Morelands Tax Service & Bookkeeping

01/01/2023

Happy New Year

02/16/2021

Morelands Tax Service is open and ready to serve you with all your tax needs!

Our new address is 13501 Maries Rd 325

Call us to set up appointment
573-999-4726

01/01/2021

Happy New Year!

03/04/2020

Five steps taxpayers can take now to protect against identity theft

All taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity.

Tax-related ID theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. The thieves use personal information like a stolen Social Security number.

The IRS and its partners are constantly working to combat these types of crimes, but they can’t do it alone. Taxpayers play an important role when it comes to preventing identify theft.

Here are some tips to help taxpayers protect themselves against identity theft. Taxpayers should:

Always use security software. This software should have firewall and anti-virus protections.

Use strong, unique passwords. They should also consider using a password manager.

Learn to recognize and avoid phishing emails, threatening calls and texts from thieves. These scammers pose as legitimate organizations such as banks, credit card companies, and even the IRS.

Not click on links in unsolicited emails or messages from unknown senders. Also, people shouldn’t click on links or download attachments from emails that seem suspicious, even if they appear to be from senders they know.

Protect personal information and that of any dependents. For example, people shouldn’t routinely carry around their Social Security cards. They should also make sure tax records are secure.

02/11/2020

Taxpayers should know the difference between standard and itemized deductions

It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.

Individuals should understand they have a choice of either taking a standard deduction or itemizing their deductions. Taxpayers can use the method that gives them the lower tax. Due to tax law changes in the last couple years, people who itemized in the past might not want to continue to do so, so it’s important for all taxpayers to look into which deduction to take.

Here are some details about the two methods to help people understand which they should use:

Standard deduction
The standard deduction amount adjusts every year and can vary by filing status. The standard deduction amount depends on the taxpayer’s filing status, whether they are 65 or older or blind, and whether another taxpayer can claim them as a dependent. Taxpayers who are age 65 or older on the last day of the year and don't itemize deductions are entitled to a higher standard deduction.

Most filers who use Form 1040 or Form 1040-SR, U.S. Tax Return for Seniors, can find their standard deduction on the first page of the form.

Taxpayers who can't use the standard deduction include:

A married individual filing as married filing separately whose spouse itemizes deductions.
An individual who files a tax return for a period of less than 12 months. This could be due to a change in their annual accounting period.
An individual who was a nonresident alien or a dual-status alien during the year. However, nonresident aliens who are married to a U.S. citizen or resident alien can take the standard deduction in certain situations.
Itemized deductions
Taxpayers may need to itemize deductions because they can't use the standard deduction. They may also itemize deductions when this amount is greater than their standard deduction.

Taxpayers who itemize file Schedule A, Form 1040, Itemized Deductions or Form 1040-SR, U.S. Tax Return for Seniors.

A taxpayer may benefit by itemizing deductions for things that include:

State and local income or sales taxes
Real estate and personal property taxes
Mortgage interest
Mortgage insurance premiums
Personal casualty and theft losses from a federally declared disaster
Donations to a qualified charity
Unreimbursed medical and dental expenses that exceed 7.5% of adjusted gross income

02/06/2020

Taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit may experience a refund hold. According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue these refunds before mid-February. The IRS expects the first EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if they chose direct deposit and there are no other issues with their tax return. Check Where’s My Refund for your personalized refund date.

WMR on IRS.gov and the IRS2Go app will be updated with projected deposit dates for most early EITC/ACTC refund filers by February 22. So EITC /ACTC filers will not see an update to their refund status for several days after Feb. 15.

The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund. Where’s My Refund? is only updated once daily, usually overnight, so you don’t need to check the status more often.

Why is my refund being held?

If you claim the EITC or ACTC on your tax return, the IRS cannot issue your refund before mid-February. The law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC. Like previous years, some tax refunds may be held if there are questions about the tax return or the IRS needs more information.

Do Your Taxes for Free Get Your Refund Status Get Your Tax Record View Your Account Make a Payment Renew Your PTIN Get Answers to Your Tax Questions Apply for an Employer ID Number (EIN) Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Ot...

02/06/2020

When will I get my refund?

The IRS expects the first EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if they chose direct deposit and there are no other issues with their tax return. Check Where’s My Refund for your personalized refund date.

10/02/2019

What teachers should know about deducting out-of-pocket classroom expenses

Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.

Educators who work in schools may qualify to deduct up to $250 of unreimbursed expenses. That amount goes up to $500 if two qualified educators are married and file a joint return. However, neither spouse can deduct more than $250 of his or her qualified expenses when they file.

Taxpayers qualify for this deduction if they:

Teach any grade from kindergarten through twelfth grade.
Are a teacher, instructor, counselor, principal or aide.
Work at least 900 hours during the school year.
Work in a school that provides elementary or secondary education.
Qualified expenses include:

Professional development courses.
Books.
Supplies.
Computer equipment including related software and services.
Supplementary materials.
Athletic supplies only for health and physical education.

02/22/2019

$500 will be donated to the chapter of the photo with the most likes as of 5pm on Friday, February 22nd. The students were asked to submit photos that represent what FFA means to them. Good Luck!

01/31/2019

Here’s what taxpayers should consider when determining if they need to file

As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.

For tax year 2018, all individual taxpayers will file using the new Form 1040. Forms 1040A and 1040EZ are no longer available. Taxpayers who previously filed these forms will now file Form 1040. The new Form 1040 uses a “building block” approach allowing individuals to add only the schedules they need to their 2018 federal tax return. Taxpayers with more complicated returns will need to complete one or more of the new Form 1040 Schedules. This group of taxpayers includes those who claim certain deductions or credits, or who owe additional taxes.

Individuals who filed their federal tax return electronically last year may not notice any changes, as the tax return preparation software will automatically use their answers to the tax questions to complete the Form 1040 and any needed schedules.

Here are three more things for people to keep in mind as they prepare to file their taxes:

Who is required to file. In most cases, income, filing status and age determine if a taxpayer must file a tax return. Other rules may apply if the taxpayer is self-employed or if they are a dependent of another person. For example, if a taxpayer is single and younger than age 65, they must file if their income was at least $12,000. There are other instances when a taxpayer must file. Taxpayers can visit IRS.gov/filing for more information.

Find out how to file your federal taxes, where to file, get an extension, and more.

01/23/2019

Share and like our page
Referral program
$10 off your tax return for every person you send to us and we do their return