M&b tax pro's

03/19/2024

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02/16/2024

IRS (.gov)
https://www.irs.gov › individuals
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Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

02/14/2024

📌Tax Tip

If someone asks for your AGI from last year to file your taxes that means they are using Turbo Tax or another free website to do your taxes. A tax professional with credentials and professional software DOES NOT need your AGI to EFile!! Wtbs the free sites are for personal use and self preparation so if someone is doing your taxes on a free site their name will be nowhere on that return as your preparer! Just make sure that you know what they are putting on your tax return!

Valentines Day

02/14/2024

happy valentines day!!

02/08/2024

Tax Tips: Understanding Refunds and Dependents

Tax tips :

🎯More INCOME doesn’t mean more REFUND‼️
🎯Having a W2 doesn’t mean you’ve earned a REFUND‼️
🎯Tax refunds comes from taxes PAID ‼️
🎯If you didn’t pay all your taxes you NEED dependents ‼️
🎯If you don’t have dependents you NEED taxes withheld‼️
🎯If you are self employed you need dependents‼️
🎯If you are self employed without dependents you need W2s‼️
🎯If you receive SSI filing taxes can effect your benefits if you didn’t report income to SSI‼️
🎯1099 is Self Employment no taxes are withheld from it so it usually makes you owe‼️
🎯Dependents over the age of 18 needs to be either in school.. or disable to be considered a dependen‼️
🎯Filing Married means you have a 2 INCOME household which usually means your refund won’t always be large‼️
🎯Applying for an advance IS filing your return‼️
🎯Refunds release the same time EVER SINGLE YEAR 21 days after you file or the second week of February‼️

02/07/2024

Those who have claimed EITC/ACTC with the tax return need to know they are likely to receive the payment via direct deposit by February 27, 2024.

02/07/2024

M&b tax pro's news you can use!!

🗣️ Take action on your W-4 NOW‼️ This is “🔑Form a lot people act like they do not understand! This form determines the FEDERAL TAX WITHHOLDINGS FROM YOUR W-2! STOP MAKING EXCUSES AND COMPLETE IT IF YOUR PAYCHECK NOT SHOWING 10 PERCENT

🗣️When you file “Exempt” this means you are getting the max of your earned income with your paychecks! This means no or minimal federal taxes are being deducted!

🗣️This means the IRS will collect what federal taxes you either didn’t pay or underpaid throughout the year from your paychecks!

🗣️A -R E F U N D- is a OVERPAYMENT of Taxes from EARNED INCOME! 😩 Not bc you have dependents and NO INCOME!

🚨Your W-2 Impact:
🖊️ If Box 2: Is empty or “0” or less than 10% of your income which is in Box 1…and you don’t know why!!!!

📣 FILL THIS FORM OUT WITH YOUR EMPLOYER ASAP!!!! Don’t walk….RUN before you forget…and then remember in January 2025!

Step 1️⃣: PERSONAL INFORMATION:
Fill in all accurate and updated details.

💥When handling your W-4, carefully choose the correct FILING STATUS box!

💥Your filing status influences eligible tax credits and deductions, so make informed decisions to prevent overpayment or underpayment of taxes.

Step 2️⃣: MULTIPLE JOBS or SPOUSE WORKS:
Mark the box if you have more than ☝🏾 job or if both you and your spouse are filing jointly. Consult the table on the 3rd page and complete accordingly.

Step 3️⃣: DEPENDENTS & OTHER CREDITS:
On the 1st line, add the dependents under 17 and multiply by $2,000. Write the result on the line. For "other" dependents (e.g., parents, children 17&up), total them and multiply by $500.

Example: If claiming 3 dependents, ages 5, 10 & 15: 3 dependents X $2,000 = $6,000 (write $6,000 on the line).

If applicable, like Jane supporting her elderly father: 1 dependent X 500 = 500 (write 500 on the 2nd line).

*Leave blank if not applicable.

Step 4️⃣: OTHER ADJUSTMENTS:

Hopefully, this is self explanatory! If not, ask in the Comments!

⚠️ AVOID CLAIMING 6 MONTHS OR MORE EXEMPT, even when filing dependents and expecting a LARGE REFUND!

01/29/2024

If you still need to schedule your appointment for taxes You may create and account and upload your documents here!

M&b tax pro's🥳
https://www.taxpassapp.com/?taxpassid=PYY49DGJ

01/29/2024

🚨🚨The IRS is officially Open 🚨🚨

The Additional CTC should be decided today 👏🏾

Happy Tax Season Yall 🎉🎉🎉

01/25/2024

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01/25/2024

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01/25/2024