Strategic Tax Services, Inc

11/02/2022

Taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns.
Notice 2022-36 states, penalties for late-filing certain tax returns, and for not reporting certain required information on Form 1065 or Form 1120-S, are waived or stopped if the relevant return was filed on or before September 30, 2022. Taxpayers who reside or have a business in recently declared FEMA disaster areas have more time to file the return to get this relief.
Postponed deadlines
Areas with a deadline of November 15, 2022, include:
• Counties in Missouri identified under FEMA's Major Disaster Declaration 4665.
• Counties in Kentucky identified under FEMA's Major Disaster Declaration 4633.
• The island of St. Croix in the U.S. Virgin Islands.
• Members of the Tribal Nation of the Salt River Pima Maricopa Indian Community.
Areas with a deadline of February 15, 2023, include:
• Florida
• Puerto Rico
• North Carolina
• South Carolina
• Areas in Alaska identified under FEMA's Major Disaster Declaration 4672
• Hinds County, Mississippi.
The relief applies to the failure-to-file penalty that is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to forms in both the 1040 and 1120 series, as well as others listed in Notice 2022-36.
Unlike the failure-to-file penalty, the failure-to-pay penalty and interest will still apply to any unpaid tax. The failure-to-pay penalty is normally 0.5% per month, up to 25%. The interest rate is currently 6%, compounded daily.

*Penalty relief is not available in all situations*

If you have any questions on disaster relief call us at 858-699-1130
StrategicTaxServicesInc.Com

10/31/2022

Happy Halloween 👻
Be safe today, and have lots of fun.

StrategicTaxServicesInc.Com

10/25/2022

Did you receive a letter from the IRS? Before you panic and start frantically searching for hidden stashes of cash, take a deep breath and remember that it's not the end of the world. Call Us for Free Consultation.

https://strategictaxservicesinc.com/letter-from-the-irs

If you received a letter from the IRS, it's important to take action right away. You may owe money or there may be an issue with your taxes.

10/21/2022

Online Safety

�A few simple suggestions that can help protect children and other vulnerable groups from potential dangers to their personal data are:
• Recognize and avoid scams. Phishing emails, fake social media profiles, threatening phone calls and texts from thieves posing as the IRS or legitimate organizations, especially government programs, present ongoing risks. Learn what a scam call sounds like. Do not click on links or download attachments from unsolicited suspicious emails from unknown senders and verify contact/content/context with trusted senders.
• Never overshare. Providing only what is necessary will minimize online exposure to scammers and criminals. Do not share too much personal information like birthdates, addresses, ages, and financial information such as bank account and Social Security numbers.
• Public Wi-Fi networks. Connection to Wi-Fi in a mall or coffee shop is convenient, but it may not be safe. Cybercriminals can easily intercept personal information on public networks, so always use a virtual private network when connecting to public Wi-Fi.
• Use security software and anti-virus protections. Make sure electronic devices have security software that is always turned on and can automatically update. Encrypt sensitive files such as tax records stored on computers.
Remember, the IRS does not use text messages or social media to discuss personal tax issues, such as those involving tax refunds or tax bills. For more information, visit the Tax Scams and Consumer Alerts page on IRS.gov. Additional information about tax scams is also available on IRS social media sites, including YouTube videos. Also see Publication 4524, Security Awareness for Taxpayers.

StrategicTaxServicesInc.Com

10/17/2022

One way to maximize your tax return is to maximize your deductions. This can be done by keeping track of any expenses that are related to your job or business, as these may be eligible for a deduction. Additionally, contributing to retirement accounts such as a 401(k) or IRA can also result in a reduction of your taxable income.

It is important to keep in mind that taking excessive deductions or making false claims on your taxes can result in penalties and potential legal consequences. Consult with a tax professional or utilize reputable resources to ensure that you are accurately claiming deductions.

Taking the time to review your income and expenses thoroughly can pay off in the form of a larger tax refund or smaller tax bill. Maximizing your deductions is just one strategy for maximizing your tax return.

Remember to file your taxes by the deadline to avoid penalties and fees. Happy filing!

StrategicTaxServicesInc.Com

10/12/2022

As a small business owner, keeping a close eye on your receivables is important. This means monitoring the payments that are owed to you by customers and clients. Making sure that receivables are paid in a timely manner is crucial to the financial health of your business.

One way to stay on top of receivables is to set up a system for tracking payments. This might involve using accounting software or simply keeping a written record of who owes what and when payments are due. Either way, staying organized will help you keep tabs on your money and ensure you're getting paid what you're owed.

Another vital thing to remember is that taxes are due on receivables, just like any other income. This means you'll need to set aside some money to cover your tax bill when payments come in.

StrategicTaxServicesInc.Com

10/05/2022

If you owe the IRS back taxes, don't hesitate to call us. We can help you resolve the issue and get back on track.

There are a few options available to those who owe back taxes to the IRS. We can help you explore those options and find the best solution for your individual situation. Don't wait - call us today and let us help you get started on resolving your back taxes. It COSTS NOTHING to talk to us.

(858) 699-1130
https://strategictaxservicesinc.com

10/03/2022

If you received a letter from the IRS, it's important to take action right away. Depending on the reason for the letter, you may owe money or there may be an issue with your taxes.

https://strategictaxservicesinc.com/letter-from-the-irs

If you received a letter from the IRS, it's important to take action right away. You may owe money or there may be an issue with your taxes.

09/26/2022

If you're like many Americans, you worry about your social security and retirement. After all, these are vital components of your financial stability.

Unfortunately, there is a lot of misinformation out there about social security and retirement. This can make it difficult to understand what you need to do to secure your future.

Keep an eye out for our blog about these myths. Lots of good information.

StrategicTaxServicesInc.Com

09/21/2022

Need help with your taxes? Our Tax Consultants can assist you in preparing your taxes and ensuring everything is filed correctly. Don't go it alone - let our experts help you out!

StrategicTaxServicesInc.Com
858-699-1130

09/19/2022

Are You Thankful?
🤔 😎 🤐

09/15/2022

Do you dread doing your taxes because you always have problems? Do you use Turbo Tax or H&R Block Online? Well, what if you had a guide that could help you...would you get it?

StrategicTaxServicesInc.Com