L & R Tax Financial Group, Inc

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10/21/2024

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10/06/2023

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04/06/2023

Tension between former CNN colleagues Don Lemon and Soledad O’Brien is one of several bombshells unearthed in a new report detailing Lemon’s alleged hostile off-screen behavior at the n…

07/07/2021

IRS Issues New Warnings About Phone & Social Media Tax Scams – Did You Know?

The IRS recently updated its list of the 12 worst tax-related scams in America, known as the Dirty Dozen. Several current Dirty Dozen cases involve social media phishing, where scammers use social platforms to impersonate someone that a taxpayer knows and trusts.

For example, a scammer might "lurk" on a user's account, gathering personal information about the user from posts and public chats. The scammer then sends messages to the user that appear to come from a friend, family member or coworker. The messages may have links to websites related to the user's interests. However, clicking on the links triggers a download of spyware (software that the scammer uses to steal more private information) or ransomware.

Alternatively, the scammer may hack into a social media user's email or phone, then send fake messages to the user's friends and family. These messages may trigger malware downloads, or ask for donations to fake charities. All of these phishing methods can ultimately lead to tax-related identity theft. The IRS advises everyone to check the privacy settings on their social media accounts, and limit what they share publicly to prevent lurkers from mining personal data. If you receive an email or message from someone you know with a link or file, confirm that they sent it with a phone call or message them back.

The IRS also reminds Americans of the ongoing threat of phone scams involving IRS impersonation. Scammers may claim to be calling about a federal tax lien, or may threaten people with arrest for supposed tax issues. Remember that the IRS rarely initiates contact with taxpayers by phone, and NEVER demands payment via prepaid debit card, money order, wire transfer or gift card. If you ever doubt the legitimacy of an IRS phone call, do not provide any personal information. Hang up, then call the IRS directly at 1-800-829-1040 to ask about the call you received, along with any supposed issues raised by the potential scammer.

06/28/2021

Three New IRS Tools for 2021 Child Tax Credit Advance Payments - Did You Know?

The IRS recently launched three new online tools (links below) to help eligible Americans claim and manage their advance payments of the 2021 Child Tax Credit (CTC). In addition to increasing the maximum CTC amount and raising the age limit for qualifying children, the American Rescue Plan authorized the IRS to send monthly advance payments of the 2021 credit to millions of eligible families beginning on July 15.

The Child Tax Credit Eligibility Assistant helps families find out whether they qualify for the 2021 CTC. You do not need to set up an IRS online account in order to use this tool. Just answer 2-5 questions about whether you claimed the CTC in 2019 or 2020, where you live, and, in some cases, your tax filing status, family size and income. If the tool determines that you may qualify for the credit, you can follow the MANAGE YOUR ADVANCE PAYMENTS link to make sure you are enrolled to get monthly payments by check or direct deposit beginning in July.

The Child Tax Credit Update Portal provides additional information on eligibility for the 2021 CTC. However, in order to use it, you must either have an IRS online account, or go through an identity verification process. Once you determine that you are eligible, you can use this tool to:

- Unenroll from the program (for example, if you qualified for the CTC in 2019 or 2020 but do not expect to qualify in 2021 due to a family status or income change)
- Opt out of receiving advance payments, and instead receive your 2021 credit as a lump sum when you file your tax return
- Update your mailing address, family size, banking information for direct deposit, etc.

Most eligible families do not need to take any action, and will automatically receive monthly advance payments of the 2021 CTC from July through December. However, if you qualify for the credit but did not file a 2019 or 2020 tax return, you may need to register for this program using the Non-Filers Signup Tool. If you qualified for the CTC in past years but did not claim it, a tax professional may be able to help you file an amended return and perhaps receive an IRS refund for the credit.

CTC Eligibility Assistant: https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant

CTC Update Portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Non-Filers Signup Tool: https://www.irs.gov/credits-deductions/child-tax-credit-non-filer-sign-up-tool

06/21/2021

Summer Jobs - Did You Know?

If you're starting a summer job or know a teen or student who is, here is a useful tax-saving tip:

Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.

However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions.

In the case of lawn care, potential deductible expenses may include business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc. A tax professional can help advise on potential deductible expenses.

06/14/2021

IRS Notifying Families Who May Qualify for Advance CTC Payments – Did You Know?

The American Rescue Plan Act of 2021 made three key changes to the Child Tax Credit (CTC) for tax year 2021. First, it increased the age limit for qualifying children to 17. Second, it raised the maximum credit from $2,000 per child up to $3,600 per child under 6, and $3,000 per child of age 6 through 17. Finally, it authorized the U.S. Treasury to make monthly advance payments of the 2021 credit beginning this July.

CTC advance payments will be sent to millions of taxpayers by check or direct deposit on the 15th of July, September, October, November and December, as well as on August 13th. The maximum payment amount will be $300 per child under 6, and $250 per child of age 6–17.

The IRS recently mailed letters to over 36 million U.S. households to notify them of their potential eligibility for these monthly payments. In most cases, the IRS determined possible eligibility based on taxpayers' 2020 tax returns, or information they provided via the Non-Filers Tool for 2020 stimulus payments. In cases where a person has not yet filed a 2020 return or their return has not been processed, the IRS used their 2019 return instead.

Most eligible taxpayers do not need to take any action to begin receiving advance CTC payments. However, those who have not filed a 2019 or 2020 federal tax return should file as soon as possible to ensure that they get payments if they qualify. You can submit a 2020 return to qualify for CTC payments even if you owe no tax and usually do not have to file IRS returns.

In the coming weeks and months, the IRS will also add a number of online tools to help ensure that all eligible taxpayers receive their advance CTC payments. These will include an Update Portal to provide the IRS with information on changes to your income or family size, an opt-out tool and a tool to determine your eligibility for the credit.

06/10/2021

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 - May 31 quarter of the year is June 15th, 2021.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.