C&G TAX

05/18/2021

The IRS To Start Automatically Sending Monthly Child Tax Credit Payments July 15

FYI, for those that didn’t do their tax return in 2019 or 2020 you must read!
Si no hiciste tus taxes en el 2019 o 2020, tienes que leer esta información
👇😊
https://www.forbes.com/advisor/taxes/how-new-monthly-child-tax-credit-payments-will-work/

The Internal Revenue Service (IRS) announced in May it will automatically send monthly child tax credit payments to families who qualify starting July 15. About 39 million households, which covers 88% of children in the United States, will receive the payments On March 11, President Joe Biden sig

05/04/2021

03/15/2021

😲😲‼‼ What to do if you already filed taxes but want to claim the $10,200 unemployment tax break?

These people should be prepared to possibly file an amended income tax return that will claim the exemption, the observers added. That’s accomplished with the Form 1040-X.

“Amending your return basically means that you re-file your return, but subtract up to $10,200 of [unemployment insurance] benefits,” according to experts at The Century Foundation. “Depending on your tax rate, that could result in a refund check of more than $1,000.”

Legislative language in the American Rescue Plan’s statute does not contain instructions on what the IRS should do when someone has already filed before the government can assess the income tax exemption.

Taxpayers who have already filed should also wait, they say. By waiting, that gives the IRS time to figure out how to handle these types of returns and it allows tax software companies update their systems, said Robert Kerr, a Washington, DC-based enrolled agent and consultant.

“It’s in everyone’s interest to get this sorted quickly,” said Kerr, a former executive vice president of the National Association of Enrolled Agents, a trade organization for tax professionals.

A couple making just under the $150,000 cap could be looking at a potential $2,200 tax savings by Kerr’s calculations.

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03/15/2021

FYI
📣📣New Exclusion of up to $10,200 of Unemployment Compensation.

If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $10,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation.
As always, if you have any question do not hesitate to contact me.
☎703-599-0142 ☎
[email protected]
🙂❤

03/14/2021

📢‼ Sabes si calificas para el TERCER STIMULUS CHECK? Bueno solo mira el grafico y te dara la respuesta!
Necesita ayuda con su Tax Return? no dude en comunicarse con nosotros, estamos para servirlos
☎703-599-0142☎
[email protected]
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03/13/2021

📢📢‼Are you eligible for the Third Stimulus check of $1400? Here👇 is what you need to know:

How do taxes and stimulus check qualifications work together?
For most people, taxes and stimulus checks are tightly related. For example, the most important factor in setting income limits is your AGI, which determines how much of the total stimulus payment you would be entitled to receive. The same will hold true with a third stimulus check.

STIMULUS CHECK FOR INCOME LIMITS

Full $1,400 per person maximum (based on AGI) Not eligible (based on AGI)

- Single taxpayer Less than $75,000 full amount,
$75,000 to $80,000 reduce amount
over $80,000 phase out (nothing)

- Head of household Less than $112,500 Full amount
$112,500 to $120,000 reduce amount
Over $120,000 phase out (nothing)

- Married couple filing jointly Less than $150,000 Full amount
$150,000 to $160,000 reduce amount
Over $160,000 phase out (nothing)

03/11/2021

02/21/2021

📢📢ATENCION‼‼ Para todas las personas que se les ha vencido su ITIN number y quieren renovarlo para hacer sus impuestos, pueden hacerlo con un CAA (Certified acceptance agent) ellos pueden certificar copias.
La otra opcion es hacer una cita directamente con la oficina local del IRS en Vienna, pueden ir personalmente con sus documentos originales de identificacion como Pasaporte (no expirado) y ese mismo dia se lo procesan sin dejar sus documentos, Para RENOVAR el ITIN no se necesitan hacerlo con su tax return.
Direccion para hacer su cita en Persona y llevar documentos originales:
IRS Taxpayer Assistance Center Location TAC
Address: 7980 Quantum Drive, First Floor Vienna VA 22182
Service available: Monday-Friday 8:30am to 4:30pm (closed for lunch 12:30 to 1:30pm
Make appoinment: 844-545-5640
Office information: 703-336-4026
😊❤

02/16/2021

02/11/2021

Do you know if you qualify for the CTC (Child tax credit) look it up!!! 😊😉❤

02/11/2021

Second Stimulus Check Calculator: How Much Will You Get?

📢📢✍ Quieres saber cuanto sera tu segundo stimulus check si es que todavia no lo haz recibido? Usa este Check calculator y lo sabras!
Solo Haz click en la imagen 👇🙂

See if you qualify for the second round of stimulus payment and estimate how much money you can expect to receive with our interactive calculator.

02/08/2021

FYI
😲The Recovery Rebate Credit (stimulus check you didn't receive) will be apply to offset any taxes own, and other government debts unfortunately 🤦‍♀️🤷‍♀️

02/08/2021

👉📢📢Si tuviste seguro de salud (Health insurance) a traves del Marketplace, y no a traves de tu empleador, asegurate de tener tu forma 1095-A para poder reconciliar el subsidio y saber si calificas para el Premium tax credit, No te ha llegado tu forma 1095-A todavia? entonces entra a tu cuenta de Healthcare.gov para poder tener acceso e imprimir tu forma, Recuerda esta forma es indispensable para poder hacer tus taxes correctamente.🙂😉❤
https://www.healthcare.gov/blog/how-to-prepare-to-file-2020-taxes/

02/05/2021

IRS Offers New Relief Options to Help Taxpayers Affected by COVID-19 | Internal Revenue Service

📢📢‼👉Having hard time paying your 2019 taxes owned? Follow these steps🙌🙂

Our IRS employees are committed to continue helping taxpayers wherever possible, including offering many options for those struggling to pay their tax bills.

02/05/2021

PPP Round 2 Vs. PPP 1 - How To Apply [Self Employed, 1099, & Small Business]

📢📢‼‼ Para todas las personas que tienen negocios independientes Self employed (S-Corp or Partnership) Sole proprietorship, o tienen 1099, Ya esta disponible el 2nd round del PPP loan (Payroll protection plan), y si no pudiste aplicar al primer round, ahora es el momento de hacerlo!!!
Fiorella Gambini

Paycheck protection round 2 application is now on the SBA site. Let’s cover the new PPP application, how to qualify for the second PPP, How to apply for PPP ...

02/04/2021

Nuevos creditos para los taxes 2021!!!

📢📢Tax Season empieza Febrero 12‼️
👉Recuerden haré un descuento de 20% a mis primeros 10 Nuevos clientes, y 15% a referidos 😊😉❤️
☎ 703-599-0142
Email: [email protected]

02/03/2021

👉📢📢 THE SICK AND FAMILY LEAVE CREDIT, son 2 nuevos creditos para los Self employed, Independent Contractors or Sole Propiertoship que se enfermaron de Covid 19 y tuvieron que hacer cuarentena, tambien para las personas que tuvieron que cuidar a alguien que estuvo enfermo de Covid 19, Necesitas mas informacion? LLamame para ver si calificas!🙂
☎ 703-599-0142
[email protected]

01/29/2021

Atencion!!
Podemos hacer sus taxes desde ahora, pero el IRS comenzara a recibir desde el 12 de Febrero

10 Formas en las que tus taxes seran diferente en el 2021 Tax season:

1. Se removio el RMD (retirement minimum distribution) que se require normalmente a las personas que cumplen 70 ½ y se extendio hasta 72 años, menos income menos taxes que pagar.
2. Donaciones a Charity de hasta $300 in cash seran deducibles aun cuando solo use el Standard deduction
3. El Standard Deduction incremento de entre $200 a $400 respectivamente segun el filling status
4. Income Brackets son un poco mas altos segun el income
5. Contribuciones mas altas para algunas cuentas de retiro como 401K maximo contribution $19400 y a los 50 años puede adicionarle $6500 to catch up
6. Contribuciones mas altas para los que tienen un HSA (health saving account) $3550 self coverage, y hasta $7100 por Family coverage
7. Limites de income mas alto para el Saver’s Credit, puede obtener el credito si su AGI is MFJ $65000, HOH $48750, y $32500 Single
8. Adoption Credit max $14300
9. Limite de income mas alto para el EITC (earn income tax credit) MFJ 56844, otros $50594, Max total credit $6660
10. Cap mas alto para el Social security payroll taxes, fue de $132900 a $137700 para el 2020.

Si tiene alguna pregunta no dude en llamarme al 703-599-0142

01/28/2021

What is a Recovery Rebate Tax Credit?

Haven’t you received your stimulus check of $1200 per person ($2400 for a married couple)? Now you can claim it in your 2021 tax return under The Recovery Rebate Tax Credi!
More info 👇
Any Question? Contact me at 703-599-0142
http://a.msn.com/00/en-us/BB1d9urv?ocid=sf

With all the talk about stimulus payments, you may have heard the phrase "Recovery Rebate Credit" thrown around. Here's what it means and why it matters.

01/28/2021

10 Ways Your Income Taxes Will Be Different in 2021

FYI
Pay attention to this changes on your tax return in 2021!!
Any question? contact me at 703-599-0142 🙂😉
Hablamos Español!

Filing your taxes will be different in 2021 due to coronavirus legislation and inflation adjustments.

04/21/2020

Por favor Comparte!!!

04/06/2020

Sabias que si compraste assets en este año especificamente para tu negocio, podrias deducirlo todo under section 179?

03/22/2020

U.S. tax filing day moved from April 15 to July 15

‼️‼️ 👉👉ATENCION!!!!! hace dos dias se prorrogo el ultimo dia de hacer taxes hasta el 15 DE JULIO, todas las personas que necesitan hacer sus taxes sobre todo las que normalmente reciben reembolsos NO POSTERGARLO MAS, luego tendran problemas para recibirlo debido a la crisis, los que normalmente deben y tienen que pagar no se tendran que preocupar por la multa o intereses hasta el 15 de julio. Recuerden C&G TAX esta para servirlos!!!!
Estamos haciendo impuestos via video camara y obteniendo los documentos via email o fotos via text "PRECIOS MUY COMODOS"
Ayudemonos en tiempos dificiles!!!! 🙌😉😊
C&G TAX LLC
[email protected]
703-599-0142

"We are moving Tax Day from April 15 to July 15," Treasury Secretary Steven Mnuchin announced on Twitter.

03/18/2020

IRS to delay the April 15 tax payment deadline by 90 days

FYI:
👉Recuerden esto es una prorroga de 90 dias para pagar sin multas ni tardanzas en caso debas dinero al IRS, esto no es prorroga para hacer sus taxes, hasta hoy el ultimo dia para cumplir con su obligacion tributaria sigue siendo EL 15 DE ABRIL DEL 2020
Y RECUERDEN C&G TAX ESTA PARA SERVIRLOS!!!
Estamos haciendo taxes virtuales via video con su telefono y los documentos puedes enviarlos por correo, dejarlos en mi oficina o mandarlos via email a traves de un secure portal folder, scan o con fotos via whats app o mensaje de texto.
C&G TAX LLC
email: [email protected]
Call or text: 703-599-0142

Americans will get a three-month reprieve to pay their income taxes for 2019.

02/27/2020

Last Chance to Claim Your Tax Refund - TurboTax Tax Tips & Videos

😮👉👉 FYI, this is the last year to do your taxes from 2016 due on April 15 2020 or October 31 2020, if filed for an extension, after that you wont be able to claim any credits or refund. Just to keep in mind

👉👉Ya lo saben, si NO hiciste tus taxes desde el 2016 este año es el ultimo año para reclamar tus creditos y reembolsos, pasado abril 15 del 2020, o Octubre 31 del 2020 si aplicaste por extension, ya no tendras oportunidad de reclamarlo!! asi que las personas que estan atrasadas aprovechen este ultimo año, luego sera muy tarde!!

The law gives taxpayers who fail to file their income taxes three years to submit a return and claim a refund. Generally, the three-year countdown starts on the due date of the return, including extensions.

02/03/2020

8 Myths About The Earned Income Tax Credit (EITC) At Tax Time

Myth about the Earned income credit! 😉

With some tax returns are already on the way for processing, the Internal Revenue Service (IRS) is reminding taxpayers not to forget about the Earned Income Tax Credit (EITC).

05/29/2019

The new IRS “audit”: Upfront information-statement matching - Tax Information Center

FYI

In the past, the IRS didn’t get around to auditing tax returns until several months after they were filed and after taxpayers received the refunds. But the 2017 tax season was a turning point. The IRS implemented the first phase of a move toward more upfront matching to improve return accuracy and...

03/15/2019

IRS’ 2019 "Dirty Dozen" tax scams list highlights inflating deductions, credits | Internal Revenue Service

IRS’ 2019 "Dirty Dozen" tax scams list highlights inflating deductions, credits | Internal Revenue Service

IR-2019-36, March 12, 2019 — The Internal Revenue Service today warned taxpayers to avoid falsely inflating deductions or credits on tax returns as part of its 2019 list of the “Dirty Dozen” tax scams.

03/15/2019

IRS’ 2019 "Dirty Dozen" tax scams list highlights inflating deductions, credits | Internal Revenue Service

News!!!

IR-2019-36, March 12, 2019 — The Internal Revenue Service today warned taxpayers to avoid falsely inflating deductions or credits on tax returns as part of its 2019 list of the “Dirty Dozen” tax scams.

02/11/2019

Trump's Tax Plan Killed These 9 Deductions For 2018

FYI

President Donald Trump's tax plan eliminated several valuable deductions, but not all of them.

02/06/2019

Let’s start with some clarifications 😊😬

2020 DOES HAVE NEW TAX LAWS -let’s start there!!!

‼️‼️It DOES NOT matter how many kids you have, if you did not work you're not getting a LARGE REFUND. We've seen people come in with a W-2 for literally .10 cents expecting thousands back because they have dependents. 🤦🏿‍♂️

🛑Just because you have social security and medicare taken out your check (which are mandatory by the way) it has NOTHING to do with FEDERAL TAXES taken out on box 2 of your W2. Box 2 is just as important as Box 1.

🛑A 1099 Misc is not the same as a W2. 1099's have no federal taxes withheld. So your return is not going to be the same as your friends, co workers, cousins etc if you have a 1099 and they have a W2.

‼️‼️9 times out of 10 the more money you make the less your return will be. Ex: If you worked half the year in 2018 and only made $15,000 with 2 dependents and made $30,000 working the full year in 2019 you will NOT get that SAME refund.

‼️‼️The song "No Money, No Problems" is for real. As you become more successful and make more money you need to understand those days of getting BIG REFUNDS ARE OVER! In fact, you should prepare to break even or put money aside to pay the IRS money you may owe them. (Reality) 😬

🛑Listen to the song "Brackets" by J. Cole

‼️‼️❌‼️‼️Just because you think you know how to use turbo tax doesn't mean you know tax rules or tax laws. Just because you've heard that your friends are getting a huge refund don't get jealous or assume that they are doing their taxes legally. We've heard and seen it all in many years. Just because you can input any numbers you want, that does not mean they are the correct numbers.

‼️‼️The IRS can go back as far as 3 years to audit your returns and if they do find something they charge interest on their findings.

‼️‼️‼️Asking someone how much they charge before even presenting them what your tax issue is is an insult to the accountants knowledge, work and experience. We understand everyone is looking for a deal but remember the saying, "You get what you pay for!" Would you want a "cheap" guy on the corner who owns a screwdriver to change your engine? Or would you want a licensed mechanic? You damn sure don't negotiate about the price of Gucci or those Jordan's on your feet do you?

🛑If you own a business. Have proof, paperwork, receipts or a tax id. Also pay the IRS during the year 🤷🏾‍♀️ otherwise you are most likely paying taxes this year.

01/31/2019

Tax law changes for 2018 returns!!!
Tax season this year is from January 28- April 15, and with this there are some changes that is worth to know:
1. Standard deductions increases almost double from 2017
2. Personal exemption for dependents is eliminated
3. Child tax credit increases from 1000 to 2000
4. The new tax reform also introduces a 500 credit for other dependents (AKA Family credit) this is for people that is your dependent but isn’t related to you
5. State and local taxes are capped at $10000 before was not cap
6. Health insurance penalty still alive for 2018 tax returns, but is repealed for 2019
7. Mortgage interest deductions drop!, home equality loan deduction was eliminated!
8. Moving expenses was eliminated except for member of the military
If you have any question you can email me or text me
[email protected]
7035990142
C&G TAX