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Tax Tips to Aid in Retiring Early - Don't forget to look at the retirement specials on the tax menu
In an effort to assist in planning for retirement, there are a number of provisions in the tax code that benefit those who wish to retire early. Here are a number of tips.
Estate Taxes: What EVERYONE Should Know
Too many taxpayers ignore estate taxes because they think it will not impact them. Do this at your own peril. Here is what you should know.
Common Tax Filing Mistakes
Want to ensure your refund gets to you in the shortest amount of time? Want to avoid a letter from the IRS? Here are some of the most common tax filing mistakes.
Client Update Newsletter: June 2020
This month’s newsletter details several reasons why you should look for other sources of cash instead of tapping into your retirement funds, along with identifying potential tax surprises if you are using any of the pandemic-related relief programs, including unemployment benefits.There are al...
Should I Pay My Tax Bill With a Credit Card?
The IRS has allowed tax payments with credit cards for the past few years. Is it a good payment method for you? Here is how it works.
Using Losers to Make Winners
Effectively using your investment losses can make a big impact in your taxable income. Why? These losses could offset income that is barely taxed, or it could offset income taxed at 39.6% or higher! Here are some ideas to make those losers into winners on your tax return.
Understanding the Home Gain Exclusion - When is a tax planning session essential?
The popular capital gain exclusion on home sales is a wonderful tax benefit for most of us. However, there are many times when a review can save you thousands in potential tax. Here is what you need to know.
Review IRA Beneficiaries Now - Lost in the pandemic is a tax law change that may require your attention
The recent elimination of the stretch IRA function puts more importance on who you assign as the beneficiary of your retirement funds. Here is what you need to know.
Client Update Newsletter: May 2020
COVID-19 uncertainty abounds for everyone. This month’s newsletter provides a round-up of tax-related laws to help with tax planning for 2020 as we all navigate the coronavirus pandemic. Also in this edition are ways to track your stimulus payment, tips to find cash, and how to protect your vi...
Beware: COVID-19 Tax Scams are Here - Economic impact payments bring out thieves
The coronavirus pandemic is bringing out the best in most of us. Unfortunately, it is also bring out some of the worst of us as well. Be aware of the following scams.
Tax Savvy Moves to Consider Now
Within the coronavirus pandemic are tax planning opportunities. Here are a few to consider.
In the last 2wks of Stimulus payment roll out, have you been unable to access their database with reasons “Unavailable Information”.
Did you owe in 2018/2019?
Todat we had several successful clients being able to input their information to direct they deposits to their bank account in coming days/weeks
Get Your Money: Ensure You Receive a Stimulus Payment - Status and non-filer tools launched by IRS
If you need to register with the IRS to receive your Economic Impact Payment, or you want to see the status of your payment you need to review this information.
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MRSTAX is here to guide you thru this new and chaotic tax season.
Do you owe the IRS in past year or present?
Wondering if you get a check? If so, why we it not deposited this week?
*********
Yes. You will still receive a stimulus check if you meet the income requirement and of legal resident status. *Exception; Child Support payees begins in payments WILL NOT the stimulus under this Stimulus Program.
However, the IRS will NOT be depositing your check into your account. Why? Well the IRS cannot back track the account from which you pay from or may not know your bank information.
What’s your next step?
1. Visit IRS.GOV to “Get My Payment”
There you can see the amount you are to receive.
2. You must follow the prompts thereafter; instruct IRS where to send your payment via bank account if not you’ll receive a paper check at some point in time to the address IRS has on file for you.
3. There is NO NEED to call IRS-they are not their to answer questions. You are guided by the steps in their site.
Stimulus payment Facts:
*If you didn’t file you 2019 taxes it’s based on your 2018 taxes
*You will get $500 per dependent UNDER 17.
*You can get your information at irs.gov.
*If you need to add your DD information you will need you AGI to add your DD information.
*If your child was claimed as a dependent on your return but also filed a return they WILL NOT get a stimulus
*If you claimed a parent and they receive SSA they WILL NOT get a stimulus

Get My Payment Get Coronavirus Tax Relief Non-Filers: Enter Payment Info Here Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Other Schedu...
Key Coronavirus Tax Changes - What every taxpayer should know
With the tax filing delay and stimulus payments getting the headlines, lost in this media noise are other changes that could impact you and your family. Here are some of the other major announcements.
COVID-19 Stimulus Payments. READ THIS NOW!
Your COVID-19 stimulus payments are underway. Find out how much you qualify for and when to expect the money.
Client Update Newsletter: April 2020
The IRS rolled out deadline extensions and new programs to help individuals and businesses navigate the COVID-19 pandemic. A recap of these announcements is included here for your review. Also in this month’s edition is an interesting tax quiz to see if you can guess which states have the high...
What is AGI?
Trying to determine your AGI to calculate your stimulus check?
Adjusted Gross Income =AGI
Your AGI will show you how much of your income is taxable.
If you filed taxes in 2018, you can find your AGI on Line 7 of your 1040.
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New Law Requires Small Business to Provide Paid Leave - Families First Coronavirus Response Act provides worker benefits
A new law helps businesses provide paid leave for workers dealing with COVID-19. Here is what you need to know.
MRSTAX Service is still open for business.
Drive-thru tax preparation.
Client came in dropped off at our return drop off station. They sat in their car.
After I finished their taxes.
I call them and went over it.
I sent them signature docs electronically they signed.
Then they paid over the phone, I printed their returns and walked it out to them. #mrstaxprep #socialdistancing
Tax Deadlines Move from April to July - What you need to know now!
In reaction to the current pandemic, announcements delay tax deadlines until July 15, 2020. Here is what you need to know.
⏰Immediate Release⏰
Taxpayers NEW to file FEDERAL TAXES no later than July 15th.
At MRSTAX Services are adapting to our surroundings dealing with COVID-19 and the VA Governor’s public recommendations.
Please watch how we are accepting your tax documents.
If you haven’t heard, Virginia will allow all individuals and businesses to delay paying their 2019 income taxes by 30 days, bumping the deadline to pay from May 1 to June 1.
“Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, “Treasury Secretary Steven Mnuchin said on Tuesday at a news conference.
Kiddie Tax Rate Hike Rolled Back
Recent legislation rolls back kiddie tax rules to 2017. This means you may need to review your situation. Here is what you need to know.
Do I Really Need That #!*>x$! Tax Form 1095? - Stop holding up your tax filing
Too many taxpayers are waiting to receive Form 1095 to file their income tax return. Most of you do not need to wait for it. Here is what you need to know.
Client Update Newsletter: March 2020
The tax filing deadline is right around the corner! As you're busy gathering your tax documents or reviewing your tax return, included here is a caution concerning the security of IRS online applications and websites. If you're an independent contractor, there is an article outlining tips for s...
Make the Most of Recent Retirement Rule Changes - Reap the benefits of new laws
In late 2019, deep within a government spending bill are a number of changes to popular retirement savings account plans. Here are suggestions on how to take advantage of these rule changes.
Elections. Elections. Elections. - Tax savings can be found in the elections you make!
Every year is an election year for taxpayers. And THESE elections can save you a ton of money. Here is what you need to know.
Should I Tap into my Retirement Funds?
When you are cash strapped, your retirement nest egg can look very tempting to solve your immediate financial problem. Is it ever a good idea?
The IRS Says "Gotcha!" - Late filing of S corporation and partnership returns can be costly
Over the past few years, the IRS has penalizing late filers of sub S corporation and partnership tax returns. This despite the fact that late filing of the tax return does not typically impact the timely payment of the tax.
Client Update Newsletter: February 2020
The 2019 tax filing season is in full swing. If you have not already done so, now is the time to collect your tax forms, organize your records and set a schedule to get your tax return completed.Deep in the Form 1040 instructions is an annual recap of federal income and how the money is spent. Since...
Where's My Tax Return? - Common items that are often forgotten
Wondering why your tax return is not finished? Often the delay can come from one or two items that were overlooked and are now needed to process your tax return....
Here are 4 common tax surprises!
4 Common Tax Surprises: No one likes a big tax bill. Sometimes they cannot be avoided. But sometimes they can ... if you know about them ahead of time. Here are 4 of the most common tax surprises you need to know.
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In the last 2wks of Stimulus payment roll out, have you been unable to access their database with reasons “Unavailable Information”. Did you owe in 2018/2019? Todat we had several successful clients being able to input their information to direct they deposits to their bank account in coming days/weeks
Please Like & Share this post with your friends. MRSTAX is here to guide you thru this new and chaotic tax season. Do you owe the IRS in past year or present? Wondering if you get a check? If so, why we it not deposited this week? ********* Yes. You will still receive a stimulus check if you meet the income requirement and of legal resident status. *Exception; Child Support payees begins in payments WILL NOT the stimulus under this Stimulus Program. However, the IRS will NOT be depositing your check into your account. Why? Well the IRS cannot back track the account from which you pay from or may not know your bank information. What’s your next step? 1. Visit IRS.GOV to “Get My Payment” There you can see the amount you are to receive. 2. You must follow the prompts thereafter; instruct IRS where to send your payment via bank account if not you’ll receive a paper check at some point in time to the address IRS has on file for you. 3. There is NO NEED to call IRS-they are not their to answer questions. You are guided by the steps in their site.
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