Importance of Record Keeping for Small Businesses

I wanted to take a moment to emphasize the critical importance of record keeping for small businesses. Effective record keeping not only ensures compliance with regulatory requirements but also plays a pivotal role in the strategic management and growth of our company. Here are a few key reasons why maintaining accurate records is essential: Financial [...]

2024-08-06T10:33:42-07:00August 6th, 2024|Business, financial, Tax, Tax Season|Comments Off on Importance of Record Keeping for Small Businesses

Earned Income Tax Credit – IRS News

The EITC usually affects the lower income earners with children, but even if you do not have children, it is possible you qualify for the additional credit. Keep in mind that unemployment is not earned income, therefore does not count toward qualifying for the EITC.  I believe many people will be surprised when they file [...]

2021-01-25T10:53:19-07:00January 25th, 2021|Tax, Tax Season|Comments Off on Earned Income Tax Credit – IRS News

IRS releases information for 2020 filing season

The IRS announces they will be open for filing 2020 taxes on February 12th.  Those who claim Earned Income Credit and possibly additional child tax credit should not expect refunds until March. Most other filers can expect a refund within 21 days of e-filing AND the IRS strongly encourages using e-file and direct deposit. Here [...]

2021-01-18T10:50:37-07:00January 18th, 2021|Tax, Tax Season|Comments Off on IRS releases information for 2020 filing season

Earned Income Tax Credit – Changes for your 2020 filing

Due to the COVID-19 pandemic there is a change in the tax filing law for 2020 filings.  If you qualify for the Earned Income Tax Credit, you will have the option to use 2019 or 2020 income. With many Americans having reduced income in 2020, their EITC could be significantly reduced.  By using a tax [...]

2021-01-06T14:57:04-07:00January 6th, 2021|Tax, Tax Season|Comments Off on Earned Income Tax Credit – Changes for your 2020 filing

Find out the status of your Stimulus Checks

  The IRS has the website up and running to check both your first and 2nd stimulus payments.  This may be particularly helpful when filing your 2020 taxes AND you cannot locate your NOTICE 1444 - the letter signed by Trump.  When filing your 2020 taxes, you will have the opportunity to reconcile the stimulus [...]

2021-01-06T11:27:53-07:00January 6th, 2021|Tax, Tax Season|Comments Off on Find out the status of your Stimulus Checks

Grandparents may qualify for earned income tax credit

IRS PUBLICATION: Issue Number:    Tax Tip 2018-10 Inside This Issue    Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC Grandparents who work and are also raising grandchildren might benefit from the earned income tax credit. The IRS encourages these grandparents to find out, not guess, if they qualify for this credit. This is important because grandparents [...]

2018-04-03T16:02:56-07:00January 23rd, 2018|Tax, Tax Season|Comments Off on Grandparents may qualify for earned income tax credit

Good news for seniors and their property taxes

Counties are making changes that will benefit the seniors when it comes to real estate taxes. To date Cook County increases the Homestead Exemption to $10,000 (this applies to all owner occupied residences), the Senior Exemption increases to $8,000 and the Senior Freeze income threshold increases to $65,000. It appears that all counties will increase [...]

2018-04-03T16:02:56-07:00January 12th, 2018|Tax, Tax Season|Comments Off on Good news for seniors and their property taxes

TAX SEASON UPDATES!

IRS ANNOUNCES JANUARY 29, 2018 TO BEGIN ACCEPTING E-FILES. Don't let that stop you! Merlak Tax officially starts tax appointments on January 15, 2018. If you have all your forms its not too early to schedule your appointment. Click here for our online scheduler or call 779-220-9608. IMPORTANT- IRS ANNOUNCES refunds will be delayed until [...]

2018-04-03T16:02:56-07:00January 11th, 2018|Tax, Tax Season|Comments Off on TAX SEASON UPDATES!

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