Accounting Harmony

05/01/2024

Happy National College Decision Day!
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https://www.pbteen.com/pages/dorm-sweeps/

02/13/2024

Victims of ERC Fraud can use Voluntary Disclosure Program through March 22

For those who erroneously claimed the ERC without meeting the eligibility requirements, the IRS has provided a lifeline in the form of the Voluntary Disclosure Program—a pathway for businesses to rectify their claims before March 22 to avoid potential penalties and interest.

02/02/2024

Often I have been asked a question by taxpayers “Do I need to file the income taxes?” Here’s who needs to file a tax return in 2024.

Most U.S. citizens and permanent residents who work in the United States need to file a tax return if they make more than a certain amount for the year.

Here are some specific details to help people if they need to file a tax return:

- Gross income. Gross income means all income a person received in the form of money, goods, property and services that aren't exempt from tax. This includes any income from sources outside the United States or from the sale of a main home, even if you can exclude part or all of it.

- Required filing threshold. People need to see if their gross income is over the required filing threshold. Filing statuses have different income thresholds, so individuals may need to consider their potential filing status as well.

There are five filing statuses:

Single
Head of household
Married filing jointly
Married filing separate
Qualifying surviving spouse

Self-employed individuals must file an annual return and pay estimated tax quarterly if they had net earnings from self-employment of $400 or more.

02/02/2024

IRS Free File is now available for the 2024 filing season. With this program, eligible taxpayers can prepare and file their federal tax returns using free tax software from trusted IRS Free File partners.

Taxpayers, including active-duty military, with an adjusted gross income (AGI) of $79,000 or less in 2023 can likely find an offer from an IRS Free File provider that matches their needs. Some providers also offer free state tax return preparation. Those with an AGI over the limit can still file their return for free using Free File Fillable Forms.

Prepare and file your federal income tax return online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you.

02/01/2024

Take care when choosing a tax return professional.

The Internal Revenue Service today reminded taxpayers that carefully choosing a tax professional to prepare a tax return is vital to ensuring that their personal and financial information is safe and secure and treated with care.

Most tax return preparers provide honest, high-quality service. But some may cause harm through fraud, identity theft and other scams.

It is important for taxpayers to understand who they’re choosing and what important questions to ask when hiring an individual or firm to prepare their tax return.

Another reason to choose a tax preparer carefully is because taxpayers are ultimately legally responsible for all the information on their income tax return, regardless of who prepares it.

The IRS has put together a Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to help individuals find a tax pro that meets high standards.

04/15/2022

Monday, April 18 is the deadline to file and pay tax owed for most individual income tax returns.

The IRS encourages taxpayers to file electronically because tax software does the calculations, flags common errors and reduces tax return errors by prompting taxpayers for missing information.

The fastest way to receive a refund is to file electronically and use direct deposit.

The IRS estimates 15 million taxpayers will request an extension of time to file and the easiest way to request an extension is to file form 4868. An extension of time to file is not an extension of time to pay, however, and taxpayers must estimate their tax liability on this form and pay any amount due by the April 18 filing deadline to avoid penalties and interest.

Reach out today if you need help!