Genesis Tax Services

Let's go! Deadline is approaching April 15th 2024.

This message is for all business entities that are filing 2024 Annual Reports.
THERE ARE SCAM LETTERS Circulating. DO NOT USE THIS TO FILE.

GO TO :https://tnbear.tn.gov/

This is a pic of the scam letter.

Planning out your retirement goals for the new year? If your employer’s retirement plan allows you to contribute, remember that you can decrease your taxable income by making pre-tax salary contributions.

Learn more about the tax benefits of saving for retirement: https://ow.ly/HgZF50QlWj4.

IRS informs taxpayers of the new dates for the tax filing season in 2023. It starts on January 23 and finishes on April 18, 2023. However, there is no need to delay the filing that long. You could actually do it much earlier. Despite the fact that the deadline is in April, those who are victims of the storm in California will have until May 15, 2023. They will be able to file their tax returns, which could be business or various federal individual tax returns. They could also make tax payments until that date.

There are several documents you may need so as to file your tax return. Take for example Form W-2, which you can get from your employer. Other forms taxpayers will need are Forms 1099, which you can get from issuing agencies, banks, and so on. Bear in mind that there are several Form 1099, like Form 1099-K, and Form 1099-INT depending on your income sources.

Business e-File Start

DateThursday, January 12, 2023.

Federal packages 1120, 1120-S, 1065, and 990 are available in the January release of Drake Tax 2022. E-File for forms 990-T and 4720 will be enabled as soon as development and testing are complete.

The IRS has yet to announce an official start date for Individual tax returns; however, you can transmit approved return types to Drake and we will hold them in queue until the IRS begins accepting them.

Fewer filers will qualify for the Child Care and Dependent Tax credit
This tax benefit has also been restored to its prior level for 2022. Now, parents of a single kid are only permitted to deduct up to $1,050 in eligible expenses, or 35% of a maximum of $3,000 in expenses. A maximum of $2,100 can be claimed for up to 35% of up to $6,000 in qualifying expenses by parents of multiple children.

The Earned Income Tax Credit (EITC) is a program which helps low to moderate income workers and families receive a tax break.

If you qualify for the EITC then you can use the credit to reduce the amount of taxes that you owe.

Will there be EITC refunds in 2023?
According to the IRS, if you claimed the EITC then it is realistic to expect your refund to be paid to you by March 1.

Priority is given to those who filed their return online, chose to receive their refund by direct deposit and those who had no issues arise in their application.

In accordance with United States law, the IRS is required to hold refunds for EITC payments in 2022.

They aren't allowed to issue the refunds before mid-February and as is often the case, the IRS will contact individuals by mail to find out more information about their claim.

PayPal, Venmo and other third-party apps will report your payments to the IRS
If you've been working for yourself or as a freelancer for a while, you probably already know that you must inform the IRS of your earnings. Since third-party payment applications are now informing the IRS of your payment activities, the IRS will have even more access to your revenues this year.

Freelancers may benefit from this new regulation. Users will be given 1099-K forms by platforms like PayPal, Venmo, Cash App, Zelle, and others, which may make reporting your income a little simpler.

According to the IRS news release published on October 13, the 9 million letters "will be arriving in mailboxes over the next few weeks, (and) are being sent to people who appear to qualify for the Child Tax Credit (CTC), Recovery Rebate Credit (RRC) or Earned Income Tax Credit (EITC) but haven't yet filed a 2021 return to claim them. The letter, printed in both English and Spanish, provides a brief overview of each of these three credits."

These benefits were expanded under the American Rescue Plan Act and recently passed legislation.

Who can claim the credits?

The letters will go out to individuals who don't typically have a tax return filing requirement due to very low incomes, according to their W-2s, 1099s, and other forms and documents visible to the IRS.

These letters are vital to completing your tax return. Look out for and store them with your tax documents.