Ghabbour AccounTax Services, Inc

02/14/2023

Taxpayers in many places will not need to report special state payments on their 2022 federal tax returns. See the latest update at: http://ow.ly/1TKS50MPUIG

06/25/2020

MA DOR: No Taxes Withheld From PUA Payments

Payments of Pandemic Unemployment Assistance going out to those who wouldn’t typically qualify for unemployment, like self-employed and gig workers, are not currently set up to have taxes withheld. We recommend setting aside some of the funds to make estimated payments to avoid a surprise tax bill down the line.

04/06/2020

https://www.irs.gov/pub/irs-utl/e-poster_payments.pdf

03/07/2019

IRS tax Alerts

IR-2019-09, February 7, 2019 – Today, towards the end of the second full week of the 2019 tax filing season, the IRS warned taxpayers to avoid unethical tax return preparers, known as ghost preparers.

01/26/2019

HOW TAX REFORM IMPACTS TAX DEDUCTIONS AND CREDITS:
Tax deductions and credits are popular because they put more money in your pocket. But with the new tax reform law changes, we’ll be saying au revoir to a few of them. However, there are still tax deductions and credits you can take.
Say goodbye to Dependent exemption of $4,050, but there’s still help for parents:

• Child Tax Credit increased to $2,000
• $500 New credit for non-children dependents.
• Credit for Childcare up to $1,050 (1child ) , up to $2,100 2+ children
• Earned Income Tax Credit up to $6,431 with 3+ children.

01/25/2019

Deductions vs. credits:
Do you know the difference?
A deduction: An eligible expense that you can use to decrease your taxable income.
Example: The single filer standard deduction is $12,000 for 2018. That amount is subtracted from your income, and the resulting amount is what is taxed based on your tax rate.
A credit: An eligible tax credit will decrease how much tax you owe dollar for dollar—in other words, not your income
Example: The Child Tax Credit is subtracted directly from your tax liability. And as of the 2018 tax year, it’s now $2,000 per child.

01/24/2019

What is an enrolled agent?

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service. Enrolled agents, like attorneys and certified public accountants (CPAs), are generally unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.

12/19/2018

New year, new tax brackets. The IRS is updating its individual income tax brackets for 2019 and making a few other inflation-adjusted changes. What it means for you.