The IRS recently released a news bulletin about incorrect CP14 balance due notices sent to married filing joint (NFJ) taxpayers. The notice is generated when married filing joint taxpayers made estimated payments that were NOT correctly applied to the joint account.

So why does this happen?

This issue has existed for years, so this is nothing new. Under some circumstances, if the "Spouse" on a Form 1040 makes an estimated payment using their name and SSN, the IRS will cash the check, but not apply the payments to their Joint account. Once the tax return is filed, the IRS issues a balance due notice (CP14) because of incorrectly claimed estimated payments.

If you received this notice and you know you made the payments, the IRS advises to not call or write in response to the letter. They assure taxpayers they will correct the problem....

Here is a link to the IRS news bulletin:
https://www.irs.gov/newsroom/irs-statement-on-balance-due-notices-cp-14

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you.

#CP14 #IRS #IRSnotices #taxes

If you have children that work during the summers or throughout the year, they might have to file their own Form 1040, depending upon how much money they earned. You can still claim them as a dependent even if they need to file their own tax return.

Kiddie Taxes IRS Form 8615: https://youtu.be/HBIL5kqbZPE

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#IRS #Form1040 #SummerJobs

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you run a business at a loss for 3 consecutive years, the IRS might want to treat that as a Hobby. The Hobby Loss rules are not friendly.

Here is a video on how to mitigate your exposure:
https://youtu.be/zCOqq2IaYNk

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#IRS #Form5213 #HobbyLoss

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you incur out-of-pocket medical expenses during the year, you can generally deduct those on Schedule A as an itemized tax deduction.

However, taxpayers must first consider the AGI floor of 7.5%, and whether they have enough itemized deductions overall to exceed the standard deduction.

See HSA video here: https://youtu.be/f0ldHvce_24

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#ScheduleA #MedicalExpenses #ItemizedDeductions

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The IRS updated the standard mileage reimbursement rates for business use of a vehicle. The rate was increased to 58.5 cents per mile, updated from 56 cents per mile in 2021.

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#IRS #Taxes #1099NEC

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you pay for child care for your kids, you may be eligible for a tax credit for a portion of the amounts paid to the child care provider. The credit is calculated on IRS Form 2441.

You need to collect a valid tax ID from the child care provider:
https://youtu.be/Y6_A3yDyq7w

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#IRS #Taxes #1099NEC

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The Backdoor Roth IRA conversion is a popular mechanism for wealthy taxpayers to make contributions to their Roth IRAs.

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#IRS #Taxes #1099NEC

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The IRS is cracking down on the Hobby Loss rules for taxpayers with Schedule C losses on their Form 1040. You can reduce your risk of an audit by using a partnership or S corporation.

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#IRS #HobbyLoss #IRSaudit

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you are looking to maximize your tax refund and reduce your overall tax liability, there are some simple strategies you can follow. Check out more detailed videos below:

Max IRA Contributions: https://youtu.be/mTKgKmaiMzw
Form 8889 HSA: https://youtu.be/f0ldHvce_24
QOF: https://youtu.be/BBuW0W5q-Sg
QOF Form 8997: https://youtu.be/6zC87hityTw
Solar Form 5695: https://youtu.be/1fI71WzZo5w
Form 8396 Mortgage Credit: https://youtu.be/PbMJRVK6D4s
Form 8880 Retirement Credit: https://youtu.be/w7AdRIAZmWg
Form 8812: https://youtu.be/k-V9EmIbujs
Form 2441: https://youtu.be/c1UvuQrrMuM

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#IRS #TaxRefund #Form1040

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If your dependent children receive investment income over certain thresholds, they may be subject to the "kiddie tax" on their unearned income. The tax is designed to tax their investment income at the same rates as the parent.

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#IRS #KiddieTax #Form8615

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

Form 5173 is required when a deceased nonresident has U.S. situs assets. The executor of the person's estate must provide Form 5173 to a U.S. custodian in order for them to release the funds.

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#IRS #Form5173 #EstateTax

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If your entity has a change of responsible party, you need to update the IRS records within 60 days of the change.

If an LLC owner used a nominee to apply for an EIN, they should update the records immediately by filing Form 8822-B.

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#Form8822 #ResponsibleParty #LLCtaxes

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The Refund Anticipation Loan (RAL) is a popular financial product to get taxpayers immediate cash for their refunds, but it comes at a high cost.

RALs can charge effective rates upwards of 600% to unsuspecting taxpayers. Be careful!

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#IRS #RAL #RefundAnticipationLoans

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The IRS has announced the start date for this 2022 tax season.

The IRS will start accepting returns on January 24, 2022.

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#IRS #TaxSeason #Form1040

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

Taxpayers are familiar with Form 1040-X amended returns, but you may be eligible to file a superseded return, which is better.

A superseded Form 1040 can save the taxpayer thousands of dollars in late filing penalties.

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#IRS #Form1040 #AmendedTaxes

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

What are the tax return due dates for your 2021 tax returns?

Form 1040: April 18, 2022
Form 1120: April 18, 2022
Form 1065: March 15, 2022
Form 1120-S: March 15, 2022

Tutorials on Tax Return Preparation:
Form 1040: https://youtu.be/Jg0cO0KnRFI
Form 1065: https://youtu.be/8mWTfJe2juM
Form 1120: https://youtu.be/kJjaPwx_Vrc
Form 1120-S: https://youtu.be/e-YXjZLm8ec

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#IRS #Taxes #1099NEC

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

A taxpayer must report their gross amount of gambling winnings on Form 1040 each year. If you have gambling losses, you can record those gambling losses as an itemized tax deduction (Schedule A) to the extent you have gambling winnings.

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#IRS #Form1040 #GamblingWinnings

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If you are a U.S. taxpayer and English is not your first language, you can request the IRS send you official notices and other correspondence in a language other than English.

If you include a Schedule LEP with your Form 1040 tax return, you can update the IRS system to send all IRS notices and other letters in a different language.

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#IRS #Form1040 #ScheduleLEP

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

A U.S. individual taxpayer is required to file their Form 1040 by April 15th of each tax year.

If a taxpayer needs more time to prepare their tax returns, they can submit an automatic extension request via Form 4868.

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#IRS #Form1040 #Form4868

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you recently formed an LLC, you are probably wondering whether it is necessary to have an LLC operating agreement for your business.

The short answer is YES. In this video, I discuss the benefits to having an LLC agreement and some of the problems that may arise if you don't have one in place.

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#LLC #OperatingAgreement #Delaware

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Florida is one of the easiest states to form an LLC in the USA.

In this video, I cover the simple steps necessary to open an LLC in Florida.

EIN Applications: https://youtu.be/mVuVJPavLCU
Registered Agent: https://youtu.be/3Io5c8gtcAw
S Corp Election: https://youtu.be/RdVn2Dl9qDM
C Corp Election: https://youtu.be/sFjfeBDO2ow

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#IRS #Florida #LLC

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you are a business owner and take the bonus depreciation deduction for a business vehicle, you need to continue to track your business usage in subsequent years.

If the business use falls below 50%, you are in for a rude awakening. In the year business use drops below 50%, there is a required bonus depreciation recapture.

For a video on the eligibility of the bonus depreciation deduction, check here:
https://youtu.be/6aaRcAE6PWI

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#IRS #Taxes #BonusDepreciation

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

The IRS Form 6781 should be included with your U.S. federal tax return if you are reporting income related to futures contracts and straddles.

When a taxpayer trades regulated futures contracts (Section 1256) the gains and losses from trades are split between long term and short term capital gains. The taxpayer also "marks to market" the open positions at year-end.

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#IRS #FuturesContracts #6781

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

S corporations have many limitations and unique rules. The S corporation is generally a pass-through entity, which means the entity does not pay income taxes directly, because the earnings are passed through to the owners and reported on their personal tax returns.

In some cases, however, the S corporation may be subject to tax directly on its net passive investment income. And, if the S corporation generates too much passive income, it can terminate the S corporation election.

How to report passive investment tax on Form 1120S:
https://youtu.be/Wcud8q5fXgQ

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#IRS #Form1120S #Scorporation

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

U.S. source rents are treated as U.S. source FDAP income when paid to a nonresident owner of real estate. A nonresident can file a Section 871(d) election with their Form 1040-NR to treat the income as ECI.

Top 7 rental real estate tax deductions:
https://youtu.be/KlshbZ3LB8U

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#IRS #RentalIncome #ECI

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.