True Legacy Group

06/23/2022

For those who still haven't received their refunds: IRS is still backlogged on processing 2021 tax returns.

The IRS still needs to process 10.5 million individual paper tax returns this year.

01/21/2022

ID.me requirement to access your tax account.
https://share.newsbreak.com/d4cjpnno

Starting this summer, taxpayers wanting to access their online accounts on IRS.gov will soon be required to take a selfie and verify their identity with ID.me. Existing online accounts with IRS.gov, which require only an email and password to access, will no longer work as of the middle of 2022, the...

01/06/2022

It's getting to be that time again to start gathering your tax documents and get ready to file your taxes! If you're one of those who received the child tax credit in 2021, be sure to look out for the form the IRS is sending out. You'll need it for your taxes.

In the meantime, check this article out.

Child tax credit recipients need to be on the lookout for this letter from the IRS, which has started arriving in mailboxes.

09/15/2021

With 4th quarter right around the corner, do you have an idea whether you're going to owe?
If so, do you know how much?
Do you have a plan to LEGALLY reduce your taxes?

If not, I can help!

Are you thinking of buying a vehicle this year? Why not buy it under your business? You may qualify for 100% Bonus Depreciation... meaning it can help offset your capital gains. If you get lost and confused dealing with tax laws, I can help clear things up for you!

Contact our office at 210.267.1101 or [email protected] soon so we start helping you build your business and legacy of success!

07/22/2021

In October 2009, Time Magazine wrote an article "Why It's Time to Retire the 401(k)". A sentence within the article reads "The ugly truth though, is that the 401(k) is a lousy idea, a financial flop, a rotten repository for our retirement reserves."

If you are trying to do some retirement planning using the "financial flop" mentioned above or its cousins (403Bs, TSPS, SEPS, SIMPLES and traditional IRAs) while trying to project your future taxable income and not having much luck, schedule a consultation with my team/partner that can help you plan for current and future income vehicles that will help you to legally keep your tax liability to a minimum (if not getting it to zero).

Build a legacy... legally tax free!

210.267.1101 (Office)
[email protected]

02/18/2021

Let's get you filed today. Send me a message or book an appointment.

11/10/2020

Looking to improve your credit? Click on the link below to see how you can.
https://thecreditpeople.net/?a=15974&c=5&s1=

11/09/2020

Beware of tax hikes beginning in 2021 that was imbedded in a law passed by President Trump back in 2017.

Exerpt from the article
"President Trump and his congressional allies hoodwinked us. The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate in 2027 than in 2019."

President Trump built in tax increases beginning in 2021, for nearly everyone but those at the very top.

11/05/2020

The sad thing about this was there were many legitimate businesses who were honest on the SBA's application and were denied or did not receive the full $10k.

There are businesses who will probably never recover or open their doors back up again but you had individuals who had no businesses or legitimate employees receive this "grant" and misspent the government help.

Scams went viral as SBA gave out $10,000 grants to almost anyone who asked.

10/22/2020

Meals & Entertainment (M&E) Deduction
*** Entertainment is NO LONGER DEDUCTIBLE
I'm going to speak on this today because I've advised people in the past that not every meal of your day is tax deductible.
M&E are only deductible when:
The business owner or employee is present,
The cost of the meal or beverages isn't "lavish or extravagant,"
The meal is with a business contact (like a customer, employee, vendor, or consultant), and
The meal has an "ordinary and necessary" business purpose.
How can you take this deduction:
1) Verify that these expenses are legitimate business expenses.
2) Have the documents to back up the deduction. You don't need to include them with your tax return, but you will need them in case of an  . 
If you need help identifying what is or not deductible, please, consult our office at 210.267.1101

10/17/2020

Glad to be of help to you, Julie!

We are bookkeepers, payroll administrators, tax preparers, and our CEO is an accountant that also provides contract CFO services.

10/15/2020

True Legacy Group will be closed tomorrow!

After this extension deadline, our office needs a break!

If you need help, please, send an email to [email protected] and please allow a few hours for response!