Banks Tax & Accounting Services

Fun Tuesday ladies night, decided to invite the young ones tonight. They had a blast. Gabby already talking about what we doing next Tuesday 🥰🥰😍. Tasty Tuesday’s is really a thing now 😂😂

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TAX TIP: April 15th is coming up quickly and whether you decide to DIY or hire a professional, make sure you have your taxes (or an extension) filed by the deadline!

If the government shutdown is resolved before mid-January it most likely won't have a major impact on early tax filers and, even if the shutdown continues, once the IRS begins accepting tax returns people can begin filing BUT they won't get a refund until the government reopens.

New depreciation limit due to the new tax reform

Tax Reform increased depreciation limits for passenger vehicles. If taxpayers don't claim bonus depreciation, the greatest allowable depreciation deduction is $10K the first year. https://go.usa.gov/xPGCC

With the new tax reform taking effect this tax season, Tax payers need to be aware and ready for the changes. For those that usually Itemize there deduction, the standard deduction may be a better route for 2018.

Get Ready for Taxes: Tax reform changes likely to reduce number of taxpayers who itemize | Internal Revenue Service IR-2018-230, November 21, 2018 — The IRS today advised taxpayers that the doubling of the standard deduction due to tax law changes is likely to reduce the number of taxpayers who normally itemize.

Child Tax Credit increased
Higher income limits mean more families are now eligible for the Child Tax Credit. The credit begins to phase out at $200,000 of modified adjusted gross income, or $400,000 for married couples filing jointly, which is up from the 2017 levels of $75,000 for single filers or $110,000 for married couples filing jointly.
Increased from $1,000 to $2,000 per qualifying child, the credit applies if the child is younger than 17 at the end of the tax year, the taxpayer claims the child as a dependent, and the child lives with the taxpayer for more than six months of the year. The qualifying child must also have a valid Social Security Number issued before the due date of the tax return, including extensions.
Up to $1,400 of the credit can be refundable for each qualifying child. This means an eligible taxpayer may get a refund even if they don’t owe any tax.

Good news for Military members that served in a combat zone in Sinai Peninsula. With the new Tax Cut & Jobs Acts that takes effect this coming taxing season you are now able to retroact claims back tp 2015

Combat zone tax benefits now available to Armed Forces members who served in the Sinai Peninsula; IRS accepting retroactive tax refund claims back to 2015 | Internal Revenue Service IR-2018-95, April 13, 2018 – U.S. Armed Forces members who served in the Sinai Peninsula of Egypt may qualify for combat zone tax benefits retroactive to June 2015, according to the Internal Revenue Service.

With the new tax cut act taking effect this coming tax season, tax payers will now be able to contribute more to their IRA account.

IRS Announces Higher 2019 Retirement Plan Contribution Limits For 401(k)s And More

The start of the 2017 tax season is here. Call today at 757-529-1323 to book your appointment. The IRS announced that they will begin accepting returns on January 29th and deadline to file this year is April 17th.

Getting my review in so that I can get this license to better serve my clients this coming tax season. We are less than 3 month away from the 2017 tax season. Are you ready?
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