Cubinar & Company, LLC

06/27/2025

05/23/2025

Strategize Tax Today
Preserve Wealth Tomorrow

TAX REFUND MYTHS and REALITIES
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 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.
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

Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.

05/05/2025

If you don't have a Personalized Tax Plan,
the government will have a tax plan for you.
(and it's in their best interest, not yours)

cubinarandco.com

STRATEGIZE TAX TODAY
PRESERVE WEALTH TOMORROW

05/02/2025

Filing Extensions and Minimizing Penalties

Taxpayers who requested an automatic extension to file their 2024 federal income tax returns may file anytime up until October 15, 2025. Remember, however, that an automatic IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 15, 2025 payment deadline may be subject to late penalties and interest charges.

Therefore, taxpayers who have not yet sent an IRS payment that was due on April 15, should submit a payment to the IRS as soon as possible to minimize penalties. 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.

IRS Online Payment Portal:

Make payments, view your account or apply for a payment plan with the IRS.

04/30/2025

I was installed at FAREPA bay area B.O.D. installation gala last week.

03/14/2025

Important Changes to Deductions, Credits and Limits That May Affect Your 2024 1040 Tax Return

Several IRS rule changes for tax year 2024 will affect millions of people filing their returns this spring. These changes may create new opportunities to lower your tax bill or increase your refund.

First, standard deductions rose in 2024 to $14,600 for single filers and married people filing separate returns, $21,900 for head of household filers, and $29,200 for joint filers.

All of these figures represent increases of at least $750 over 2023 levels. In addition, the annual contribution limit for IRAs increased by $500 in 2024, up to $7,000 for people under 50 years old, and $8,000 for those of age 50 or older. If you have not yet reached the limit, then you may still make 2024 contributions to your traditional or Roth IRAs up until April 15, 2025.

Congress also enacted several rule changes for the Additional Child Tax Credit (ACTC), a companion credit to the standard Child Tax Credit (CTC). The maximum CTC amount for 2024 is $2,000 per qualifying child.
The credit is nonrefundable, which means that if your CTC amount exceeds the tax you owe, you cannot receive the excess credit as a refund. However, many people who qualify for the CTC are also eligible for the ACTC, which makes the CTC at least partially refundable. For 2024, the maximum ACTC amount is $1,700, a $100 increase from 2023.

11/21/2024

10/16/2024

It's Tax Planning Season now!

10/09/2024