Ana Echeverri Associates LLC

Are you ready to maximize your tax refund this year?

Thu, 05 Dec 2024 20:43:34 GMT

Are you ready to maximize your tax refund this year? �� It’s time to get money-savvy and make the most of tax season! Here are some tips to help you claim every dollar you’re entitled to:

1. Organize Your Documents Early

Keep track of receipts, tax forms (W-2, 1099, etc.), and deductions throughout the year. A little preparation goes a long way in reducing stress and uncovering savings.

2. Maximize Your Deductions

Did you know that job-related expenses, medical bills, and charitable donations might qualify as deductions? Itemizing could unlock hidden savings that the standard deduction might overlook.

3. Don’t Forget About Tax Credits

Credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and education-related credits (like the American Opportunity Credit) can significantly increase your refund. These credits often provide dollar-for-dollar savings.

4. Contribute to Your Retirement Account

Contributions to an IRA or 401(k) not only secure your future but also offer immediate tax benefits. Plus, some contributions might be deductible even after December 31!

5. File Early

Filing early reduces the chance of tax fraud and helps you receive your refund faster. Don’t procrastinate; the IRS starts processing returns in January.

6. Double-Check Everything

Simple mistakes like incorrect Social Security numbers or missed signatures can delay your refund. Review your return carefully before submitting it.

Remember, every dollar counts! A little effort now can lead to a bigger refund later.

Stay smart with your taxes! Reach out to us today and experience the difference of working with seasoned professionals!

Office #: (407) 601-3157

Off. hours: Monday through Friday, from 9 A.M. to 5 P.M.

Email address:

Ana@AnaEcheverriAssociates.com

Website: https://www.anaecheverriassociates.com/

>>> [HABLAMOS ESPAÑOL] <<<

#OrganizeYourTaxes #SafeTaxDocuments #TaxSeason2023 #EarlyTaxFiling #TaxRefundSeason #FinancialPlanning #TaxPreparation #IncomeTaxTips #EstimatedTax #SmallBusiness #TaxTips #SmallBusiness #TaxDeductions

5 Savings Tips for your Returns

Tue, 13 Feb 2024 17:22:10 GMT

5 Savings Tips To Maximize Your Tax Returns

Tax time is here, and no one wants to owe more money on their tax bill come filing time this April. However, there are several smart strategies you employ to reduce your tax liability and owe less taxes overall.

Here are five ways to maximize your tax returns, according to CNET and Intuit:

1 . Max Out Your Retirement Contributions

Contributing the maximum amount to your retirement account(s) allows you to defer taxes on your income. Retirement funds like 401(k)s and IRAs provide one of the most efficient vehicles for tax deduction. Not only can you reduce your tax bill, but you’ll also be saving for your future.

For 2023, the deduction limit for 401(k) contributions is $22,500, not counting employer contributions. If you’re over 50, you can make additional catch-up contributions to your 401(k) totaling $7,500 per year (or $30,000 total) in 2023. For IRAs, the maximum number of tax-deductible contributions for 2023 is $6,500, or $7,500 if you are over 50.

2. Defer Payments or Bonuses

Regardless of the tax year, if you’re expected t o receive a bonus or additional payment close to the end of the year, consider asking for a deferral. This can include a holiday bonus from your employer or a lump sum payment as a freelancer. The reason for deferring the payments to the following year? You’ll delay your tax liability on this additional income into the following tax year.

3. Make Strategic Business Purchases

If you already know you need to buy a new desk, a computer or more office supplies for next year, doing so before the end of the year allows you to take a large deduction. Consider making bulk business purchases in advance of the end of the year so that you can reduce your tax liability now and get the things you need ahead of time.

4. Contribute More Money to Your HSA

If you’re enrolled in a higher deductible medical insurance plan, you can add additional funds to your health savings account (HSA). HSA contributions are tax deductible and allow you to pay for necessary medical expenses. To be eligible for an HSA, your health insurance plan must impose the maximum annual out-of-pocket cost ceilings that meet the IRS’s limitations, and you must be enrolled in a plan that has high deductibles that meet or exceed the IRS’s required amounts.

5. Learn More About Tax Credits

There are many tax credits that can offset your tax liability. There’s the Earning Income Tax Credit, Child Tax Credit, and the American Opportunity Tax Credit just to name a few. It’s important to do some research or work with a tax professional to maximize and claim all the available tax credits you’re eligible for, thus reducing your tax liability.

Reach out to us today and experience the difference of working with seasoned professionals!

Office #: (407) 601-3157

Off. hours: Monday through Friday, from 9 A.M. to 5 P.M.

Email address:

Ana@AnaEcheverriAssociates.com

Website: https://www.anaecheverriassociates.com/

>>> [HABLAMOS ESPAÑOL] <<<

#TaxTimeTips #OrganizeYourTaxes #TaxFilingBasics #DeadlineAwareness #TaxReturnAdvice #TaxRefundIdeas #EarlyTaxPrep #SafeTaxDocuments #SmartRefundUses #PlanForNextTaxYear #anaecheverriassociates

#TaxSeason2023 #EarlyTaxFiling #IRSUpdates #TaxRefundSeason #FinancialPlanning #TaxFraudProtection #TaxPreparation #IncomeTaxTips #TaxFilingDeadline #SecureYourRefund #anaecheverriandassociates #orlandotaxes #floridataxes

Tax Time Is Here

Tue, 30 Jan 2024 19:45:30 GMT

2024 tax filing season starts as IRS begins accepting tax returns today.

2024 tax filing season is on its way.

The IRS has begun to accept tax returns as of January 29, 2024.

WASHINGTON — The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.

The IRS expects more than 146 million individual tax returns for 2023 to be filed this filing season, with a deadline of April 15, 2024.

With the start of the 2024 filing season, the IRS will be extending service hours in nearly 250 Taxpayer Assistance Centers (TACs) nationwide, providing additional help to people. The IRS will also be working to continue improving its phone service and expanding online tools.

The “Where’s My Refund?” tool on IRS.gov will add more details for taxpayers checking on the status of their tax refund.

Building off the success of the 2023 tax season, which saw significant improvements following the passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers.

The IRS reminds taxpayers the deadline to file a 2023 tax return and pay any tax owed is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays. A taxpayer residing in a federally declared disaster area may have additional time to file.

Reach out to us today and experience the difference of working with seasoned professionals!

Office #: (407) 601-3157

Off. hours: Monday through Friday, from 9 A.M. to 5 P.M.

Email address:

Ana@AnaEcheverriAssociates.com

Website: https://www.anaecheverriassociates.com/

>>> [HABLAMOS ESPAÑOL] <<<

#TaxTimeTips #OrganizeYourTaxes #TaxFilingBasics #DeadlineAwareness #TaxReturnAdvice #TaxRefundIdeas #EarlyTaxPrep #SafeTaxDocuments #SmartRefundUses #PlanForNextTaxYear #anaecheverriassociates #TaxSeason2023 #EarlyTaxFiling #TaxRefundSeason #FinancialPlanning #TaxFraudProtection #TaxPreparation #IncomeTaxTips #TaxFilingDeadline #SecureYourRefund #anaecheverriandassociates #orlandotaxes #floridataxes

Are you asking yourself, what if I can’t pay my taxes?

Fri, 12 Jan 2024 14:50:48 GMT

Are you asking yourself, what if I can’t pay my taxes?

.

Don't panic – you may qualify for a self-service, online payment plan (including an installment agreement) that allows you to pay off an outstanding balance over time. Once your online application is complete, you'll receive immediate notification of whether your payment plan has been approved without having to call or write to the IRS. Online payment plans are processed more quickly than requests submitted with electronically filed tax returns, even if the new tax is not yet assessed.

Online payment plans include:

Short-term payment plan – The payment period is 120 days or less, and the total amount owed is less than $100,000 in combined tax, penalties, and interest.

Long-term payment plan – The payment period is longer than 120 days, paid in monthly payments, and the amount owed is less than $50,000 in combined tax, penalties, and interest.

If the IRS approves your long-term online payment plan (installment agreement), a setup fee may apply depending on your income.

If you already have a payment plan, you may also qualify to use the online payment plan option to revise your existing agreement. Changes you can make online include revising payment dates, payment amounts, and banking information for Direct Debit Installment Agreements.

If you don't qualify for an online payment plan, you may request an installment agreement (IA) by submitting Form 9465, Installment Agreement with the IRS. If the IRS approves your IA, a setup fee may apply depending on your income.

Please feel free to reach out if you have any questions or need assistance in setting up an online payment plan.

Our bilingual staff will go beyond the numbers to assist you with the ever-changing tax code.

>>> [Hablamos Español] <<<

Off. hours: Monday through Friday, from 9 A.M. to 5 P.M.

For assistance, call:

Ana Echeverri & Associates, at (407) 601-3157

https://www.anaecheverriassociates.com

#anaecheverriassociates #taxes #taxreturn #form1040 #form1040a #form1040ez #jointtaxreturn #smallbusiness #irsaudit #taxprofessional

Press Release: Accountant Ana Echeverri and Associates Announce New Office Location

Thu, 07 Sep 2023 19:25:33 GMT

Ana Echeverri and Associates, serving the Metro Orlando area for over 10 years, providing accounting, bookkeeping, tax preparation, and IRS representation as an Enrolled Agent, the highest credential the IRS awards, is pleased to announce that they have moved their office to a new location.

The new address is:

13550 Village Park Drive, Ste. 245

Orlando, FL 32837

The phone number, email address, website, and office hours remain the same:

Office #: (407) 601-3157

Off. hours: Monday through Friday, from 9 A.M. to 5 P.M.

Email address: Ana@AnaEcheverriAssociates.com

Website: https://www.anaecheverriassociates.com/

>>> [Hablamos Español] <<<

The new office is more spacious and comfortable, with modern amenities and equipment. It also offers ample parking space and easy access to public transportation.

Ana and her staff hope the new office will provide a better environment for their clients. They thank their loyal clients for their continued support and trust. They are looking forward to continuing to serve the community with the same professionalism and quality that they have come to expect.

#anaecheverriassoiciates #taxes #taxreturn #form1040 #form1040a #form1040ez #jointtaxreturn #smallbusiness #irsaudit #taxprofessional

Tax Season 2023 is Coming: How to Plan Ahead with a Professional

Thu, 01 Jun 2023 21:02:35 GMT

Why Work with an Expert in Tax Planning?

With so many moving parts to keep track of, tax planning can quickly feel like a full-time job. Working with a tax specialist means you can rest assured that they will take care of all your tax planning concerns – so you can focus on running your business.

When you work with Ana Echeverri and Associates tax services for all your tax planning needs, we will guide you through the process every step of the way.

First off, we can meet with you every quarter. We assess your financial position and use up-to-date and current numbers rather than historical bookkeeping records to perform a tax analysis. Based on this information, we will provide strategies to reduce your taxes or change your tax liabilities during the year. We also provide you with the estimated tax liabilities every quarter so that you can make estimated tax payments. This helps you avoid being hit with a huge tax bill at the end of the tax year.

Through this ongoing partnership, we help you reduce taxes and ensure you are well-prepared for tax season 2023.

Get Prepared for Tax Season 2023

There is no better time to prepare for next year’s tax season. With still several months left in the tax year, this is a golden opportunity to get your books in order and start saving on taxes. By reviewing your business's income, expenses, and cash flow, you can implement tax-saving strategies that will cut down your tax bill – but only if you act now.

Interested in reducing your taxes for 2023? Want to finish the year off strong with confidence in your business finances?

Get your bookkeeping squared away for the year and uncover valuable tax-saving strategies you can implement immediately!

Spanish Version

¿Por qué trabajar con un experto en planificación fiscal?

Con tantas partes móviles para realizar un seguimiento, la planificación fiscal puede sentirse rápidamente como un trabajo de tiempo completo. Trabajar con un especialista en impuestos significa que puede estar seguro de que se encargarán de todas sus inquietudes de planificación fiscal, para que pueda concentrarse en administrar su negocio.

Cuando trabaje con los servicios de impuestos de Ana Echeverri y Asociados para todas sus necesidades de planificación tributaria, lo guiaremos a través del proceso en cada paso del camino.

En primer lugar, podemos reunirnos con usted cada trimestre. Evaluamos su posición financiera y utilizamos números actualizados y actuales en lugar de registros históricos de contabilidad para realizar un análisis fiscal. Con base en esta información, proporcionaremos estrategias para reducir sus impuestos o cambiar sus obligaciones tributarias durante el año. También le proporcionamos las obligaciones fiscales estimadas cada trimestre para que pueda realizar pagos de impuestos estimados. Esto le ayuda a evitar ser golpeado con una enorme factura de impuestos al final del año fiscal.

A través de esta asociación continua, lo ayudamos a reducir sus impuestos y asegurarnos de que esté bien preparado para la temporada de impuestos 2023.

Prepárate para la temporada de impuestos 2023

No hay mejor momento para prepararse para la temporada de impuestos del próximo año. Con aún varios meses restantes en el año fiscal, esta es una oportunidad de oro para poner sus libros en orden y comenzar a ahorrar en impuestos. Al revisar los ingresos, los gastos y el flujo de efectivo de su empresa, puede implementar estrategias de ahorro de impuestos que reducirán su factura de impuestos, pero solo si actúa ahora.

¿Interesado en reducir sus impuestos para 2023? ¿Quieres terminar el año fuerte con confianza en las finanzas de tu negocio?

¡Ponga su contabilidad cuadrada para el año y descubra valiosas estrategias de ahorro de impuestos que puede implementar de inmediato!

Here’s a short checklist to help taxpayers choose a tax preparer for the upcoming filing season

Thu, 08 Dec 2022 21:26:41 GMT

Tax filing season will be here soon. As people gather their documents and receipts to file a tax return, many also choose to use a professional tax return preparer. Anyone with an IRS Preparer Tax Identification Number can be a paid tax return preparer. However, tax return preparers have differing skills, education, and expertise. Choosing a tax return preparer wisely is important because taxpayers are ultimately responsible for all the information on their return, no matter who prepares it for them.

Taxpayers can start their search with the IRS

Directory of Preparers.

When looking for a tax professional, taxpayers can search the IRS Directory of Preparers. While it is not a complete listing of tax return preparers, it includes enrolled agents, CPAs and attorneys, and those participating in the Annual Filing Season Program.

Before hiring a preparer, taxpayers should know what they’re getting. They can do this by :

• Checking the preparer's history with the Better Business Bureau. Taxpayers can also verify an enrolled agent's status on IRS.gov.

• Asking about fees. Taxpayers should avoid tax return preparers who base their prices on a percentage of the refund or who offer to deposit all or part of their refund into their financial accounts. Taxpayers should be suspicious of any preparer claiming they can get larger refunds than other tax preparers.

• Asking if the preparer plans to use e-file. The fastest way to get a tax refund is by e-filing and choosing direct deposit.

• Making sure the preparer will be available if needed. People should consider whether the individual or firm will be around for months or years after filing the return. They may need the preparer to answer questions about preparing the tax return later.

• Ensuring the preparer signs and includes their PTIN. Paid tax return preparers must have a PTIN to prepare tax returns and consist of it on any tax return they prepare.

• Considering the person's credentials. Only attorneys, CPAs, and enrolled agents can represent taxpayers before the IRS in tax matters. Other tax return preparers who participate in the IRS Annual Filing Season Program have limited practice rights to represent taxpayers during audits of returns they prepared.

How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and retirement taxes?

Call us! We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Certified QuickBooks ProAdvisor offering Consulting and Training Services

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

https://www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida

#tax #accountingservices #taxrefund #enrolledagent

#CertifiedQuickBooksProAdvisor

The Three Basic Tax Types

Tue, 08 Nov 2022 17:54:34 GMT

Taxes impact our lives much more than just paying a little more for the things we buy.

Taxes impact our lives much more than just paying a little more for the things we buy. The better you understand them, the better equipped you are to make decisions about them.

All taxes can be divided into three basic types: taxes on what you buy, taxes on what you earn, and taxes on what you own.

Sales taxes are paid by the consumer when buying most goods and services. These taxes provide state and local revenue, funding services like education, transportation, and health care.

Income taxes are paid on many sources of income you might earn, like the taxes taken directly from your paycheck. They are significant sources of revenue for the federal government, many state governments, and a few local governments.

Property taxes generate revenue at a local level. They provide funding for everything from parks to public safety services to additional funding for schools.

It’s important to remember that every dollar you pay in taxes starts as a dollar earned as income. One of the main differences among the tax types outlined below is the point of collection—in other words when you pay the tax.

AS AN EXAMPLE: if you earn $1,000 in a state with a flat income tax rate of 10%, $100 in income taxes should be withheld from your paycheck when you make that income.

If you take $100 from your remaining earnings a week later to purchase a new smartwatch in a jurisdiction with a 5% sales tax, you’ll pay an additional $5 in taxes when buying that item.

Altogether, $105 of your initial $1,000 income has been collected in taxes at different time s.

Tax structures and levels vary significantly among U.S. states and countries, as do the services they fund.

Every dollar you pay in taxes affects how much of your income you get to keep, save, and spend, so understanding each tax type can help you make better decisions about everything, from which job to take and where to live to how you vote.

Call us if you need assistance understanding what a tax deduction may be for you. In that case, our bilingual staff will go beyond the numbers to assist you with the ever-changing tax code and help you with your accounting needs to enhance your profitability.

>>> [Hablamos Español] <<<

How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and

retirement taxes?

Call us! We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

Certified QuickBooks ProAdvisor offering Consulting

and Training Services

https://www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida

#tax #accountingservices #taxrefund #enrolledagent

#CertifiedQuickBooksProAdvisor

SPANISH VERSION: Los contribuyentes con una factura de impuestos pendiente deben considerar una Oferta de Compromiso.

Tue, 25 Oct 2022 19:33:48 GMT

Los contribuyentes con una factura de impuestos pendiente deben considerar una Oferta de Compromiso.

Una oferta de compromiso puede ser una forma efectiva para que las personas y las empresas liquiden la deuda tributaria federal. Este programa nacional permite a los contribuyentes acordar, con el IRS, que paga una deuda tributaria por menos del monto total adeudado. A veces, los contribuyentes pueden conformarse con mucho menos, especialmente si tienen bajos ingresos y pocos activos.

Este tipo de acuerdo es una opción cuando los contribuyentes no pueden pagar sus obligaciones tributarias totales o cuando pagar el saldo total adeudado causaría dificultades financieras. El objetivo es un compromiso que se adapte a los mejores intereses tanto del contribuyente como del IRS.

Los contribuyentes individuales y los dueños de negocios deben revisar el Folleto de Oferta de Compromiso del IRS para aprender cómo funcionan estos acuerdos y decidir si podría ayudarlos a resolver sus deudas tributarias.

Al revisar las solicitudes de la Oferta de Compromiso, el IRS considera el conjunto único de hechos del contribuyente y cualquier circunstancia que afecte la capacidad de pago del contribuyente, así como:

• Ingresos

• Gastos

• Patrimonio de activos

El folleto cubre todo lo que un contribuyente necesita saber sobre la presentación de una oferta de compromiso, incluyendo:

• Quién es elegible para presentar una oferta

• Cuánto cuesta aplicar

• Cómo funciona el proceso de solicitud

El folleto también incluye los formularios que los contribuyentes deben completar como parte de la oferta en el proceso de compromiso. La tarifa de solicitud actual es de $ 205. Sin embargo, los contribuyentes que cumplen con la definición de contribuyentes de bajos ingresos no tienen que pagar esta tarifa.

Nuestro personal bilingüe irá más allá de los números para ayudarlo con el código tributario en constante cambio y ayudarlo con sus necesidades contables para mejorar su rentabilidad.

¿Como podemos ayudarlo?

¿Necesita un profesional con un amplio conocimiento en temas relacionados con impuestos como la renta, sucesiones, donaciones, nóminas, devoluciones, sucesiones, sin fines de lucro y jubilaciones?

¡Llámanos! Somos especialistas en impuestos al servicio de nuestros

clientes desde 2012

Ana Echeverri & Associates (407) 601-3157

Estaremos encantados de ayudarle.

Certified QuickBooks ProAdvisor offering Consulting

and Training Services

Nuestro horario es de Lunes a Viernes, de 9 a.m. hasta las 5 P.M

https://www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida

#tax #accountingservices #taxrefund #enrolledagent

#CertifiedQuickBooksProAdvisor

Are you a young entrepreneur?

Fri, 10 Jun 2022 17:01:39 GMT

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer withholds taxes from their paycheck. However, when they are classified as an independent contractor or are self-employed, they’re responsible for paying taxes themselves.

So keep this in mind:

• Everyone, including minors, must file a tax return if they had net earnings from self-employment of at least $400.

• If they owe taxes, teens and young adults should file their own tax return, even if their parent or guardian claims them as a dependent.

• Teens and young adults can prepare and sign their own tax return. There is no minimum age to sign a tax return.

• Parents can’t claim a dependent’s earned income on their own tax return.

• In addition to income tax, people who are self-employed are generally responsible for self-employment tax as well. It’s like the Social Security and Medicare taxes withheld from the pay of most wage earners.

• Teens and young adults can lower the amount of tax they owe by deducting certain expenses.

Here’s what young entrepreneurs can do to keep on top

of their tax responsibilities:

Keep records. It’s good to make and keep financial records and receipts during the year. Recordkeeping can help track income and deductible expenses and provide the information needed for a tax return.

Pay estimated tax, if required. If a teen or young adult being claimed as a dependent expect to owe at least $1,000 in tax for 2022, they must make estimated payments on a quarterly basis. They should be sure to pay enough tax on time to avoid a penalty. They can use one of these forms to calculate their estimated taxes:

• Form 1040-ES, Estimated Taxes for Individuals

• Form 1040-ES NR, U.S. Estimated Tax for Nonresident Alien Individuals

If a taxpayer also has a job where tax is withheld by their employer, they can request that their withholding be increased to cover their estimated taxes from their self-employed income. That way, they don’t have pay estimated tax separately. The Tax Withholding Estimator is a great tool to help wage earners figure out how much they should be withholding.

File a tax return. When tax season rolls around, young taxpayers can review the information and forms, gather their records and e-file their tax return. When preparing to file a tax return, they should make sure to review all their records, including estimated tax they’ve already paid.

Important tax reminders for people selling a home

Thu, 19 May 2022 20:16:50 GMT

A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home:

Ownership and Use

To claim the exclusion, the taxpayer must meet ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have owned the home and lived in it as their main home for at least two years.

Gains

Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may be able to exclude up to $500,000. Homeowners excluding all the gain do not need to report the sale on their tax return unless a Form 1099-S was issued.

Losses

Some taxpayers experience a loss when their main home sells for less than what they paid for it. This loss is not deductible.

Multiple Homes

T axpayers who own more than one home can only exclude the gain on the sale of their main home. They must pay taxes on the gain from selling any other home.

Reported Sale

Taxpayers who don’t qualify to exclude all of the taxable gain from their income must report the gain from the sale of their home when they file their tax return. Anyone who chooses not to claim the exclusion must report the taxable gain on their tax return. Taxpayers who receive Form 1099-S, Proceeds from Real Estate Transactions must report the sale on their tax return even if they have no taxable gain.

Mortgage Debt

Generally, taxpayers must report forgiven or canceled debt as income on their tax return. This includes people who had a mortgage workout, foreclosure, or other canceled mortgage debt on their home. Taxpayers who had debt discharged, in whole or in part, on a qualified principal residence can’t exclude it from income unless it was discharged before January 1, 2026, or a written agreement for the debt forgiveness was in place before January 1, 2026.

Possible Exceptions

There are exceptions to these rules for some individuals, including persons with a disability, certain members of the military, intelligence community and Peace Corps workers.

Worksheets

Worksheets included in Publication 523, Selling Your Home can help taxpayers figure the adjusted basis of the home sold, the gain or loss on the sale, and the excluded gain on the sale.

Tips to help taxpayers hire a reputable tax preparer

Tue, 29 Mar 2022 20:34:37 GMT

The tax filing deadline less than a month away. The IRS reminds all taxpayers but especially those who haven’t yet filed, to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return regardless of who prepares the return.

Here are some tips to remember when selecting a tax return preparer:

Check the preparer's qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing of preparers.

Check the preparer's history. Taxpayers can ask the local Better Business Bureau about the preparer. Check for disciplinary actions and the license status for credentialed preparers. Here’s how to check on specific types of preparers:

• Need an on Enrolled Agent? Go to the verify enrolled agent status page on IRS.gov.

• Need a reputable Attorney? : Check with the State Bar Association.

Ask about service fees. People should avoid tax return preparers who base fees on a percentage of the refund or who boast bigger refunds than their competition.

Ask to e-file. To avoid pandemic related paper delays, taxpayers should ask their preparer to file electronically and choose direct deposit.

Make sure the preparer is available. Taxpayers may want to contact their tax return preparer after this year's April 18 due date.

Provide records and receipts. Good preparers will ask to see a taxpayer's records and receipts. They'll ask questions to figure things like the total income, tax deductions and credits.

Never sign a blank return. Taxpayers should not use a tax return preparer who asks them to sign a blank tax form.

Review before signing. Before signing a tax return, the taxpayer should review it. They should ask questions if something is not clear. Taxpayers should feel comfortable with the accuracy of their return before they sign it.

Review details about any refund. Taxpayers should confirm the routing and bank account number on their completed return if they're requesting direct deposit.

Ensure the preparer signs the return and includes their PTIN. All paid tax return preparers must have a Preparer Tax Identification number. By law, paid preparers must sign returns and include their PTIN on the return they file. The taxpayer's copy of the return is not required to have the PTIN on it.

Report abusive tax preparers to the IRS. Most tax return preparers are honest and provide great service to their clients.

However, some preparers are dishonest. People can report abusive tax preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer

How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and

retirement taxes?

Call us! We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

Certified QuickBooks ProAdvisor offering Consulting

and Training Services

https://www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida

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SPANISH VERSION: Como Evitar Multas e Intereses Costosos

Tue, 22 Mar 2022 15:32:01 GMT

Los contribuyentes deben presentar su declaración de impuestos antes de la fecha límite, incluso si no pueden pagar su factura de impuestos completa. A los contribuyentes que adeudan impuestos y no presentan la declaración a tiempo, se les puede cobrar una multa por no presentar la declaración.

Esta multa suele ser del cinco por ciento del impuesto adeudado por cada mes, o parte de un mes en que la declaración de impuestos se atrasa, hasta un 25 por ciento.

Si un contribuyente individual adeuda impuestos, pero no puede pagarlo en su totalidad antes de la fecha límite del 18 de abril de 2022, debe:

Presentar su declaración de impuestos o solicitar una prórroga para presentar antes de la fecha límite del 18 de abril .

Las personas que adeudan impuestos y no presentan su declaración a tiempo o solicitan una prórroga pueden enfrentar una multa por no presentar su declaración a tiempo.

Los contribuyentes deben recordar que una prórroga para presentar no es una extensión de tiempo para pagar. Una prórroga les da a los contribuyentes hasta el 17 de octubre de 2022 para presentar su declaración de impuestos de 2021, pero los impuestos adeudados aún vencen el 18 de abril de 2022.

Para obtener una prórroga para presentar, los contribuyentes deben tomar uno de los siguientes pasos:

• Presentar el Formulario 4868(SP) a través de su profesional de impuestos, software de impuestos o de Free File en IRS.gov.

• Presentar un pago electrónico con Pago directo, Sistema de Pago Electrónico de Impuestos Federales o mediante una tarjeta de débito, crédito o billetera digital y seleccionar el Formulario 4868(SP) o prórroga como tipo de pago.

Pague lo antes posible de la fecha límite del 18 de abril.

• Ya sea que presenten una declaración o soliciten una prórroga, los contribuyentes deben pagar su factura de impuestos en su totalidad antes de la fecha límite en abril para evitar multas e intereses.

• Las personas que no paguen sus impuestos a tiempo enfrentarán una multa por falta de pago.

• El IRS tiene opciones para los contribuyentes que no pueden pagar los impuestos que adeudan.

Establezca un plan de pago tan pronto como sea posible.

• Los contribuyentes que adeudan impuestos, pero no pueden pagarlo en su totalidad antes del 18 de abril no tienen que esperar una factura de impuestos para establecer un plan de pago.

• Pueden solicitar un plan de pago en IRS.gov.

• Los contribuyentes también pueden presentar una solicitud de plan de pago con el Formulario 9465(SP), Solicitud para un Plan de Pagos a Plazos.

El interés se basa según la cantidad de impuestos adeudados y por cada día que no se paga en su totalidad. Las tasas de interés se determinan cada tres meses y pueden variar según el tipo de impuesto; por ejemplo, pasivos por impuestos individuales o comerciales.

Hay más información disponible en la página Intereses sobre pagos insuficientes y pagos en exceso de IRS.gov.

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SPANISH VERSION: Errores comunes en la declaración de impuestos que pueden ser costosos para contribuyentes

Thu, 20 Jan 2022 23:56:51 GMT

Las leyes tributarias son complicadas, pero los errores más comunes en la declaración de impuestos son sorprendentemente simples. Muchos errores se pueden evitar mediante la presentación electrónica. El software de impuestos hace las matemáticas, marca los errores comunes e indica a los contribuyentes si falta información. También puede ayudar a los contribuyentes a reclamar valiosos créditos y deducciones.

El uso de un preparador de impuestos de buena reputación, incluidos contadores públicos certificados, agentes inscritos (en inglés) u otros profesionales de impuestos bien informados, también puede ayudar a evitar errores.

Presentar demasiado pronto. Mientras que los contribuyentes no deben presentar tarde, tampoco deben presentar prematuramente. Las personas que no esperan para presentar antes de recibir todos los documentos adecuados corren el riesgo de cometer un error que puede llevar a un retraso en el procesamiento.
Números de Seguro Social (SSN) equivocados u omitidos. Cada SSN en una declaración de impuestos debe aparecer exactamente como se imprime en la tarjeta de Seguro Social.
Nombres incorrectos. Del mismo modo, un nombre que aparece en una declaración de impuestos debe coincidir con el nombre en la tarjeta de Seguro Social de esa persona.
Ingresar información incorrecta. Los salarios, dividendos, intereses bancarios y otros ingresos recibidos que se informaron en una declaración de información deben ingresarse cuidadosamente. Esto incluye cualquier información necesaria para calcular créditos y deducciones. El uso de software de impuestos debería ayudar a prevenir errores matemáticos, pero las personas siempre deben revisar su declaración de impuestos para verificar su precisión.
Errores en el estado civil tributario. Algunos contribuyentes reclaman el estado civil tributario incorrecto. El Asistente Tributario Interactivo (ITA, por sus siglas en inglés) en IRS.gov puede ayudar a los contribuyentes a elegir el estado civil correcto, especialmente si se aplica más de uno. El software de presentación electrónica también ayuda a prevenir errores de estado civil tributario.
Errores matemáticos. Los errores matemáticos son los más comunes. Van desde una simple suma y resta hasta elementos más complejos. Los contribuyentes siempre deben verificar sus cálculos matemáticos. Mejor aún, el software de preparación de impuestos lo hace automáticamente.
Errores en el cómputo de créditos o deducciones. Los contribuyentes pueden cometer errores al determinar su Crédito tributario por ingreso del trabajo, el Crédito por cuidado de hijos y dependientes (en inglés), el Crédito tributario por hijos y el Crédito de recuperación de reembolso. El Asistente Tributario Interactivo puede ayudar a determinar si un contribuyente es elegible para los créditos o deducciones tributarias. El software de presentación calculará estos créditos y deducciones e incluirá los formularios y anexos requeridos. Los contribuyentes deben verificar dónde aparecen los artículos en la declaración final antes de oprimir el botón para enviar.
Números incorrectos de cuentas bancarias. Los contribuyentes a los que se les debe un reembolso deben elegir el depósito directo. Esta es la manera más rápida de obtener su dinero. Sin embargo, asegúrese de incluir los números de ruta y de cuenta correctos en la declaración de impuestos.
Formularios sin firmas. Una declaración sin firmar no es válida. En la mayoría de los casos, ambos cónyuges deben firmar una declaración conjunta. Las excepciones pueden aplicarse a los miembros de las fuerzas armadas (en inglés) u otros contribuyentes que tengan un poder legal válido. Los contribuyentes pueden evitar este error al presentar su declaración electrónicamente y firmarla digitalmente antes de enviarla al IRS.

El IRS urge a todos los contribuyentes a presentar electrónicamente y elegir el depósito directo para obtener su reembolso más rápido. Free File del IRS ofrece preparación de impuestos en línea, depósito directo de reembolsos y presentación electrónica, todo de forma gratuita. Algunas opciones están disponibles en español. Muchos contribuyentes también califican para la preparación gratuita de la declaración de impuestos de voluntarios certificados por el IRS.

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How Businesses Can Deduct Startup Costs

Wed, 10 Nov 2021 18:44:43 GMT

When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions.

For costs paid or incurred after September 8, 2008, the business can deduct a limited amount of start-up and organizational costs . They can recover the costs they cannot deduct currently over a 180-month period. This recovery period starts with the month the business begins to operate active trade or as a business.

Business startup costs

Startup costs are amounts the business paid or incurred to create an active trade or business or investigate the creation or acquisition of busy work or business.

Startup costs include charges paid or incurred in connection with an existing for-profit activity to produce income in anticipation of the action becoming an active trade or business.

Qualifying costs

A startup cost is recoverable if it meets both of the following requirements:

• It's a cost a business could deduct if they paid or incurred it to operate an existing active trade or business in the same field as the one it entered into.

• It's a cost a business pays or incurs before the day their active trade or business begins.

Startup costs include amounts paid for the following:

• An analysis or survey of potential markets, products, labor supply, transportation facilities, etc.

• Advertisements for the opening of the business.

• Salaries and wages for employees who are being trained and their instructors.

• Travel and other necessary costs for securing prospective distributors, suppliers, or customers.

• Salaries and fees for executives and consultants or similar professional services.

Nonqualifying costs

Startup costs don't include deductible interest, taxes, or research and experimental costs.

Purchasing an active trade or business

Recoverable startup costs for purchasing an active trade or business include only investigative costs incurred during a general search or preliminary company investigation.

These are costs that help in deciding whether to acquire a business. Costs incurred to purchase a specific industry are capital expenses that can't be amortized.

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Advance Child Tax Credit Payments

Wed, 13 Oct 2021 19:06:04 GMT

Non-traditional families may qualify for advance child tax credit payments

Families come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year. The IRS urges grandparents, foster parents or people caring for siblings or other relatives to check their eligibility .

For tax year 2021, families claiming the child tax credit will receive:

• Up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021

• Up to $3,600 per qualifying child under age 6 at the end of 2021

The total of the advance payments, paid in 2021, will be up to 50 percent of the child tax credit.

A qualifying child can be a filer’s:

• son or daughter

• stepchild

• eligible foster child

• siblings, including stepsiblings or half-siblings

• a descendent of any of the above – for example a grandchild, niece or nephew

A child must also satisfy certain conditions

Generally, a family qualifies for advance child tax credit payments if they have a qualifying child. Also, an individual — or their spouse, if married filing a joint return — must have their main home in one of the 50 states or the District of Columbia for more than half the year. In addition to the relationship requirements above, the child must also satisfy the following conditions:

1. For tax year 2021, a qualifying child is an individual who does not turn 18 before January 1, 2022 and the individual does not provide more than one-half of his or her own support during 2021.

2. The individual lives with the taxpayer for more than one-half of tax year 2021. For exceptions to this requirement, see IRS Publication 972, Child Tax Credit and Credit for Other Dependents.

3. The individual is properly claimed as the taxpayer’s dependent. For more information about how to properly claim an individual as a dependent, see IRS Publication 501, Dependents, Standard Deduction, and Filing Information .

4. The individual does not file a joint return with the individual’s spouse for tax year 2021 or files it only to claim a refund of withheld income tax or estimated tax paid.

5. The individual was a U.S. citizen, U.S. national, or U.S. resident alien. For more information on this condition, see IRS Publication 519, U.S. Tax Guide for Aliens.

How to get advance payments

The IRS’s Non-filer Sign-up Tool helps people who normally don’t have to file a tax return complete a simplified return to get advance child tax credit payments, the recovery rebate credit and Economic Impact Payments. The IRS tool is available through October 15, 2021.

People who are required to file a tax return should check IRS.gov in coming weeks. The IRS Child Tax Credit Update Portal will be updated to allow families to inform the IRS about the qualifying children they will claim on their 2021 tax return. The IRS can then adjust the family’s estimated 2021 child tax credit – and therefore adjust the amount of monthly advance child tax credit payments.

If a family doesn’t receive advance child tax credit payments for a qualifying child, they can claim for 2021, they may claim the full amount of the allowable child tax credit for that child by filing a 2021 tax return.

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When will I get my tax refund?

Tue, 05 Oct 2021 18:22:57 GMT

Possible IRS dates and how to track

your money

How long will it take the tax agency to get through its massive backlog of unprocessed tax returns? Here's what we know.

It's already fall and the IRS is still facing a massive backlog that's causing stress for taxpayers. At the start of September, the IRS announced it had 8.5 million unprocessed individual returns, including 2020 returns with errors and amended returns that require corrections or special handling. Refunds normally take around 21 days to process, but the IRS says delays could be 120 days.

To add to that, the IRS has also been busy with stimulus checks, child tax credit payments and refunds for tax overpayment on unemployment benefits. The "plus-up" stimulus adjustments and the fourth advance monthly check of the child tax credit -- which goes out on Oct. 15 -- could give families some financial relief, but an overdue tax refund would be an even bigger help for those who need it to cover bills and daily expenses.

If you filed for a tax extension, keep in mind that the IRS deadline is approaching on Oct. 15. If you don't file your 2020 tax return soon, you'll likely owe late fees or more interest -- and you could be missing out on money, like that tax refund, stimulus checks or child tax credit payments that you'd only be eligible for after filing a return.

In most cases, taxpayers just have to continue to practice patience -- it's not easy to reach the tax agency by phone these days. The best solution is to track your refund online using the Where's My Refund tool or check your IRS account. We'll show you how. We can also tell you what to do if you received a "math-error notice" from the IRS. This story is updated frequently.

How long do I have to wait for my federal refund?

The IRS usually issues tax refunds within three weeks, but some taxpayers have been waiting months to receive their payments. If there are any errors, or if you filed a claim for an earned income tax credit or the child tax credit, the wait could be lengthy. If there is an issue holding up your return, the resolution "depends on how quickly and accurately you respond, and the ability of IRS staff trained and working under social distancing requirements to complete the processing of your return," according to its website.

The date you get your tax refund also depends on how you filed your return. For example, with refunds going into your bank account via direct deposit, it could take an additional five days for your bank to post the money to your account. This means if it took the IRS the full 21 days to issue your check and your bank five days to post it, you could be waiting a total of 26 days to get your money. If you submitted a tax return by mail, the IRS says it could take six to eight weeks for your tax refund to arrive once it's been processed.

Because of the pandemic, the IRS ran at restricted capacity in 2020, which put a strain on its ability to process tax returns and created a backlog. The combination of the shutdown, three rounds of stimulus payments, challenges with paper-filed returns and the tasks related to implementing new tax laws and credits created a "perfect storm," according to a National Taxpayer Advocate review of the 2021 filing season to Congress.

The IRS is open again and currently processing mail, tax returns, payments, refunds and correspondence, but limited resources continue to cause delays. The IRS said it's also taking more time for 2020 tax returns that need review, such as determining recovery rebate credit amounts for the first and second stimulus checks -- or figuring out earned income tax credit and additional child tax credit amounts.

Here's a list of reasons your income tax refund

might be delayed:

Y our tax return has errors.
It's incomplete.
Your refund is suspected of identity theft or fraud.
You filed for the earned income tax credit or additional child tax credit.
Your return needs further review.
Your return includes Form 8379 (PDF), injured spouse allocation -- this could take up to 14 weeks to process.

If the delay is due to a necessary tax correction made to a recovery rebate credit, earned income tax or additional child tax credit claimed on your return, the IRS will send you an explanation. If there's a problem that needs to be fixed, the IRS will first try to proceed without contacting you. However, if it needs any more information, it will write you a letter.

How do I use the Where's My Refund tool?

To check the status of your 2020 income tax refund using the IRS tracker tools, you'll need to give some information: your Social Security number or Individual Taxpayer Identification Number, filing status -- single, married or head of household -- and your refund amount in whole dollars (which you can find on your tax return). Also, make sure it's been at least 24 hours (or up to four weeks if you mailed your return) before you start tracking your refund.

Using the IRS tool Where's My Refund, go to the Get Refund Status page, enter your SSN or ITIN, filing status and exact refund amount, then press Submit. If you entered your information correctly, you'll be taken to a page that shows your refund status. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you'll need to enter the date you filed your taxes, along with whether you filed electronically or on paper.

The IRS also has a mobile app called IRS2Go that checks your tax refund status -- it's available in English and Spanish. You'll be able to see if your return has been received, approved and sent. In order to log in, you'll need some information -- your Social Security number, filing status and expected refund amount. The IRS updates the data in this tool overnight, so if you don't see a status change after 24 hours or more, check back the following day. Once your return and refund are approved, you'll receive a personalized date by which to expect your money.

Where's My Refund has information on the most recent tax refund that the IRS has on file within the past two years, so if you're looking for return information from previous years you'll need to check your IRS online account for more information. Through your own personalized account, you'll be able to see the total amount you owe, your payment history, key information about your most recent tax return, notices you've received from the IRS and your address on file.

What about these IRS tax refund messages?

Both IRS tools (online and mobile app) will show you one of three messages to explain your tax return status.

Received: The IRS now has your tax return and is working to process it.

Approved: The IRS has processed your return and confirmed the amount of your refund, if you're owed one.

Sent: Your refund is now on its way to your bank via direct deposit or as a paper check sent to your mailbox. (Here's how to change the address on file if you've moved.

What does an IRS 'math error' notice mean?

Millions of Americans have received confusing "math-error notices" from the IRS this year -- letters saying they owe more taxes. Once they get the notice, they have a 60-day window to respond before it goes to the agency's collection unit.

From the start of the year to August, the IRS sent more than 11 million of these notices. According to the Taxpayer Advocate Service, "Many math error notices are vague and do not adequately explain the urgency the situation demands."

Additionally, sometimes the notices "don't even specify the exact error that was corrected, but rather provide a series of possible errors that may have been addressed by the IRS."

The majority of the errors this year are related to stimulus payments, according to the Wall Street Journal. They could also be related to a tax adjustment for a variety of issues detected by the IRS during processing. They can result in tax due, or a change in the amount of the refund -- either more or less. If you disagree with the amount, you can try contacting the IRS to review your account with a representative.

How should I contact the IRS for help?

The IRS received 167 million calls this tax season, which is four times the number of calls in 2019. And based on the recent report, only 7 percent of calls reached a telephone agent for help. While you could try calling the IRS to check your status, the agency's live phone assistance is extremely limited right now because the IRS says it's working hard to get through the backlog. You shouldn't file a second tax return or contact the IRS about the status of your return.

The IRS is directing people to the Let Us Help You page on its website for more information. It also advises taxpayers to get in-person help at Taxpayer Assistance Centers. You can contact your local IRS office or call to make an appointment: 844-545-5640. You can also contact the Taxpayer Advocate Service if you're eligible for assistance by calling them: 877-777-4778.

Though the chances of getting live assistance are slim, the IRS says you should only call the agency directly if it's been 21 days or more since you filed your taxes online, or if the Where's My Refund tool tells you to contact the IRS. You can call: 800-829-1040 or 800-829-8374 during regular business hours.

What does an IRS TREAS 310 transaction mean?

If you receive your tax refund by direct deposit, you may see IRS TREAS 310 listed for the transaction. The 310 code simply identifies the transaction as a refund from a filed tax return in the form of an electronic payment (direct deposit). This would also apply to those receiving an automatic adjustment on their tax return or a refund due to March legislation on tax-free unemployment benefits. You may also see TAX REF in the description field for a refund.

If you received IRS TREAS 310 combined with a CHILD CTC description, that means the money is for a monthly advance payment for the enhanced child tax credit.

If you see a 449 instead of 310, it means your refund has been offset for delinquent debt.

Why would my refund come by snail mail?

There are a couple of reasons that your refund would be mailed to you. Your money can only be electronically deposited into a bank account with your name, your spouse's name or a joint account. If that's not the reason, you may be getting multiple refund checks, and the IRS can only direct-deposit up to three refunds to one account. Additional refunds must be mailed. Also, your bank may reject the deposit and this would be the IRS' next best way to refund your money quickly.

It's also important to note that for refunds, direct deposit isn't always automatic. Some are noticing that like the stimulus checks, the first few payments for the child tax credit were mailed. Just in case, parents should sign in to the IRS portal to check that the agency has their correct banking information. If not, parents can add it for the next payment.

How can we help you?

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SPANISH VERSION: Responsabilidades Fiscales Cuando se Trata de iniciar un Negocio

Thu, 16 Sep 2021 20:18:09 GMT

Responsabilidades Tributarias

Para Comenzar un Negocio

Los propietarios de pequeñas empresas tienen una variedad de responsabilidades tributarias. El IRS sabe que entender y cumplir con las obligaciones tributarias es vital para el éxito de todas las empresas, especialmente las nuevas. IRS.gov tiene los recursos y la información para ayudar a las personas con el proceso de iniciar un nuevo negocio.

Aquí hay algunos consejos para los emprendedores nuevos: Elija una estructura de negocio.

La estructura del negocio determina qué declaración de impuestos debe presentar un contribuyente empresarial. Las estructuras de negocio más comunes son:
Empresario por cuenta propia: un negocio no incorporado que es propiedad de un individuo. No hay distinción entre el contribuyente y su negocio.
Sociedad colectiva (en inglés): una empresa no incorporada con la propiedad compartida entre dos o más personas.
Sociedad anónima: también conocida como corporación C. Es una entidad separada propiedad de los accionistas.
Sociedad anónima de tipo S: una corporación que elige transferir los ingresos, pérdidas, deducciones y créditos corporativos a los accionistas.
Compañía de responsabilidad limitada: una estructura comercial permitida por los estatutos estatales.

Seleccione un año tributario.

Un año tributario (en inglés) es un período anual de contabilidad para llevar registros y reportar ingresos y gastos. Un propietario de negocio nuevo debe elegir entre:

Año calendario: 12 meses consecutivos que comienza el 1ro de enero y termina el 31 de diciembre.
Año fiscal: 12 meses consecutivos que finaliza el último día de cualquier mes excepto diciembre.

Solicite un número de identificación del empleador (EIN).

Un EIN se conoce también como el número de identificación para el impuesto federal. Se usa para identificar una empresa. La mayoría de las empresas necesitan uno de estos números.

Es importante para una empresa con un EIN mantener actualizada la dirección postal, la ubicación y la parte responsable de la empresa.

Las regulaciones del IRS requieren que los titulares de un EIN informen los cambios en la parte responsable dentro de los 60 días.

Lo hacen completando el Formulario 8822-B , Cambio de dirección o parte responsable (en inglés) y enviándolo por correo a la dirección que figura en el formulario.

Haga que todos los empleados completen estos formularios:

Formulario I-9 , Verificación de Elegibilidad de Empleo
Formulario W-4 (SP), Certificado de Retenciones del Empleado

P ague impuestos del negocio.

La estructura del negocio determina qué impuestos deben pagarse y cómo pagarlos.

Visite el sitio web del estado.

Los futuros dueños de negocios deben visitar el sitio web de su estado (en inglés) para obtener información acerca de los requisitos estatales.

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5 Business Tips For Start Ups

Tue, 14 Sep 2021 16:12:05 GMT

Tax Responsibilities When It Comes to Starting a Business

Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.

Here are some tips for new entrepreneurs:

Sole proprietorship
Partnership
Corporation
S Corporation
Limited Liability Company

Choose a business structure

The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:

Sole proprietorship : An unincorporated business owned by an individual. There's no distinction between the taxpayer and their business.
Partnership : An unincorporated business with ownership shared between two or more people.
Corporation : Also known as a C corporation. It's a separate entity owned by shareholders.
S Corporation : A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
Limited Liability Company : A business structure allowed by state statute.

Choose a tax year.

A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:

Calendar year: 12 consecutive months beginning January 1 and ending December 31.
Fiscal year: 12 consecutive months ending on the last day of any month except December.

Apply for an employer identification number.

An EIN is also called a federal tax identification number. It's used to identify a business. Most businesses need one of these numbers. It's important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing Form 8822-B, Change of Address or Responsible Party and mailing it to the address on the form.

Have all employees complete these forms:

Form I-9 , Employment Eligibility Verification U.S. Citizenship and Immigration Services

Form W-4 Employee's Withholding Allowance Certificate

Pay business taxes.

The form of business determines what taxes must be paid and how to pay them.

How can we help you?

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7 Tips in Choosing a Tax Preparer Wisely

Thu, 09 Sep 2021 21:28:42 GMT

The filing extension deadline will

be here soon.

Taxpayers who requested an extension to file might be considering hiring a tax preparer. The IRS reminds these taxpayers to choose their tax return preparer wisely.

Taxpayers are responsible for all the information on their return, no matter who prepares it for them or when it’s filed.

There are different kinds of tax return preparers, and a taxpayer's needs will determine which kind of preparer is best for them.

Here are some things taxpayers should do when choosing a tax return preparer:

* Check the IRS Directory of Federal Tax Return Preparers.

* Check the preparer's history with the Better Business Bureau.

* Ask about fees.

* Ask if the preparer plans to use IRS e-file.

* Make sure the preparer is available.

* Ensure the preparer signs and includes their preparer tax id. number.

* Understand the preparer's credentials

• Check the IRS Directory of Federal Tax Return Preparers. This searchable and sortable public directory helps taxpayers find a tax return preparer with specific qualifications.

• Check the preparer's history with the Better Business Bureau. Taxpayers should check for any disciplinary actions for credentialed tax return preparers. For CPAs, check with the State Board of Accountancy. For attorneys, check with the State Bar Association. For enrolled agents, verify the agent’s status on IRS.gov.

• Ask about fees. Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of the refund into their own financial accounts. Be wary of tax return preparers who claim they can get larger refunds than their competitors.

• Ask if the preparer plans to use IRS e-file. Taxpayers should make sure their preparer offers IRS e-file.

• Make sure the preparer is available. Taxpayers should consider whether the tax return preparer will be around after the filing deadline has passed. Taxpayers should do this because they might need the preparer to answer questions about the preparation of the tax return.

• Ensure the preparer signs and includes their preparer tax identification number. Paid tax return preparers must have a PTIN to prepare tax returns Preparers must sign returns and include their PTIN.

• Understand the preparer's credentials. Enrolled agents, CPAs, and attorneys have unlimited practice rights and can represent taxpayers on any tax matter before the IRS. Tax return preparers who participate in the IRS Annual Filing Season Program have limited practice rights and may only represent taxpayers whose returns they prepared and signed, but only before exams, Taxpayer Advocate, and customer service.

How can we help you?

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We will be happy to assist you.

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SPANISH VERSION: Que es lo que tienen que hacer si reciben una carta o aviso del IRS

Thu, 02 Sep 2021 22:44:07 GMT

Consejo: Qué deben y no deben hacer las personas si reciben una carta o aviso

del IRS

Cada año, el IRS envía cartas a contribuyentes por diferentes razones. Por lo general, se trata de un problema específico con la declaración de impuestos federales o la cuenta de impuestos de un contribuyente. Un aviso puede informarles acerca de cambios en su cuenta o solicitar más información.

También podría indicarles que deben realizar un pago. Este año, es posible que las personas también hayan recibido correspondencia acerca de los Pagos de impacto económico o una carta de divulgación de pagos adelantados del Crédito tributario por hijos.

No la ignore. La mayoría de las cartas y avisos del IRS son acerca de las declaraciones de impuestos federales o cuentas tributarias. Cada aviso trata de un asunto en específico e incluye instrucciones específicas de lo que se debe hacer.

No la bote. Los contribuyentes deben conservar los avisos o cartas que reciban del IRS. Estos incluyen avisos de ajuste cuando se toma una acción en la cuenta del contribuyente, avisos de Pago de impacto económico y cartas acerca de pagos por adelantado del Crédito tributario por hijos de 2021. Es posible que deban consultarlas cuando presenten su declaración de impuestos de 2021 en 2022. En general, el IRS sugiere que los contribuyentes mantengan archivos durante tres años a partir de la fecha en que presentaron la declaración de impuestos.

No se asuste. El IRS y sus agencias autorizadas de recaudación privada le enviarán cartas por correo. La mayoría de las veces todo lo que el contribuyente necesita hacer es leer la carta cuidadosamente y tomar la acción apropiada.

No responda a menos que se le indique que lo haga. Por lo general, no hay necesidad de que un contribuyente responda a un aviso a menos que se le indique específicamente que lo haga. Por otro lado, los contribuyentes que adeudan impuestos deben responder con un pago. IRS.gov tiene información acerca de las opciones de pago.

Tome medidas oportunas. Un aviso puede hacer referencia a cambios a la cuenta del contribuyente, impuestos adeudados, una solicitud de pago, o un asunto específico en una declaración de impuestos. Tomar medidas oportunas podría minimizar los cobros de intereses adicionales y multas.

Revise la información. Si una carta trata acerca de una declaración de impuestos corregida, el contribuyente debe revisar la información y compararla con la declaración original. Si el contribuyente está de acuerdo, debe anotar las correcciones en su propia copia de la declaración de impuestos, y guardarla para sus archivos.

Responda a un aviso que disputa. Si un contribuyente no está de acuerdo con el IRS, debe enviar una carta por correo que explique por qué disputa el aviso. Debe enviarlo por correo a la dirección en la sección de contacto en la parte inferior del aviso. El contribuyente debe incluir información y documentos que desea que el IRS revise al considerar la disputa.

Recuerde que por lo general no hay necesidad de llamar al IRS. Si un contribuyente tiene que comunicarse con el IRS por teléfono, debe usar el número que aparece en la esquina superior derecha del aviso. El contribuyente debe tener una copia de la declaración de impuestos y la carta al llamar.

Evite las estafas. El IRS nunca inicia contacto a través de los medios sociales o mensajes de texto. El primer contacto del IRS normalmente le llega por correo. Los contribuyentes que no están seguros si adeudan dinero al IRS pueden ver la información de su cuenta tributaria en IRS.gov

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If you get mail from the IRS

Mon, 30 Aug 2021 20:23:34 GMT

What people should and should not do if you get mail from the IRS

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also received correspondence about Economic Impact Payments or an advance child tax credit outreach letter.

Here is a quick look at what you need to know if

you receive mail from the IRS

* Don't Ignore it

* Don't Throw it Away

* Don't Panic

* Don't Reply Unless Instructed To Do so

* Do Not Take Timely Action

* Do Review The Information

* Do Respond To A Disputed Notice

* Do remember there is usually no need to call the IRS

* Do avoid scams

• Don't ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do

• Don’t throw it away. Taxpayers should keep notices or letters they receive from the IRS. These include adjustment notices when an action is taken on the taxpayer's account, Economic Impact Payment notices, and letters about advance payments of the 2021 child tax credit. They may need to refer to these when filing their 2021 tax return in 2022. In general, the IRS suggests that taxpayers keep records for three years from the date they filed the tax return.

• Don't panic. The IRS and its authorized private collection agencies do send letters by mail. Most of the time, all the taxpayer needs to do is read the letter carefully and take the appropriate action.

• Don't reply unless instructed to do so. There is usually no need for a taxpayer to reply to a notice unless specifically instructed to do so. On the other hand, taxpayers who owe should reply with a payment. IRS.gov has information about payment options.

• Do take timely action. A notice may reference changes to a taxpayer's account, taxes owed, a payment request or a specific issue on a tax return. Acting timely could minimize additional interest and penalty charges.

• Do review the information. If a letter is about a changed or corrected tax return, the taxpayer should review the information and compare it with the original return. If the taxpayer agrees, they should make notes about the corrections on their personal copy of the tax return and keep it for their records.

• Do respond to a disputed notice. If a taxpayer doesn't agree with the IRS, they should mail a letter explaining why they dispute the notice. They should mail it to the address on the contact stub included with the notice. The taxpayer should include information and documents for the IRS to review when considering the dispute.

• Do remember there is usually no need to call the IRS. If a taxpayer must contact the IRS by phone, they should use the number in the upper right-hand corner of the notice. The taxpayer should have a copy of their tax return and letter when calling the agency.

• Do avoid scams. The IRS will never contact a taxpayer using social media or text message. The first contact from the IRS usually comes in the mail. Taxpayers who are unsure if they owe money to the IRS can view their tax account information on IRS.gov.

How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and

retirement taxes?

Call us! We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

Certified QuickBooks ProAdvisor offering Consulting

and Training Services

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Jubilación e Impuestos

Fri, 20 Aug 2021 21:48:18 GMT

SPANISH VERSION

Jubilación e Impuestos: Cómo Funcionan las Cuentas de IRA

Una cuenta individual de jubilación (en inglés), o IRA brinda incentivos tributarios para que las personas ejecuten inversiones que puedan brindar seguridad financiera para su jubilación. Estas cuentas se pueden configurar con un banco u otra institución financiera, una compañía de seguros de vida, un fondo mutuo o un corredor de bolsa.

A continuación, se ofrece una descripción general básica para ayudar a las personas a comprender mejor este tipo de cuenta de ahorros para la jubilación.

• Contribución. El dinero que alguien pone en su IRA. Hay límites anuales para las contribuciones en función de su edad y el tipo de IRA. Generalmente, un contribuyente o su cónyuge deben tener ingresos del trabajo para contribuir a una cuenta IRA.

• Distribución. La cantidad que alguien retira de su IRA.

• Retiros. Los contribuyentes pueden enfrentar una multa del 10% y una factura de impuestos si retiran dinero antes de los 59 ½ años, a menos que califiquen para una excepción (en inglés).

• Distribución requerida. Existen requisitos para retirar de una cuenta IRA: > Alguien generalmente debe comenzar a hacer retiros (en inglés) de su IRA cuando cumple 70 años y medio.

> Según la Ley SECURE de 2019, si una persona cumple 70 años el 1ro de Julio de 2019 o después de esa fecha, no es necesario que realice retiros hasta los 72 años.

> Se aplican reglas especiales de distribución para los beneficiarios de IRAs (en inglés)

• IRA tradicional. Una cuenta IRA donde las contribuciones pueden ser deducibles de impuestos (en inglés). Generalmente, los montos en una IRA tradicional no son tributables hasta que se retiran.

• IRA Roth. Este tipo de cuenta IRA está sujeto a las mismas reglas que una cuenta IRA tradicional pero con ciertas excepciones (en inglés)

> Un contribuyente no puede deducir contribuciones de una cuenta Roth.

> Las distribuciones calificadas (en inglés) están libres de impuestos.

> Las cuentas IRA Roth no requieren retiros hasta después de la muerte del propietario.

• Plan de ahorro de compensación de incentivos para empleados. Esto se conoce comúnmente como IRA SIMPLE (en inglés). Los empleados y empleadores pueden contribuir a las cuentas IRA tradicionales establecidas para los empleados. Puede funcionar bien como un plan de ahorro inicial para la jubilación de pequeños empleadores.

• Pensión simplificada de empleados. Esto se conoce como SEP-IRA (en inglés). Un empleador puede hacer contribuciones para su propia jubilación y el de sus empleados. El empleado posee y controla un SEP.

• Reinversión de IRA. Esto ocurre cuando el propietario de la cuenta IRA recibe un pago de su plan de jubilación y lo deposita en una IRA diferente (en inglés) dentro de 60 días.

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What people should and should not do if they get mail from the IRS

Tue, 17 Aug 2021 20:28:10 GMT

Here are some do's and don'ts for anyone who receives mail from the IRS:

. • Don't ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do.

How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and retirement taxes?

Call us! We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

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Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

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Here's what to do now to get the child tax credit check

Tue, 03 Aug 2021 20:52:42 GMT

Most US families, totaling close to 60 million children, have received child tax credit payments. But according to a report published by the Center on Budget and Policy Priorities, some 4 million children in low-income households might miss out on the child tax credit this year. The reason being, the IRS doesn't have information to issue checks to these families. The payments are based on your latest tax return.

In previous years, low-income families or parents without earnings may have received only a portion of the credit, if any at all. But this year's child tax credit means that more families qualify for advance payments, even if they earn too little to file taxes. To register for this year's advance monthly payments as a nonfiler, you can file a tax return. [ call our office, we can assist you with the process]

Each monthly payment is an advance on part of the total credit, which is up to $3,000 or $3,600 per child, depending on age. Families that don't receive monthly payments this year will get the full amount when they file a tax return in 2022. The next payment will be sent on Aug. 13, and families can get up to $300 for each child each month through December.

The IRS has an online free tool to help families that don't normally file income tax returns to enroll in this year's child tax credit program. The tool isn't for families who already filed -- or plan to file -- their 2019- or 2020-income tax return. The IRS will use those tax returns to determine eligibility and disburse the coming payments to qualifying families.

The free "tool" is designed to allow the poorest families and those experiencing homelessness to register with their name, address and Social Security numbers. Individuals will be able to notify the IRS about any of their qualifying dependents and can provide their bank information for direct deposit of the payments once they start.

You may find using the online IRS tool not too easy to use. It all depends how comfortable you are with filling out online forms. The IRS does recommend using a laptop or desktop computer, but NOT a phone (the platform on mobile devices is not as easy to read). Users will also need an email address, a solid internet connection, their filing status and other tax-related information, which isn't typically available for nonfilers. For now, it's only accessible in English, though the instructions are available in multiple languages.

Who Shouldn't Use The Online IRS Tool

The IRS says you shouldn't use the new nonfiler online tool if you already filed a 2020 income tax return or if your adjusted gross income, or AGI, exceeded $12,400 ($24,800 for a married couple). It also says you can't use the tool if your main home is outside the US, if you or your spouse can be claimed as dependents or if you are requesting an advance child tax credit for a child born in 2021. (However, you can use the tool if you need to claim a recovery rebate credit.)

How can parents use the IRS tool to opt out of monthly payments?

Families may unenroll from the child tax credit to defer the advance monthly checks and instead receive a lump sum of the money during tax time next year. You can unenroll at least three days before the first Thursday of each month. The sooner you unenroll, the better because it can take up to seven days for your request to process. In September, you'll be able to re-enroll if you change your mind.

You can call our offices to get the deadlines for unenrolling from the advance monthly payment program.

How do child tax credit payments impact next year's tax return?

The child tax credit payments are advances on next year's tax refund for eligible parents. You get half of the money over the course of seven payments in 2021 and 2022. If for whatever reason you receive more money than you're eligible for, you'll need to pay the IRS the difference based on your tax return when you file in 2022.

However, there is a repayment protection program to help low-income families that may not be able to repay the extra money.

Other ways to use the IRS child tax

credit tools

We expect changes to the IRS website throughout the summer. For example, the IRS plans to add a Spanish version of the online tools. You can now view your child tax credit payment history and update your direct deposit details in the update portal. Later on, you'll be able to change your mailing information and other household details through the update portal.

For more information about child tax credit, call us for assistance.

How can we help you?

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Call us! We are Tax Specialists serving our clients since 2012

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We will be happy to assist you.

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5 Tax tips for students working summer jobs

Fri, 30 Jul 2021 22:11:33 GMT

During the summer many students focus on making money from a summer job. They may want to gain work experience, earn some spending money or help pay for college. Here are some facts all student workers should know about summer jobs and taxes.

Not all the money they earn will make it to their pocket because employers must withhold taxes from their paycheck.

New employees: Employees – including those who are students – normally have taxes withheld from their paychecks by their employer. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate, and submit it to their employer. Employers use this form to calculate how much federal income tax to withhold from the new employee’s pay. The Withholding Estimator on IRS.gov can help a taxpayer fill out this form.

Self-employment: Students who take on jobs like baby-sitting, lawn care or gig economy work are generally self-employed. Money earned from self-employment is taxable, and these workers may be responsible for paying taxes directly to the IRS. One way they can do this is by making estimated tax payments during the year.

Tip income: Students who earn tips as part of their summer income should know tip income is taxable. They should keep a daily log to accurately report tips. They must report cash tips to their employer for any month that totals $20 or more.

Payroll taxes: This tax pays for benefits under the Social Security system. While students may earn too little from their summer job to owe income tax, employers usually must still withhold Social Security and Medicare taxes from their pay. If a student is self-employed, Social Security and Medicare taxes may still be due and are generally paid by the student.

Reserve Officers' Training Corps pay: If a student is in an ROTC program, and receives pay for activities such as summer advanced camp, it is taxable. Other allowances the student may receive – like food and lodging – may not be taxable. The Armed Forces' Tax Guide on IRS.gov provides details.

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Working Remotely?

Tue, 20 Jul 2021 20:02:56 GMT

Are you among the workers who plan to continue to be working remotely?

If you’re among the workers who plan to continue working remotely, you may want to evaluate your 2021 tax situation.

While many states offered a pandemic-related reprieve that generally resulted in no tax filing obligation for remote workers who worked temporarily in their state, the leniency was for 2020 returns. And as the nation emerges from the pandemic, that compliance break will be going away.

More than 42% of the labor force is telecommuting

Many workers began doing their jobs remotely more than a year ago when companies sent their employees home in masse due to the pandemic. In June 2020, an estimated 42% of the labor force was telecommuting, according to research from Stanford Institute for Economic Policy Research.

Of those who were still doing their jobs remotely in late 2020, about 30% said they were working in a different state than where they had lived and worked pre-pandemic, according to a survey done by the Harris Poll on behalf of the American Institute of CPAs. Most people surveyed (72%) were either “very” or “not at all” familiar with their state’s tax requirements for remote work.

The No. 1 concept for an individual who is a remote worker to know is that whatever state you are a resident of gets to tax your wages, regardless of where you earned them.

You might have a tax liability in another state if you earn money or work there or if it’s where your company is located, depending on the states involved.

Some states have reciprocal agreements with one another. Basically, if your resident state has this pact with the one where you work, you won’t have to pay in both jurisdictions. For instance, if you live in Maryland but work in the District of Columbia, you only need to worry about having taxes withheld for Maryland.

Meanwhile, there also are a handful of states — Connecticut, Delaware, Nebraska, New York and Pennsylvania — that impose a “convenience of employer” test for remote workers. If your company is located in one of those states, you generally will pay taxes there unless your remote location is due to your employer needing you to relocate.

In those states, if your reason for working [remotely] is not because your company required it, you’d have to pay taxes to the state where the employer is located.

For remote workers, all of these differing rules mean it’s important to know the state laws that will affect you. Getting your paycheck withholding right is generally a shared responsibility between you and your company.

Because an employer can get penalized by a state for not withholding when they should have, the employer has an incentive to put policies in place to know where their employees are working.

But, of course, those policies are only as good as the employees’ level of compliance.

Also, if you are an independent contractor for your company — you do not receive a W-2, but rather, say, a Form 1099 — you are considered self-employed and taxed as such.

How can we help you?

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Call us! We are Tax Specialists serving our clients since 2012

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We will be happy to assist you.

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5 Tips On How To Minimize Your Taxes in Retirement

Tue, 06 Jul 2021 18:26:54 GMT

Minimizing your taxes in retirement by understanding the ground rules

To minimize taxes in retirement, and generate more retirement income, it’s important to know the tax treatment of your different income sources in retirement. How those sources interact will help determine the right sequence for drawing down accounts.

You should also keep in mind the SECURE Act, which took effect on Jan. 1, 2020, and has changed many rules around qualified retirement accounts, including contributions and withdrawals.

Here are 5 tips for you:

Tip #1: Know the benefits of tax diversification

One way to gain flexibility is through tax diversification when you mix various tax categories using various financial vehicles within your financial portfolio.

Tip #2: Understand asset location

This has the potential to help lower your overall tax bill by putting high tax investments in tax-deferred or tax-exempt accounts rather than taxable accounts, you can potentially improve the overall tax efficiency.

Tip #3: Know the differences between retirement savings accounts

Make the most of your 401(k), IRA, HSA and other tax-advantaged accounts to build wealth for retirement. Discover smart tax and social security tactics and learn financial tips to grow your nest egg.

Tip #4: Understand required minimum distributions

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ before January 1, 2020).

Tip #5: Consider Roth conversations

A Roth IRA is a special type of IRA account. Just like a traditional IRA, earnings accumulate on a tax-deferred basis, and participants are subject to specific rules, such as annual contribution limits. However, Roth IRA owners are not subject to required minimum distributions (RMDs) at age 72 as owners of traditional IRAs or 401(k) plans can be.

Get started on your plan for tax-efficient retirement income. Start with a holistic long-term financial plan, incorporating a variety of solutions to grow and protect your investments.

Know the tax treatment of your different income sources in retirement, and understand how those sources will interact when making withdrawals will help you immensely. Act now for more tax-efficient retirement income in the future.

How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and retirement taxes?

Call us! We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Certified QuickBooks ProAdvisor offering Consulting and Training Services

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

https://www.anaecheverriassociates.com

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Good Tax Planning Is Good Recordkeeping

Tue, 29 Jun 2021 14:56:38 GMT

Year-round tax planning is for everyone

An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.

Good records help:

• Identify sources of income . Taxpayers may receive money or property from a variety of sources. The records can identify the sources of income and help separate business from nonbusiness income and taxable from nontaxable income.

• Keep track of expenses. Taxpayers can use records to identify expenses for which they can claim a deduction. This will help determine whether to itemize deductions at filing. It may also help them discover potentially overlooked deductions or credits.

• Prepare tax returns. Good records help taxpayers file their tax return quickly and accurately. Throughout the year, they should add tax records to their files as they receive them to make preparing a tax return easier.

• Support items reported on tax returns. Well-organized records make it easier to prepare a tax return and help provide answers if the return is selected for examination or if the taxpayer receives an IRS notice.

In general, the IRS suggests that taxpayers keep records for three years from the date they filed the tax return. Taxpayers should develop a system that keeps all their important information together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.

Records to keep include:

• Tax-related records. This includes wage and earning statements from all employers or payers, interest and dividend statements from banks, certain government payments like unemployment compensation, other income documents and records of virtual currency transactions. Taxpayers should also keep receipts, canceled checks, and other documents – electronic or paper - that support income, a deduction, or a credit reported on their tax return.

• IRS letters, notices and prior year tax returns. Taxpayers should keep copies of prior year tax returns and notices or letters they receive from the IRS. These include adjustment notices when an action is taken on the taxpayer’s account, Economic Impact Payment notices, and letters about advance payments of the 2021 child tax credit. Taxpayers who receive 2021 advance child tax credit payments will receive a letter early next year that provides the amount of payments they received in 2021. Taxpayers should refer to this letter when filing their 2021 tax return in 2022.

• Property records. Taxpayers should also keep records relating to property they dispose of or sell. They must keep these records to figure their basis for computing gain or loss.

• Business income and expenses. For business taxpayers, there's no particular method of bookkeeping they must use. However, taxpayers should find a method that clearly and accurately reflects their gross income and expenses. Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.

• Health insurance. Taxpayers should keep records of their own and their family members' health care insurance coverage. If they're claiming the premium tax credit, they’ll need information about any advance credit payments received through the Health Insurance Marketplace and the premiums they paid.

How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and retirement taxes?

Call us! We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Certified QuickBooks ProAdvisor offering Consulting and Training Services

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

https://www.anaecheverriassociates.com

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Ana Echeverri & Associates certificada de Intuit QuickBooks Online como ProAdvisor.

Wed, 23 Jun 2021 18:43:28 GMT

SPANISH VERSION

PARA PUBLICACIÓN INMEDIATA

Ana es originalmente de Colombia. Obtuvo su licenciatura en Contabilidad [summa cum laude] de la Universidad de Turabo [Ana G. Mendez en Orlando]. También ha completado sus estudios de Maestría en Finanzas en la Universidad Metropolitana de Puerto Rico, obteniendo premios por su desempeño académico, manteniendo un .4.0 a lo largo de sus estudios académicos.

How can we help you?

Call us! Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

https://www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida #tax #accountingservices #taxrefund

Monthly Child Tax Credits going out - - payments start July 15

Tue, 08 Jun 2021 21:55:53 GMT

WASHINGTON — The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.

The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March. The letters are going to families who may be eligible based on information they included in either their 2019 or 2020 federal income tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.

Families who are eligible for advance Child Tax Credit payments will receive a second, personalized letter listing an estimate of their monthly payment, which begins July 15.

Most families do not need to take any action to get their payment. Normally, the IRS will calculate the payment amount based on the 2020 tax return. If that return is not available, either because it has not yet been filed or it has not yet been processed, the IRS will instead determine the payment amount using the 2019 return.

Eligible families will begin receiving advance payments, either by direct deposit or check. The payment will be up to $300 per month for each qualifying child under age 6 and up to $250 per month for each qualifying child ages 6 to 17. The IRS will issue advance Child Tax Credit payments on July 15, August 13, September 15, October 15, November 15 and December 15.

Eligible families should file tax returns soon

The IRS urges individuals and families who haven't yet filed their 2020 return – or 2019 return – to do so as soon as possible so they can receive any advance payment they're eligible for.

Filing soon will also ensure that the IRS has their most current banking information, as well as key details about qualifying children. This includes people who don't normally file a tax return, such as families experiencing homelessness, the rural poor, and other underserved groups.

For most people, the fastest and easiest way to file a return is by using the Free File system, available only on IRS.gov.

Throughout the summer, the IRS will be adding additional tools and online resources to help with the advance Child Tax Credit. One of these tools will enable families to unenroll from receiving these advance payments and instead receive the full amount of the credit when they file their 2021 return next year.

Additionally, later this year, individuals and families will also be able to go to IRS.gov and use a Child Tax Credit Update Portal to notify IRS of changes in their income, filing status, or number of qualifying children; update their direct deposit information; and make other changes to ensure they are receiving the right amount as quickly as possible.

Other tools coming soon !

Child Tax Credit Changes

The American Rescue Plan raised the maximum Child Tax Credit in 2021 to $3,600 for qualifying children under the age of 6 and to $3,000 per child for qualifying children between ages 6 and 17.

Before 2021, the credit was worth up to $2,000 per eligible child, and 17 year-olds were not considered as qualifying children for the credit.

The new maximum credit is available to taxpayers with a modified adjusted gross income (AGI) of:

$75,000 or less for singles,
$112,500 or less for heads of household, and
$150,000 or less for married couples filing a joint return and qualified widows and widowers.

For most people, modified AGI is the amount shown on Line 11 of their 2020 Form 1040 or 1040-SR. Above these income thresholds, the extra amount above the original $2,000 credit — either $1,000 or $1,600 per child — is reduced by $50 for every extra $1,000 in modified AGI.

In addition, the entire credit is fully refundable for 2021. This means that eligible families can get it, even if they owe no federal income tax. Before this year, the refundable portion was limited to $1,400 per child.

The IRS urges community groups, non-profits, associations, education organizations, and others with connections to people with children to share this critical information about the Child Tax Credit as well as other important benefits. The IRS will be providing in the near future additional materials and information that can be easily shared by social media, email and other methods.

For the most up-today information on Child Tax Credit and advance payments, call us!

Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

www.anaecheverriassociates.com

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El Robo De Identidad

Thu, 03 Jun 2021 16:13:29 GMT

SPANISH VERSION - Protección contra el robo de identidad para contribuyentes en seis pasos

Sabia Ud. que los ladrones están trabajando activamente para robar la información y las identidades de los contribuyentes? Todos deben hacer todo lo posible para prevenir el robo de identidad.

El robo de identidad relacionado con los impuestos ocurre cuando alguien usa la información personal robada de un contribuyente, como un número de Seguro Social, para presentar una declaración de impuestos reclamando un reembolso falso.

El IRS y sus socios están trabajando arduamente para prevenir este tipo de delitos, y los contribuyentes pueden ayudar haciendo su parte para detener el robo de identidad.

Aquí le ofrecemos algunos consejos para ayudar a los contribuyentes a protegerse contra el robo de identidad.

Los contribuyentes deben:

* Usar siempre un software de seguridad. Este software debe tener protecciones de firewall y antivirus.

* Usar contraseñas únicas y seguras. También deberían considerar el uso de un administrador de contraseñas.

* Aprender a reconocer y evitar correos electrónicos de phishing, llamadas amenazantes y mensajes de texto de ladrones. Estos estafadores se hacen pasar por organizaciones legítimas como bancos, compañías de tarjetas de crédito e incluso el IRS.

* No hacer clic en enlaces en correos electrónicos no solicitados o en mensajes de remitentes desconocidos. Las personas no deben hacer clic en enlaces o descargar archivos adjuntos de correos electrónicos que parezcan sospechosos, incluso si parecen provenir de remitentes conocidos.

* Proteger la información personal y la de los dependientes. Por ejemplo, las personas no deberían llevar consigo sus tarjetas de Seguro Social de forma rutinaria. También deben asegurarse de que los registros tributarios estén seguros.

* Obtener un PIN de protección de identidad. El PIN de protección de identidad es un código de seis dígitos conocido sólo por el contribuyente y por el IRS que ayuda a evitar que los ladrones de identidad presenten declaraciones de impuestos fraudulentas usando la información de identificación personal del contribuyente.

For tax services, call us! Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida

#tax #accounti ngservices #taxrefund

Did you missed the May 17 deadline to file and pay taxes

Thu, 27 May 2021 16:13:05 GMT

What someone should do if they missed the May 17 deadline to file and pay taxes

The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due.

If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties and interest.

Anyone who didn't file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest. Electronic filing options, including IRS Free File, are still available on IRS.gov through October 15, 2021, to prepare and file returns electronically.

Taxpayers should then review their payment options. The IRS has information for taxpayers who can't pay taxes they owe.

Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes some disaster victims, taxpayers living overseas, certain military service members and eligible support personnel in combat zones.

Filing soon is very important because the late-filing and late-payment penalties on unpaid taxes add up quickly. However, in some cases, a taxpayer filing after the deadline may qualify for penalty relief. For those charged a penalty, they may contact the IRS by calling the number on their notice and explain why they couldn't file and pay on time.

Taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer usually qualifies if they have filed and paid timely for the past three years and meet other requirements. For details, taxpayers should visit the first-time penalty abatement page on IRS.gov.

State filing and payment deadlines may be different from the federal deadline. A list of state tax division websites is available through the Federation of Tax Administrators.

For tax services, call us! Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida #tax #accountingservices #taxrefund

Did You Overpay Taxes On 2020 Unemployment Benefits?

Tue, 25 May 2021 18:08:41 GMT

2020 Unemployment Benefits

If you received unemployment benefits due to the pandemic last year, you can claim that money as income on your tax return. Workers who received jobless benefits in 2020 can't be taxed on that money as they typically would be due to new rules under the American Rescue Plan. Since the new law came into effect after millions had already filed their income tax returns, those taxpayers are now eligible for an IRS tax refund for up to $10,200 for single filers.

Those refunds started going out earlier this month and will continue through the summer as the IRS processes tax returns and reviews taxes paid on unemployment insurance. The agency said refund amounts will vary and not every adjustment will result in a refund.

You may have also heard about states opting out of $300 bonus unemployment payments and other jobless benefits programs. If you're wondering about other money, you might be entitled to receive, here are some details about the enhanced child tax credit, how much you could get and information about the upcoming IRS child tax credit portals.

What is the unemployment tax refund?

9 things to know right now

The IRS started disbursing unemployment refunds to taxpayers who treated their benefit payments as income and were taxed on it when they filed their return this year.

Here's what you can expect .

The tax break is for those who earned less than $150,000 in adjusted gross income.
Refunds started going out the week of May 10 and will run through the summer, as the IRS evaluates tax returns. More complicated returns could take longer to process.
If the IRS determines you are owed a refund on the unemployment tax break, it will automatically send a check.
You do not need to file an amended return to claim the exemption. (Here's how to track your tax return status and refund online.)
Refunds will go out as a direct deposit if you provided bank account information on your 2020 tax return. Otherwise, the refund will be mailed as a paper check to the address the IRS has on hand.
The IRS is doing the recalculations in two phases, starting with those who are eligible for the up to $10,200 tax break. It will then adjust returns for those married-filing-jointly taxpayers who are eligible for the up to $20,400 tax break.
The IRS will send you a notice explaining the corrections within 30 days of when a correction is made.
You won't be able to track the progress of your refund through the IRS Get My Payment tracker, the Where's My Refund tool, the Amended Return Status tool or another IRS portal.
The IRS can seize the refund to cover a past-due debt, such as unpaid federal or state taxes and child support.

How can we help you?

Call us! Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

https://www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida #tax

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Did you missed the May 17 deadline to file and pay taxes?

Tue, 18 May 2021 17:17:11 GMT

May 17 Deadline Has Passed

Did You Miss Filing Your Taxes?

The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due.

If you as an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties and interest.

Taxpayers should then review their payment options. The IRS has information for taxpayers who can't pay taxes they owe.

State filing and payment deadlines may be different from the federal deadline. A list of state tax division websites is available through the Federation of Tax Administrators.

How can we help you?

Call us! Ana Echeverri & Associates, at (407) 601-3157

We will be happy to assist you.

Our office hours are Monday thru Friday, from 9 A.M. to 5 P.M

https://www.anaecheverriassociates.com

#accounting #orlandoFL #accountingFlorida #TaxesFlorida #tax #accountingservices #taxrefund

Hurricane season nears, IRS reminds people to prepare for natural disasters

Tue, 11 May 2021 21:36:34 GMT

Hurricane Season

Hurricane Preparedness Week and is also National Wildfire Awareness Month. Now is a good time to create or review emergency preparedness plans for surviving natural disasters.

In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms, flooding, wildfires and an earthquake. Individuals, organizations and businesses should take time now to make or update their emergency plans.

Secure key documents and make copies

Document valuables and equipment

Employers should check fiduciary bonds

Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider. The IRS reminds employers to carefully choose their payroll service providers.

Rebuilding documents

Reconstructing records after a disaster may be required for tax purposes, getting federal assistance or insurance reimbursement. Those who have lost some or all their records during a disaster can visit IRS’s Reconstructing Records webpage as one of their first steps.

IRS stands ready

After FEMA issues a disaster declaration, the IRS may postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. There is no need to call the IRS to request this relief. The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. Those impacted by a disaster with tax-related questions can contact our office, Ana Echeverri & Associates , at (407) 601-3157, Monday through Friday, from 9a.m. to 5p.m. to speak with one of our tax specialists trained to handle disaster-related issues.

Taxpayers who do not reside in a cov ered disaster area, but suffered impact from a disaster should call our office as well to find out if they qualify for disaster tax relief and to discuss other available options.

Taxpayers: Use the correct filing status for accuracy to avoid surprises

Wed, 21 Apr 2021 19:44:08 GMT

Taxpayers need to know their correct filing status

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Taxpayers should use the correct filing status for accuracy and to avoid surprises.

Taxpayers need to know their correct filing status and be familiar with each option. The IRS Interactive Tax Assistant can help them determine their filing status.

A taxpayer's filing status typically depends on whether they are single or married on Dec. 31, which determines their filing status for that entire year.

More than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to owe the least amount of tax.

When preparing and filing a tax return, the filing status affects:

• If the taxpayer is required to file a federal tax return

• If they should file a return to receive a refund

• Their standard deduction amount

• If they can claim certain credits

• The amount of tax they should pay

Here are the five filing statuses

• Single. Normally, this status is for taxpayers who are unmarried, divorced or legally separated under a divorce or separate maintenance decree governed by state law.

• Married filing jointly. If a taxpayer is married, they can file a joint tax return with their spouse. When a spouse passes away, the widowed spouse can usually file a joint return for that year.

• Married filing separately. Married couples can choose to file separate tax returns. When doing so, it may result in less tax owed than filing a joint tax return.

• Head of household. Unmarried taxpayers may be able to file using this status, but special rules apply. For example, the taxpayer must have paid more than half the cost of keeping up a home for themselves and a qualifying person living in the home for half the year.

• Qualifying widow or widower with dependent child. This status may apply to a taxpayer if their spouse died during one of the previous two years and they have a dependent child. Other conditions also apply.

Tips to help taxpayers spot and avoid tax scams

Fri, 12 Mar 2021 15:16:16 GMT

Avoid Tax Scams

Tax season is also busy season for savvy criminals. Scammers impersonating the IRS either over-the-phone, by email or in-person can steal money from people. All taxpayers should stay vigilant against these schemes. Here are some tips to help people recognize and avoid tax-related scams.

Email Phishing Scams

Phone Scams

The IRS generally first mails a bill to a taxpayer who owes taxes. There are specific ways to pay taxes. The agency and its authorized private collection agencies will not:

• Leave pre-recorded, urgent, or threatening messages on an answering system.

• Threaten to immediately bring in local police or other law enforcement groups to arrest the taxpayer for not paying, deport them or revoke their licenses.

• Call to demand immediate payment with a prepaid debit card, gift card or wire transfer.

• Ask for checks to third parties.

• Demand payment without giving the taxpayer an opportunity to question or appeal the amount owed.

Criminals can fake or spoof caller ID numbers to appear to be anywhere in the country. Scammers can even spoof an IRS office phone number or the numbers of various local, state, federal or tribal government agencies.

If a taxpayer receives an IRS or Treasury-related phone call, but doesn't owe taxes and has no reason to think they do, they should:

• Not give out any information. Hang up immediately.

• Contact the Treasury Inspector General for Tax Administration to report the IRS impersonation scam call.

• Report the caller ID and callback number to the IRS by sending it to phishing@irs.gov. The subject line should include "IRS Phone Scam."

• Report the call to the Federal Trade Commission.

Don't hesitate to call us for a FREE consultation!

Office #: [407] 601-3157

Office Hours: Monday thru Friday, from 9 A. M. to 5 P. M.

Second Round of Economic Impact Payments Issued

Wed, 17 Feb 2021 20:46:42 GMT

The IRS announced today that, February 17 2021, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.

Beginning in April 2020, the IRS and Treasury Department began delivering the first round of Economic Impact Payments within two weeks of the legislation. The IRS issued more than 160 million EIPs to taxpayers across the country totaling over $270 billion, while simultaneously managing an extended filing season. In addition, since Congress enacted the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs in the second-round totaling over $142 billion.

IRS And Treasury Department

The legislation required that the second round of payments be issued by Jan. 15, 2021. While some second round Economic Impact Payments may still be in the mail, the IRS has issued all first and second Economic Impact Payments it is legally permitted to issue, based on information on file for eligible people.

Get My Payment was last updated on Jan. 29, 2021, to reflect the final payments and will not update again for first or second Economic Impact Payments.

Most people who are eligible for the Recovery Rebate Credit have already received it, in advance, in these two rounds of Economic Impact Payments. If individuals didn't receive a payment – or if they didn’t receive the full amounts – they may be eligible to claim the Recovery Rebate Credit and must file a 2020 tax return.

Eligibility for and the amount of the Recovery Rebate Credit are based on 2020 tax year information while the Economic Impact Payments were based on 2019 tax year information. For the first Economic Impact Payment, a 2018 return may have been used if the 2019 was not filed or processed.

Don't hesitate to call us for a FREE consultation!

Office #: [407] 601-3157

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Tax season will begin on Friday, February 12, 2021,

Wed, 20 Jan 2021 22:08:48 GMT

The Internal Revenue Service announced that the nation's tax season will begin on Friday, February 12, 2021,

WASHINGTON - The Internal Revenue Service announced that the nation's tax season will begin on Friday, February 12, 2021, when the tax agency will begin accepting and processing returns for tax year 2020.

The February 12 start date for individual taxpayers gives the IRS time to program and test IRS systems following the December 27 tax law changes that provided a second round of economic impact payments and other benefits.

This programming work is critical to ensuring that IRS systems run smoothly. If the tax filing season started without the correct schedule, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible individuals will receive the remaining stimulus money as a Refund Recovery Credit when they file their 2020 tax return.

To speed up refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. People can start filing their tax returns right away with tax software companies, including IRS Free File partners. These groups have already started accepting tax returns, and the returns will be transmitted to the IRS beginning February 12.

"Planning the nation's filing season process is a huge undertaking, and IRS teams have worked tirelessly to prepare for this, as well as deliver economic impact payments in record time," said Chuck Rettig, IRS Commissioner. "Given the pandemic, this is one of the most important filing seasons in the country. This start date will ensure that people get the tax refunds they need quickly, while ensuring they receive the remaining stimulus payments for those who are eligible as soon as possible."

The average tax refund last year was more than $ 2,500. More than 150 million tax returns are expected to be filed this year, the vast majority before the Thursday, April 15 deadline.

Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop the issuance of fraudulent refunds and claims, including identity thieves.

The IRS anticipates a refund in the first week of March for many EITC and ACTC filers if they file their taxes electronically with direct deposit and there are no problems with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers should check Where is my refund? for the custom refund date.

In general, the IRS anticipates that nine out of 10 taxpayers will receive their refund within 21 days of e-filing with direct deposit if there are no problems with their tax return. The IRS encourages taxpayers and tax professionals to file their returns electronically. To avoid processing delays, individuals should avoid filing paper returns whenever possible.

Tips to facilitate taxpayer filing

Key dates of the filing season

There are several important dates for taxpayers to keep in mind for this year's tax season:

January 15. IRS Free File opens.
Taxpayers can start filing through Free File partners; Tax returns will be sent to the IRS beginning February 12. Tax software companies also accept tax filings in advance.

January 29. Earned Income Tax Credit Awareness Day to raise awareness of the valuable tax credits available to many people, including the option to use previous year's income to qualify.

February 12. The IRS begins the 2021 tax season. Individual tax returns begin to be accepted and processing begins.

February 22. Projected date for the Where's My Refund tool update? from IRS.gov for those claiming EITC and ACTC, also known as PATH Act returns.

First week of March. Tax refunds start coming to those who claim EITC and ACTC (PATH Act returns) for those who file their taxes electronically with direct deposit and there are no problems with their tax returns.

April 15. Deadline to file 2020 tax returns.

October 15th. Deadline to request an extension on your 2020 tax returns

Opening of tax season

CARES Act changes deducting charitable contributions

Tue, 17 Nov 2020 15:34:58 GMT

Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income.

Here’s how the CARES Act changes deducting charitable

contributions made in 2020:

Previously, charitable contributions could only be deducted if taxpayers itemized their deductions.

However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose.

The law changed in this area due to the Coronavirus Aid, Relief, and Economic Security Act.

The CARES Act also suspends limits on charitable contributions and temporarily increases limits on contributions of food inventory. More information about these changes is available on IRS.gov.

There are some resources for people making donations

Tax Exempt Organization Search

Taxpayers must give to qualified organizations to deduct their donations on their tax return. They can use this tool to find out if a specific charity qualifies as a charitable organization for income tax purposes. By the way, if an organization hesitates to show you its letter that has their 501(c)(3) status, you should hesitate to donate to them.

The organization might claim they can't find their letter. So just so you know, many people think that 501(c) and 501(c)(3) means the same thing, but they are actually two different tax categories in the Internal Revenue Code. However, a 501(c) organization may not allow its donors to write off donations while a 501(c)(3) organization lets its donors take tax deductions on their contributions.

Publication 526, Charitable Contributions

Publication 561, Determining the Value of Donated Property

Taxpayers generally can deduct the fair market value of property they donate. This publication helps determine the value of donated property.

> The basic rule is that you may deduct no more than the property's “fair market value” at the time of the donation.

Form 8283, Noncash Charitable Contributions

Taxpayers must file Form 8283 to report noncash charitable contributions if the amount of this deduction is more than $500. The instructions for this form walk taxpayers through how to complete it.

> Deductions for noncash contributions are reported as itemized deductions. Noncash contributions can include securities, property, vehicles, collectibles, or art.

Schedule A, Itemized Deductions

Taxpayers deducting donations do so on Schedule A. The instructions for this form include line-by-line directions for completing it.

> Schedule A is divided into seven sections: Medical and dental expenses, taxes you paid, interest you paid, gifts to charity, casualty and theft losses, other itemized deductions and a section for your total itemized deductions.

Frequently asked questions: Qualified charitable distributions

Taxpayers age 70 ½ or older can make a qualified charitable distribution from their IRA – up to $100,000 – directly to an eligible charity. It’s generally a nontaxable distribution made by the IRA trustee to a charitable organization. A QCD counts toward their minimum distribution requirement for the year.

> The qualified charitable distribution (QCD) rule allows traditional IRA owners to deduct their required minimum distributions on their tax returns if they give the money to a charity. By lowering your adjusted gross income, the QCD rule can effectively reduce your income taxes.

We are experts in accounting, payroll, and taxes for individuals and small businesses located in Orlando, Florida. With our bilingual staff, we go beyond the numbers to assist you with the ever-changing tax code and help you with your accounting needs to enhance your profitability.

We would love to be your Accounting Agency. Do not hesitate to call us at (407) 601-3157.

Email us with any questions at ana@anaecheverriassociates.com

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Getting PPP forgiveness for loans $50K or less just got simpler

Sat, 17 Oct 2020 11:38:31 GMT

The Small Business Administration recently announced that it had started approving Paycheck Protection Program loan forgiveness applications and had eased the process for small-dollar borrowers.

A “simpler loan forgiveness application” now exists for small businesses who borrowed $50,000 or less under the popular COVID-19 economic relief measure, the SBA said.

The agency said it and the Treasury Department also “eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.”

“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” Treasury Secretary Steven Mnuchin said in a statement. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly.”

Mr. Mnuchin went on to say that favors additional legislation to further simplify the forgiveness process.

Research found 19,681 facilities received between approximately $1.25 billion and $2.06 billion combined and might have protected at least 133,000 jobs in the industry. (Some of the employee data was incomplete.)

Nearly 60.1 percent of those companies borrowed $50,000 or less in PPP loan applications, potentially protecting at least 33,929 employees.

In a statement released by SBA Administrator Jovita Carranza, he said that “Nothing will stop the Trump Administration from supporting great American businesses and our great American workers,” he also added that “The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program. We are continuing to ensure that small businesses are supported as they recover.”

Scores of business groups –including the Society of Collision Repair Specialists, SEMA and Auto Care Association have sought a simplified loan forgiveness process.

However, one of the associations in that effort warned that the process announced Thursday still would be unduly burdensome for small businesses.

“While we appreciate SBA and Treasury attempting to streamline the forgiveness process, it is apparent Congressional action is needed for the true streamlined forgiveness mom-and-pop businesses need,” Consumer Bankers Association CEO Richard Hunt said in a statement Thursday. “This newest process still requires a significant investment of time and resources from small business owners – resources which could be better spent paying their employees and supporting local economies.”

“Congress can solve this problem tomorrow and inject the equivalent of $7 billion into our economy by passing bipartisan, common-sense legislation to streamline PPP forgiveness for small businesses on Main Street in communities across the country.”

SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders

on Oct. 2.

Policy analysts for Raymond James said in Friday morning’s email briefing that the streamlined forgiveness process was for small borrowers with one or more employee other than the owner.

Industry participants and legislators alike, the analysts said, “had been calling for, and hoping for, forgiveness of loans less than $150,000. While this new announcement is not what we were hoping for, given the gridlock in Washington the timing of a $150,000 forgiveness approval was uncertain, this is significant a step in the right direction.”

Regional banking associations, other independent lobbying groups, and legislators “alike will continue to push for the larger $150,000 forgiveness threshold and a second round of PPP loans for the hardest hit industries,” the analysts said.

Contact your loan provider to see if they are accepting forgiveness applications using the simpler application.

3 strategies to reduce tax liability.

Fri, 15 Nov 2019 21:42:00 GMT

First, you have to distingue 3 basics:

1. The objective of *Tax avoidance* is to reduce tax liability by applying the script of law.

2. *Tax planning* is done to reduce the liability of tax by applying the provision and moral of law.

3. *Tax evasion* is a deliberate attempt to evade or omit a tax, not a simple mistake. This crime can result in up to five years in prison and a fine of up to USD $ 250,000 for individuals or USD $ 500,000 for businesses, in addition to court costs.

Now, I am going to give you 3 strategies to reduce next season’s taxes, you can use these before the end of the year 2019.

This is the last year in which these 3 benefits granted by law can be used. And remember, there are only 2 months left to take the right actions to take advantage of it.

1. Buy new or used equipment. You can deduct up to 1 million.
2. Credit for Absentee Compensation.
3. Rolled over earnings into a Qualified Opportunity Fund, if the funds are maintained for more than 10 years they will be tax-exempt, and a 15% deduction is allowed.

If you want to know more about how to reduce your taxes, call us at (407)601-3157

5 reasons to separate your personal and business accounts

Mon, 04 Nov 2019 15:53:00 GMT

From a legal approach, a sole proprietorship is a business entity that is not separate from the owner. But in a financial approach, you must separate your personal and business accounts.

This step seems so simple, but many individuals continue to intermingle their business and personal funds. That´s why I am interested to reinforce some concepts.

Often, we hear about mixing personal with business accounts. What´s the meaning of that? It means you need two bank accounts at least.

It might feel like opening up a bank account for your business will mean more admin work, but keeping your business funds and personal finances separated can save a lot of hassle when it comes to managing your money.

In my experience, I have 5 reasons to separate your personal and business accounts.

1. Effect on taxes. If you use your personal card to make business purchases, those expenses will not be reflected in your accounting. The expenses will be undervalued and utility overvalues, consequently, you will pay a higher tax than you should.

2. Cash flow. If you have separate accounts you can clearly see the flow of money. How much goes in, how much goes out and how much is really left.

3. Be prepared for an audit. An auditor will not take into account the expenses incurred from his personal accounts, or worse, he can take into account income reflected in his personal account as business income.

4. To request credits. To grow up the business you can use external financing, and you´ll need a clear financial history.

5. Avoid penalties. Clean and update information help you to calculate Sales taxes and estimated taxes. Planning your taxes you can save money by avoiding penalties.

Sharing Economy

Sat, 05 Oct 2019 14:25:00 GMT

There are now many thousands of sharing economy platforms operating in almost every sector and activity around the world. Sharing-economy platforms that allow you to access almost anything, from a bicycle to a pet, when you’d like it, rather than owning it outright

The sharing economy enables individuals to monetize assets that are not being fully utilized. Underutilized assets range from large goods, such as cars and houses, to products such as tools, toys, and clothing

The sharing economy is an economic model based on: own much less and share much more. This model allows us to acquire, provide or share access to goods and services facilitated by a community-based online platform.

There are interesting examples of companies using this new economy:
Freelancing — Sites like TaskRabbit, Care.com and Upwork
Coworking — WeWork
Car sharing — Services like Lyft and Uber
Peer-to-Peer lending — Lending Club
Fashion — Sites like Poshmark and threadUP
Sharing resources — Allow people to borrow resources — like tools and kitchen appliances.

Why is so important this concept to us? It´s very simple: the income is taxable.

If you earn more than $400, self-employment tax obligations are not optional.

It’s a good idea to check upfront if you’re required to make quarterly payments because failing to do so when you should have can result in fines and penalties. Don´t procrastinate, you are on time to do it in the right way. Call me (407)601-3157

Refinancing

Wed, 11 Sep 2019 15:00:00 GMT

Refinancing replaces an existing loan with a new loan that pays off the debt of the old loan. The new loan should have better terms or features that improve your finances. The details depend on the type of loan and your lender, but the process typically looks like this:

1⃣ You have an existing loan you would like to improve in some way.
2⃣ You find a lender with better loan terms, and you apply for the new loan.
3⃣ The new loan pays off the existing debt completely.
4⃣ You make payments on the new loan until you pay it off or refinance it.

Software to simplify your records

Wed, 07 Aug 2019 15:18:00 GMT

Actually, keep good Accounting and Tax Records is easier. You can use special software and apps to:

1. Monitor the progress of their business
2. Prepare financial statements
3. Identify income sources
4. Keep track of expenses
5. Prepare tax returns and support items reported on tax returns

Do you need software to simplify your records? Ask us, we can help you to choose the right one.

#quickbooks #Bookkeeping #Bookkeepingservices #bookkeeper

Shark Tank

Thu, 11 Jul 2019 15:01:00 GMT

I read an interesting article titled: 10 Entrepreneurial Lessons We Can Learn from Shark Tank by Jonha Revesencio at business.com (@business_dotcom)

And I was very surprised when I read the first lesson: Don’t Grow Your Business too Fast.

I could not believe it, someone is recommending don’t Grow Your Business too Fast. But, when I read the explanation, she convinced me.

She explains that:
“A business goes through working capital easily. By expanding too fast and without proper cash flow projections and management, you’ll be running to banks and other financiers in a flash to seek a new infusion of capital to save your business. If you look desperate in front of venture capitalists, you’ll be losing a big chunk of your ownership of your own business.”

If you need to plan your cash flow, we can help you. Just ask for an appointment.

Tax Mistake

Fri, 14 Jun 2019 00:42:00 GMT

IRS indicates, taxpayers should correct their return if they find that they should have claimed a different filing status or didn’t report some income. Taxpayers who claimed deductions or credits they shouldn’t have claimed or didn’t claim deductions or credits they could have claimed may need to file an amended return.

Do you need to correct something on your tax return for this year o past years?

We can help you. We can make an adjustment by filing an amended tax return, we can go back 3 years.
Call us and schedule an appointment.

Payroll Tax 2019

Sat, 11 May 2019 02:11:00 GMT

A payroll tax is a tax that an employer withholds from an employee’s salary and pays on behalf of his employees.

In the United States, the three primary line items deducted from paychecks in the United States are:
1. Social Security
2. Medicare
3. Income taxes.

Deducted payroll taxes are likely to be itemized on an employee’s pay stub. As of 2018, the Social Security tax is 12.4% on wages up to $128,400, and the Medicare tax is 2.9% on all wages. The employee and the employer share this tax burden equally.

Therefore, the employee and the employer each pay 6.2% for Social Security and 1.45% for Medicare taxes. When wages exceed $200,000, an additional 0.9% Medicare tax withholding applies to the employee only.

Self-employed individuals, including contractors, freelance writers, musicians, and small business owners also pay their version of payroll taxes.

PENALTY: Failure to timely and properly pay federal payroll taxes results in an automatic penalty of 2% to 10%

Are you an employer or Self-employed? We can help you with Payroll Taxes. Call us and schedule an appointment.

#payrolltax #payrollservices #employer #selfemployed

How Is a Business Valued on “Shark Tank”?

Thu, 11 Apr 2019 15:05:00 GMT

How the entrepreneurs and the Sharks value the businesses presented on the show will likely vary, but a good valuation of a company takes into account certain factors such as present value, future value, the value of companies similar to it and risk, said JEA YU in the post on Investopedia

Let me summarize How Is a Business Valued on “Shark Tank?”

1. Comparing the entrepreneur’s business to similar publicly traded companies and sectors or industry average financial ratios.

2. Forecast annual earnings growth for the next three years.

3. Valuation Based on Risk. The lack of liquidity creates more risk for the Sharks to bear, which entails applying risk-adjusted discounting to make the reward worth the risk.

How could a Shark value your business? We can help you to know it.

3 tools for running a small business

Mon, 11 Mar 2019 15:09:00 GMT

If you’ve been thinking about starting a business for a while, we show you three invaluable tools that can make entrepreneurial life a lot easier. Let’s […]

How Cryptocurrency is Taxed

Mon, 11 Feb 2019 15:10:00 GMT

IRS reminded that virtual currency transactions are taxable by law just like transactions in any other property.

Forbes.com clarifies: The bitcoin and other crypto assets have just about the best possible tax treatment available for long-term investors. According to the IRS’ official guidance on crypto taxation, crypto is taxed as “property,” which is just a fancy way to say it’s taxed like a stock. If you buy bitcoin and hold it for more than a year, you pay long-term capital gains when you sell.

IMPORTANT: Do not use this article to make tax or investment decisions, this information may not apply to your situation. Consult your tax expert.)

IRS audits – Whats to do?

Fri, 12 Jan 2018 03:25:00 GMT

IRS conduct many types of audits each year to verify income and expenses claimed on tax returns. Many of these audits are conducted by mail. So, what do you do if you receive a letter that says the IRS is auditing your tax return by mail?

1. Be sure is not a scam.

2. If you ascertain the origin, don’t be afraid.

3. Be sure to read your letter carefully. The letter explains the issues involved and outlines the types of information you need to send to IRS. Be sure to send your documents within 30 days.

3. Call us. We can help you to organize and prepare the answer.

Ana Echeverri Associates LLC

Are you ready to maximize your tax refund this year?

5 Savings Tips for your Returns

5 Savings Tips To Maximize Your Tax Returns

Tax Time Is Here

2024 tax filing season starts as IRS begins accepting tax returns today.

Are you asking yourself, what if I can’t pay my taxes?

Are you asking yourself, what if I can’t pay my taxes?

.

Press Release: Accountant Ana Echeverri and Associates Announce New Office Location

Tax Season 2023 is Coming: How to Plan Ahead with a Professional

Why Work with an Expert in Tax Planning?

Get Prepared for Tax Season 2023

Spanish Version

¿Por qué trabajar con un experto en planificación fiscal?

Prepárate para la temporada de impuestos 2023

Here’s a short checklist to help taxpayers choose a tax preparer for the upcoming filing season

Taxpayers can start their search with the IRS

﻿ Directory of Preparers.

How can we help you?

The Three Basic Tax Types

Taxes impact our lives much more than just paying a little more for the things we buy.

SPANISH VERSION: Los contribuyentes con una factura de impuestos pendiente deben considerar una Oferta de Compromiso.

Are you a young entrepreneur?

Here’s what young entrepreneurs can do to keep on top

﻿ of their tax responsibilities:

Important tax reminders for people selling a home

Ownership and Use

Gains

Losses

Multiple Homes

Reported Sale

Mortgage Debt

Possible Exceptions

Worksheets

Tips to help taxpayers hire a reputable tax preparer

Here are some tips to remember when selecting a tax return preparer:

SPANISH VERSION: Como Evitar Multas e Intereses Costosos

Presentar su declaración de impuestos o solicitar una prórroga para presentar antes de la fecha límite del 18 de abril .

Para obtener una prórroga para presentar, los contribuyentes deben tomar uno de los siguientes pasos:

Pague lo antes posible de la fecha límite del 18 de abril.

Establezca un plan de pago tan pronto como sea posible.

SPANISH VERSION: Errores comunes en la declaración de impuestos que pueden ser costosos para contribuyentes

How Businesses Can Deduct Startup Costs

Business startup costs ﻿

Qualifying costs ﻿

Nonqualifying costs ﻿

Purchasing an active trade or business ﻿

Advance Child Tax Credit Payments

Non-traditional families may qualify for advance child tax credit payments

A child must also satisfy certain conditions

How to get advance payments

When will I get my tax refund?

Possible IRS dates and how to track

﻿ your money

How long do I have to wait for my federal refund?

Here's a list of reasons your income tax refund

might be delayed:

How do I use the Where's My Refund tool?

What about these IRS tax refund messages?

What does an IRS 'math error' notice mean?

How should I contact the IRS for help?

What does an IRS TREAS 310 transaction mean?

Why would my refund come by snail mail?

SPANISH VERSION: Responsabilidades Fiscales Cuando se Trata de iniciar un Negocio

Responsabilidades Tributarias

Para Comenzar un Negocio

Aquí hay algunos consejos para los emprendedores nuevos: Elija una estructura de negocio.

Seleccione un año tributario.

Solicite un número de identificación del empleador (EIN).

Haga que todos los empleados completen estos formularios:

5 Business Tips For Start Ups

Tax Responsibilities When It Comes to Starting a Business

Here are some tips for new entrepreneurs:

Choose a business structure

Choose a tax year.

Apply for an employer identification number.

7 Tips in Choosing a Tax Preparer Wisely

The filing extension deadline will

be here soon.

Directory of Preparers.

of their tax responsibilities:

Business startup costs

Qualifying costs

Nonqualifying costs

Purchasing an active trade or business

your money

What people should and should not do if you get mail from the IRS

you receive mail from the IRS

credit tools

PARA PUBLICACIÓN INMEDIATA