MRSTax Services

08/02/2024

06/30/2024

✨Maryland State Employees ✨
The Student Loan Debt Relief Tax Credit

Have you file your 2023 taxes?

Maryland State has something for you for MORE information click link below.

An official website of the State of Maryland.

02/01/2024

Here at MRSTAX, we still offer virtual and in-person appointments

✨Preparation ✨
It's important to upload ALL your documents into our secure portal no matter what method you choose!

Call 703.497.8403 to details. Please like and share- help grow our reach.

01/19/2024

MRSTAX Tips:

Be Aware of Deadlines: The IRS will start accepting 2023 tax returns on January 29, 2024. Remember, the taxes you file in 2024 are for the 2023 tax year .

01/02/2024

We Hope Everyone had an amazing holiday.

🗓️Tis’ our season to prepare for your 2024 tax filing season.

📝 🗂️Organized tax records make preparing a complete and accurate tax return easier.

-Your employer must send your W-2 form by January 31.
-1099s* for mortgage, Sell/Purchase of Home Bank or Student Interest, contractor employee, unemployment,
-1095A Marketplace Healthcare
- Other Income digital assest statements

***If you have not filed 2023 Taxes you are required to file before 2024 tax filing season.

11/01/2023

🚨2022 Virginia TaxPayers🚨

Gov Youngkin has issued a tax rebate. To see if you are eligible, click on the link below. You shall see a refund, if eligible, that same way you received your state refund last year. Otherwise it will be a check.

The General Assembly passed a law giving taxpayers with a tax liability a rebate of up to $200 for individual filers and up to $400 for joint filers. You must file by November 1, 2023 to be eligible for the rebate.

07/16/2023

Tax planning doesn’t stop once you file your return. The encourages you to take simple steps such as maintaining an organizational system for tax records or important documents to make future tax preparation easier.

Check out https://ow.ly/jTQF50P1H2A for more year-round tax planning pointers.

03/07/2023

What tax breaks are available if I bought an electric car or made my home more energy-efficient?

1. 2022 tax year, taxpayers can claim a lifetime credit of up to $500 for qualified home improvement expenses related to energy efficiency, such as replacing exterior doors, windows, insulation materials or water heaters. But starting in 2023, the credit increases to $1,200 each year for certain improvements made through 2032.

2. Buyers of new electric cars in 2022 can claim a credit of up to $7,500, but a new qualifying factor was added to the mix over the summer.

3. The residential clean energy property credit — for items like solar panels or wind turbines — the credit is 30 percent of qualified costs.

03/07/2023

Your 2023 tax filing season.
Your tax refund will likely be smaller this year—Here’s why.

1. Stimulus checks - expired

2.Enhanced Child credit * - lower
* pandemic legislation provided $7,200 in combined tax credits for two kids under 6 in the last tax season, that same family is now looking at $24000 in credits.

3. Above-the-line charitable donation-expired
2020 and 2021 up to $300 ($600 if married filing jointly) in addition to the standard deduction. 2022 deductions, which include charitable contributions, they will need to exceed the standard deduction of $12,950 for single filers or $25,900 for those married filing jointly.

MRSTAX Services
Woodbridge, Virginia

Reserve an appointment
703.497.8403

11/11/2022

Lotteries are a very effective way to TRIPLE tax the poor. Here's how it works.

Most of us only see the media portrayal of the lottery. Lucky winner, lots of cash. Outside of the bright lights is the true winner: the tax man. Here is what you need to know.

11/04/2022

The bonus depreciation and Section 179 tax code provisions allow small businesses to expense large capital purchases. Is this better than depreciating the purchase over time? Here are some thoughts on the matter.

11/04/2022

Section 179 and bonus depreciation let you take larger, short-term deductions for capital purchases. Does it make sense for your business to take advantage?

The bonus depreciation and Section 179 tax code provisions allow small businesses to expense large capital purchases. Is this better than depreciating the purchase over time? Here are some thoughts on the matter.