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Laney & Laney PA, CPA, 941 West Morse Boulevard Ste 100, Winter Park, FL (2026)

04/28/2025

Tax Refund Myths and Realities – Did You Know? (2/2)

Here are two more key facts you need to know to avoid falling for the myths.

- The refund amount displayed by the Where's My Refund tool could differ from the amount you were expecting. The IRS may need to adjust a taxpayer's refund amount for a variety of reasons, ranging from math errors on their returns to outstanding financial obligations. When such an adjustment is necessary, the IRS always sends a letter explaining the change.

- Getting a tax refund does not necessarily mean that your withholding is on track. Regardless of how your taxes came out, you should check your withholding at least once every year. Tax law changes, along with changes in your marital status, family size or many other factors can affect your withholding. You can use the IRS Withholding Estimator tool (link below) to find out if you need to make any adjustments.

IRS Where's My Refund tool: https://www.irs.gov/refunds
IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator

04/22/2025

Tax Refund Myths and Realities – Did You Know? (1/2)

Taxpayers who are owed a tax refund naturally want to know how quickly that refund will come. Unfortunately, a lot of myths and half-truths about IRS refunds circulate online, giving people false expectations or leading them to waste time on unnecessary steps. Here are two key facts you need to know to avoid falling for the rumors.

- Calling the IRS will generally not yield more information about your refund. You can get the most up-to-date information about your refund status nearly around the clock by using the online Where's My Refund tool (link below) or by calling the automated refund hotline at 800-829-1954.

- The Where's My Refund Tool cannot always give a refund date. Some taxpayers may believe something is wrong if this tool does not display a mailing or deposit date for their refunds. Although the IRS issues many refunds within 21 days, some returns take longer to process. You will get a refund date once the IRS finishes reviewing your return.

IRS Where's My Refund tool: https://www.irs.gov/refunds

04/14/2025

Refund Amounts - Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts.

You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.

If you haven't received your refund yet, you may be able to check the status using the IRS' "Where's my Refund?" tool: https://www.irs.gov/refunds.

04/09/2025

Impersonation of IRS Personnel – Did You Know?

Criminals constantly develop new tax-related scams to steal taxpayers' money and/or identities. Taxpayers can protect themselves by learning some of the tricks these scammers employ. Here are three of the most common ways that scammers try to impersonate the IRS.

- BY MAIL. Scammers may send a letter on what appears to be official IRS letterhead paper, typically delivered in a cardboard envelope. The letter includes bogus contact information that connects the taxpayer to the scammers instead of the IRS. Many of these letters include the phrase, "in relation to your unclaimed refund." Official IRS communications do not use this language.

- BY EMAIL OR TEXT MESSAGE. Many scammers send email or text messages where they claim to work for the IRS, offering to help a taxpayer claim a refund or fix a tax problem. These messages often include links to bogus websites that exist only to steal a taxpayer's personal information, and/or trick them into paying a fraudulent fee.

- IN PERSON. Some scam artists come right to a taxpayer's door, claiming to be IRS agents and sometimes displaying fake ID badges. The IRS recently announced that it is ending nearly all unannounced in-person visits to taxpayers. In most cases, the taxpayer will instead receive a letter inviting them to set up an in-person appointment. Therefore, so-called IRS agents who arrive without warning are likely to be scammers.

In any situation where there are signs of a possible scam, do not reply to the message, click on any links or allow suspected impostors into your home. Instead, call an official IRS number like 1-800-829-1040 to inquire about the matter.

04/07/2025

Reducing Fees & Penalties - Did You Know?

If you are required to file your taxes, you should still file, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to file your tax return by the deadline of April 15th, 2025 and pay as much as you can. The IRS also has Installment Payment Plans available that you may qualify for.

In addition, April 15th is also the due date for Tax Year 2025 first quarter estimated tax payments for those making estimated payments.

04/03/2025

IRS Third Party Authorizations – Did You Know?

All U.S. taxpayers have the right to designate a third party to work with the IRS on their behalf. In order to exercise this right, taxpayers must formally grant permission to the third party to represent them. This authorization may take several different forms:

Oral Disclosure: This level of permission simply authorizes the IRS to share the taxpayer's tax information with another person present on a phone call or in a meeting.

Third-party Designee: On their tax returns, taxpayers may designate a third party to discuss the return with the IRS. This authorization is limited to that specific return and year.

Tax Information Authorization: Taxpayers may appoint a third party to receive and review their confidential tax information for a specific type of tax for a designated time period.

Power Of Attorney: This designation authorizes a person or firm to represent the taxpayer in federal tax matters. The person or firm must be certified to practice before the IRS.

Oral disclosure and third-party designee permissions expire automatically. Taxpayers have the right to revoke tax information or power of attorney authorizations at any time, either by notifying the IRS of the revocation, or simply by appointing a new representative.

04/01/2025

Tax Filing & Quarterly Estimated Tax Payments Deadline on April 15

The tax filing and payment deadline is coming up on Tuesday, April 15, 2025. Note, however, that some residents of regions affected by federally declared disasters have extended deadlines to pay their 2024 taxes. Check the IRS Disaster Relief page (link below) to see if you qualify for an extension.

If you are required to make quarterly estimated tax payments, the first payments for the January 1 – March 31 quarter are also due on April 15th.

IRS Disaster Tax Relief Info: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

03/27/2025

Unclaimed 2021 IRS Refunds Deadline – Did You Know?

The IRS has issued a reminder that time is running out to claim your 2021 tax refund if you did not file a 2021 federal return. The deadline to file a 2021 IRS return and claim your refund is April 15, 2025. Filing a missed 2021 return may also qualify for the Earned Income Tax Credit (EITC), Recovery Rebate Credit or other credits if you meet the requirements.

By law, there is a limited three year window to claim a refund. After that date, unclaimed 2021 federal tax refunds will become the property of the U.S. Treasury.

03/25/2025

Social Media Influencer Tax Scams (2/2)

The IRS recently put out multiple warnings about influencers who promote tax scams across the internet and social media. People who follow the bad advice of these fraudsters risk facing significant IRS penalties, or even criminal prosecution. Watch out for these false and misleading scams during filing season:

Creating Your Own W-2 Forms - Promoters of this scam encourage people to use software to fill out fake W-2 (Wage and Tax Statement) forms. They instruct people to fill out the forms with bogus employer names, and report large amounts of tax supposedly withheld from income they never received. The scammers claim that these W-2s can then be used as the basis for claiming a large tax refund when filing a return. In reality, knowingly including false information on a tax return is a federal crime.

Claim of Right - This is a present-day version of a scam that has been around for decades. Promoters of the "Claim of Right" strategy instruct people to report a tax deduction equal to their total wages, resulting in a large IRS refund. They suggest labeling the deduction as "a necessary expense for the production of income” or “compensation for personal services actually rendered." This sort of deduction has no basis in law, and IRS personnel routinely flag returns that include such claims for investigation.

A trusted tax professional can help you identify any tax credits that you actually qualify for, so you can legitimately reduce your tax bill without the risk of IRS penalties or other serious consequences.

03/19/2025

Social Media Influencer Tax Scams (1/2)

The IRS recently put out multiple warnings about influencers who promote tax scams across the internet and social media. People who follow the bad advice of these fraudsters risk facing significant IRS penalties, or even criminal prosecution. Watch out for these false and misleading scams during filing season:

Self Employment Tax Credit - Many promoters claim that self-employed people like gig economy workers qualify to claim a "Self Employment Tax Credit" of up to $32,000. In reality, there is no such credit. The scammers actually encourage people to file an obscure IRS form to claim a specialized Sick and Family Leave Credit that only existed for very limited, COVID-related circumstances during 2020 and 2021. The specialized credit was not available in 2023 or 2024.

Household Employment Tax Refund Claims - This scam involves attempting to claim a tax refund for fictional Sick and Family Leave payments made to supposed household employees like nannies or maids. People without household employees cannot qualify for the credit.

Fuel Tax Credit - Very few people actually qualify for the Fuel Tax Credit, which relates to off-road use of vehicles that require specialized (non-gasoline) fuels in business or farming operations. If you do not use such vehicles in farming or business activities, then you cannot claim the credit, no matter what a promoter in a video might say.

A trusted tax professional can help you identify any tax credits that you actually qualify for, so you can legitimately reduce your tax bill without the risk of IRS penalties or other serious consequences.

03/17/2025

Many People Who Turned 73 in 2024 Must Withdraw Retirement Plan Funds by April 1

Generally, people of age 73 or older must take annual withdrawals, known as required minimum distributions (RMDs), from their traditional IRAs, 401(k) plans and similar retirement accounts. The deadline for most RMDs is December 31. However, the usual deadline for people to take their first RMD is April 1 of the following year. Therefore, if you turned 73 in 2024 and have not yet taken your first RMD from your traditional IRA, then you generally must do so by April 1, 2025. Similar RMD rules apply for many workplace retirement accounts, such as 401(k), 403(b), 457(b), SEP and SIMPLE IRA plans. Note also that the original owners of Roth IRAs generally do not have to take RMDs.

If you take your first RMD this spring, then you will typically need to take your second RMD by December 31 of this year. Your IRA or workplace retirement account manager can determine the amount of your 2024 and 2025 RMDs, and can execute the necessary withdrawals. Note that most RMDs must be reported as taxable income.

03/12/2025

Common Tax Filing Errors – Did You Know? (2/2)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes can cause filers to pay the wrong amount of tax:

Math Mistakes:
Even mathematicians sometimes make errors in simple addition and subtraction, and some of the calculations required for 1040 schedules can be complicated. Thoroughly double-check every bit of math on your return.

Incorrect Filing Status (Single, Married Filing Jointly, etc.):
The IRS will not accept a return showing a filing status that you are not eligible to claim. If you qualify for more than one status (for example, filing jointly or separately if you are married), the option you choose may significantly change your tax.

Incorrectly Figuring Credits or Deductions:
Once you determine that you qualify for a tax deduction or credit, you must carefully compute the amount that you can claim. Many taxpayers fail to take into account income limitations (including the calculations that must be made if your income falls within a “phase-out” range) and other restrictions. Others claim less than they could, or miss out on deductions and credits entirely by not filing the required forms and schedules. The IRS notes that filing errors are common among taxpayers eligible for the earned income credit (EIC) and/or Child and Dependent Care Credit.

Expired ITIN:
Those who file their IRS returns using individual tax identification numbers (ITINs) must keep in mind that ITINs periodically expire. Although a return filed with an expired ITIN may be accepted, the IRS generally will not allow any of the exemptions or tax credits claimed. The taxpayer must renew their ITIN in order to obtain the full refund that they are owed.

To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

Laney & Laney PA, CPA

04/28/2025

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