Derrick Ashford

01/09/2024

Beware of Shady Tax Preparers! If your preparer doesn't add their info under the Paid Preparer section. Don't be surprise if they are not around when the IRS comes knocking. Happy Tax Season!

Get your taxes done by a professional!
https://mytaxprep.dafinancialsvc.com/taxestogo

06/12/2023

Janitorial Business Owners!
Are you properly managing your business finances?

04/21/2023

Refund Myths & Realities 🤔

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 2022 tax refund does not necessarily mean that your 2023 withholding is on track. Regardless of how your 2022 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.

If you have not yet filed your 2022 tax return, a tax professional can help you file it electronically with direct deposit, to ensure that you get your refund as quickly as possible.

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

04/21/2023

Taxpayers who request an extension to file their 2022 federal income tax returns may file anytime up until October 16th, 2023. Remember, however, that an IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 18th payment deadline may be subject to late penalties and interest charges.

Electronic payments may be made using the IRS online payment portal (link below). The IRS urges those who cannot pay what they owe at this time to pay whatever amount they can, and then apply for an installment plan to pay off the remaining balance.

If you are required to file, you should still file your taxes, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty.

IRS Online Payment Portal: https://www.irs.gov/payments