Beckham Tax & Bookkeeping-H&R Block Burkburnett

10/10/2023

10/07/2023

Extensions are due soon, call us to set up an appointment.

06/16/2022

https://timesrecordnews.secondstreetapp.com/og/380f2613-2c7b-4101-91d1-a14e70e7b98e/gallery/338426042

If you vote in more than 25 categories, you'll be automatically entered for a chance to win a $250 gift card!

01/08/2022

Please bring these letters with you to you tax appointment 😁

sending letters to recipients of advance payments and third . Using the information in these letters when preparing your tax return can reduce errors, avoid refund delays. https://go.usa.gov/xt3mm

01/01/2022

Public Service Announcement
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If you use Zelle, CashApp, Venmo, or another peer-to-peer cash transferring platform, KEEP READING:

The Biden Administration passed a new tax rule in the American Rescue Plan Act and it is being dubbed "The $600 Tax Rule."

Starting January 1, 2022 if you receive $600 or more in a year on a peer-to-peer cash transfer platform you will receive a 1099-K form (for income reporting purposes). You are federally required to report that money as taxable income.

So if you SELL items online and use these cash transferring platforms, you must provide the IRS with receipts that prove you paid more than what you sold them for so the money you collect is not considered taxable income.

The purpose of this is to "close the tax gap." My friends, please keep track of your big ticket purchase receipts in case you ever decide to sell, and ask to be paid in CASH if it is not for business purposes.
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Why is this good???
So the government can crack down on people not claiming taxable income on goods or services sold via peer-to-peer cash transfer platforms.

Why is this bad???
Because if you sell your old couch or loan money to a friend who pays you back via Zelle, Venmo, etc. you will have to pay taxes on the sale of your couch if you cannot provide a receipt, and you have to explain to the IRS why you gifted your bestie money and then you might have to pay taxes on the money you loaned them when they pay you back. The list goes on...

Summary of H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021

12/24/2021

Questions about taxes with kids? We asked Brayson, age 6, to explain the “Child Tax Credit.”

If you received advance Child Tax Credit payments this year, be on the lookout for IRS Letter 6419, which should be delivered by the end of January. You'll need information from this letter when you file to help avoid lengthy processing delays. Whenever you're ready to file, you can log into your account on the IRS Child Tax Credit portal to confirm the total amount of payments you received. Visit http://hrblock.io/CTC to learn more.

12/18/2021

👋Let's talk about... ADVANCED CHILD TAX CREDIT

💥The IRS has issued COVID Tax Tip 2021-187 that states in January the IRS will be mailing Letter 6419 with the total amount of the advance to taxpayers. You NEED TO KEEP THIS LETTER and provide it to your professional. If your amount received put on your tax return and what the IRS has calculated does not match YOUR RETURN WILL BE KICKED TO MANUAL PROCESSING AND INQUIRY!!! This means extreme wait times because we're STILL waiting on some 2019 and 2020 returns to finish processing. If the amount does not match you records, then a professional is your best bet to get it resolved. Checks may have to be traced.

Setting up an account at IRS>GOV NOW is also a good idea. If you are married, set one up for BOTH taxpayers.

11/01/2021

Emerald Advance begins on November 15. Call (940)569-2941 for appointment beginning November 2.

11/01/2021

In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021. Please keep this letter regarding your advance Child Tax Credit payments with your tax records. You may need to refer to this letter when you file your 2021 tax return during the 2022 tax filing season.

PLEASE do NOT throw this letter away, and bring it with you to your next tax appointment.