at the beginning of the year and update it as the year progresses.

𝐉𝐨𝐢𝐧 𝐮𝐬 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰 𝐨𝐧 𝐈𝐆 𝐋𝐢𝐯𝐞

𝐀𝐥𝐥 𝐢𝐧 𝐟𝐚𝐯𝐨𝐫, 𝐬𝐚𝐲 𝐀𝐘𝐄

..news today, the Consumer Financial Protection Bureau (CFPB) is proposed to cut 𝐎𝐕𝐄𝐑𝐃𝐑𝐀𝐅𝐓 𝐅𝐄𝐄𝐒 from $35 to $3. The banks are against. All in favor, say 𝐀𝐘𝐄.

𝑹𝒆𝒄𝒐𝒓𝒅 𝒀𝒐𝒖𝒓 𝑶𝒅𝒐𝒎𝒆𝒕𝒆𝒓 𝑹𝒆𝒂𝒅𝒊𝒏𝒈 𝑻𝒐𝒅𝒂𝒚

If you drive for business (either your personal car or business vehicle), you need to record your beginning and end of year odometer reading. The IRS requires that you keep a 𝐦𝐢𝐥𝐞𝐚𝐠𝐞 𝐥𝐨𝐠 in order to deduct vehicle expenses on your tax return.

Your mileage log must show business and non-business related miles driven on your car during the year. Please NOTE: Only 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬-𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐌𝐢𝐥𝐞𝐬 are tax deductible.

Below is a sample 𝐦𝐢𝐥𝐞𝐚𝐠𝐞 𝐥𝐨𝐠 :
𝐁𝐞𝐠𝐢𝐧𝐧𝐢𝐧𝐠 𝐨𝐟 𝐘𝐞𝐚𝐫: 70,253
𝐄𝐧𝐝 𝐨𝐟 𝐘𝐞𝐚𝐫: 90,700
𝐓𝐨𝐭𝐚𝐥 𝐀𝐧𝐧𝐮𝐚𝐥 𝐌𝐢𝐥𝐞𝐬: 20,447
𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬-𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐌𝐢𝐥𝐞𝐬: 8,323

By the way, the IRS has approved $0.65 per mile as deduction for business miles in 2023. So, in 2023, you will be able to deduct $5,409.95 (8,323 * $0.65) as car expenses using the mileage record above. In addition to mileage, you can also deduct parking and toll costs that are business related.

Got it?

𝐇𝐚𝐩𝐩𝐲 𝐓𝐡𝐚𝐧𝐤𝐬𝐠𝐢𝐯𝐢𝐧𝐠

To all our clients, current and prospective, we wish you a happy Thanksgiving celebration.

We thank you for your continued business and trust in our brand. Your patronage has kept our doors open. We A.P.P.R.E.C.I.A.T.E you all on this Thanksgiving day.

May your business continue to grow beyond expectations. May your tax refund not delay. May you have many more tax deductions in the new year.

You are our MVPs.

𝐓.𝐇.𝐀.𝐍.𝐊 𝐘.𝐎.𝐔!

𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐀𝐜𝐭

Effective January 1, 2024, all newly registered businesses (LLCs and Corporations) in the United States will have 30 days to report certain Personal Identifying Information (PII) about their owners to Financial Crimes Enforcement Network (𝐅𝐈𝐍𝐂𝐄𝐍), a sister agency of the IRS.

Failure to file the 𝐁𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐥 𝐎𝐰𝐧𝐞𝐫 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 report to (𝐅𝐈𝐍𝐂𝐄𝐍) by the deadline will attract a $$500 daily fine for every day the violation continues. This penalty can add up significantly over even a short period of time. Beware, FINCEN's sanctions are tougher than the IRS'.

Owners of registered businesses established prior to January 1, 2024, will have until December 31st, 2024, to submit their reports.

No more anonymity (to the government) for business owners. The government wants to know who you truly are, where you live, and your nationality.

For more information, visit www.fincen.gov




$500dailyfine

𝐌𝐈𝐂𝐑𝐎𝐒𝐎𝐅𝐓 𝐯𝐬 𝐈𝐑𝐒

After a lengthy audit, "the IRS says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest."

Microsoft disagrees, plans to appeal IRS request for nearly $29 billion in back taxes.

We are watching 👀