Cloud Financial Services

04/12/2024

Thank you for your support over the past 4 years. Since opening CFS, my career in Oncology Clinical Research has advanced significantly. Due to increased demand for my time & attention, I no longer have the bandwidth to operate CFS.
Closing completely was not an easy decision for me to make because of the effort that has gone into building the infrastructure of CFS, however, I have been provided an excellent opportunity for further career advancement in the design, implementation, and evaluation of early phase immunology & heme-oncology clinical trials, as well as, hone my consulting skills by providing strategic guidance and operational support to clients in the Biotech sector.

02/27/2024

What kind of tax preparer do I need?
Anyone can be a paid tax return preparer as long as they have an IRS Preparer Tax Identification Number (PTIN). However, tax return preparers have differing levels of skills, education and expertise.

Learn about tax preparer credentials and qualifications. Watch Choose a Tax Preparer Wisely. Get information on the Volunteer Income Tax Assistance (VITA) program.

How can I check a tax preparer’s credentials?
The IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help you find preparers in your area who currently hold professional credentials recognized by the IRS, or who hold an Annual Filing Season Program Record of Completion. You can also check the professional organizations many tax preparers belong to.

What if I have a complaint about a tax preparer?
Tax return preparer fraud is among the list of common tax scams.

The IRS provides tips on avoiding unscrupulous tax preparers and is committed to investigating paid tax return preparers who act improperly.

Make a complaint if you have been financially impacted by a tax return preparer’s misconduct or improper tax preparation practices

02/21/2024

Is getting a big tax refund a good thing? No, some financial experts and taxpayers say, because it means you’re giving up too much of your paycheck to taxes during the year. If less is taken out for taxes, you’ll get a smaller refund but more money in each paycheck for expenses or saving and investing.

02/20/2024

To be a qualifying child for the 2023 tax year, your dependent generally must:

Be under age 17 at the end of the year
Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew)
Provide no more than half of their own financial support during the year
Have lived with you for more than half the year
Be properly claimed as your dependent on your tax return
Not file a joint return with their spouse for the tax year or file it only to claim a refund of withheld income tax or estimated tax paid
Have been a U.S. citizen, U.S. national or U.S. resident alien
You qualify for the full amount of the 2023 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return).

02/02/2024

The general consensus of why schools don’t teach students about taxes is because there are too many variables when reporting income…. And THAT is why you hire a Tax Preparer ✨

01/30/2024

Jan. 29, 2024, marks the first day the IRS begins accepting and processing 2023 tax returns. That means taxpayers have to file their returns between that date and April 15. If you need more time, you can request an extension that can allow you to file until mid-October.

01/25/2024

The number of Americans working from the comfort of their own home soared during the COVID-19 pandemic.

However, the rise of remote work comes with a potentially painful ramification for many employees during the tax-filing season. Depending on where you live and where your employer is based, you may be subject to the income tax rules of two — or more — states.

Individuals can be taxed based on both where they live, and where they earn income. As of 2024, all but nine states impose a tax on income.

https://www.foxbusiness.com/money/remote-workers-face-double-taxation-threat-irs

01/24/2024

01/16/2024

01/01/2024

Happy New Year from Cloud Financial Services! Cheers to 2024 🍾🥂

10/12/2023

Business liability is also a term for any amount owed by a small business owner that eventually will need to be paid. Unless you run a cash-only business, you likely have creditors, employees and state taxes to pay. All of these are considered a business liability. If you have you should consider structuring your business as a . Keep in mind a LLC protects your personal assets from being included in a lawsuit against your . The LLC structure does not protect your from being included in a lawsuit against your business for or

09/13/2023

How Can I Reduce My Taxable Income?
There are a few methods that you can use to reduce your taxable income. These include contributing to an employee contribution plan, such as a 401(k), contributing to a health savings account (HSA) or a flexible spending account (FSA), and contributing to a traditional IRA.