Elite Financial Services

06/30/2024

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06/30/2024

Starting a new job or side hustle this summer? Keep Form 1099-K, a report of payments you got for goods or services, with your other tax records to help you report all your income next filing season.

Learn more: www.irs.gov/1099k

06/30/2024

06/30/2024

IR-2024-175, June 26, 2024 — The Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) released its 2024 annual report today with a total of 12 recommendations – three to Congress and nine to the IRS.

05/07/2024

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02/14/2024

According to the IRS, if you work for yourself to make money or profit, then you are considered a small business owner. This includes independent contracting, side gigs, hustles, and freelance work (full- or part-time), even if you have a regular, full-time employee job. If you are making money by working a side job for yourself, that means you are self-employed. Therefore, you will be required to pay income taxes, state taxes, self-employment taxes, and possibly others.
The good news is that there are many benefits you may be eligible for that could boost your tax situation including tax deductions, options on your taxes and even tax credits.
There are many expenses you can deduct, including:
Advertising expenses
Office supplies you purchase to operate your business
Rent paid for equipment, storage, or office space
Banking and legal fees associated with your business
Professional fees for things like bookkeeping
Membership dues.

Need a tax pro?
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01/19/2024

01/19/2024

Self-employed people, including persons in the gig economy, often need to pay in quarterly installments.

This is a that the final payment for 2023 is due by January 16: www.irs.gov/estimatedtaxes

01/05/2024

🚨🚨🚨 PSA!! PSA!!

THE I.R.S HAS WARNED ‼️‼️‼️‼️ :
🗣️🗣️🗣️🗣️

If you owe You need to start calling those companies to set up a INCOME DRIVEN (income & family size) payment plan, OR ask for FORBEARANCE (hardship) or place your loans in DEFERMENT (pause payments).

4Nelnet- 1-888-486-4722
Great Lake Educational Loan- 1-800-236-4300
Navient- 1-800-722-1300
Fed Loan Servicing- 1-800-699-2908
Mohela 1-888-866-4352
Hesc/edfinancial 1-855-337-6884
Cornerstone 1-800-663-1662
Granite state Gsmr 1-888-556-0022
Osla servicing 1-866-264-9762
IRS OFFSET # 1800-304-3107

You could be eligible to receive your refund back or have it forgiven ‼️

Act Now 👏🏽