Author: stonesbookkeeping1

Time is running out to file your 2020 and 2021 tax returns to get the Recovery Rebate credit. The timer will run out in 2024 and 2025 respectively to file for these stimulus monies. If you were not required to file you can still file and get these stipends but you only have till next spring for 2020 and spring of 2025 for the 2021 filing. Contact me right away if you need help filing or you can read more from the IRS here:

https://content.govdelivery.com/accounts/USIRS/bulletins/37b8b93?reqfrom=share

No not that one. The one I am referencing is the list of the top 12 scams being perpitrated on taxpayers and citizens in the United States. Each year the IRS tracks the various schemes that bad actors use to fleece unsuspecting people out of their money. They then select the 12 most prevalent or damaging and produce a list to warn us. Knowledge is half the battle so take a few minutes and familiarize yourself with what these rapscallions are planning to do to you:

https://www.irs.gov/newsroom/dirty-dozen

The IRA and 401k limits are going up again but just slightly again. The new caps will be $7000 for IRA and $23000 for 401k. This is an increase of $500 again this year and is not remotely keeping up with inflation. With the cost of everything going through the roof these miniscule increases won’t make a dent in the costs as we begin to consider retiring. With the present view on taxation and massive overspending at the federal level I don’t see this getting any better as we move forward past 2024. These gradual increases will probably continue and realistically those in my generation won’t see the bulk of the consequences it is our kids and especially our grandkids. Most in my generation will not live long enough to see the collapse. (Hopefully Jesus will return and make all of this moot). It is critical to set aside all that you can and hedge your retirement on your own strength, there may not be much else left for us otherwise. For the particulars on the increases read on here:

https://content.govdelivery.com/accounts/USIRS/bulletins/378da04?reqfrom=share

James 1:27 states “Religion that God our Father accepts as pure and faultless is this: to look after orphans and widows in their distress and to keep oneself from being polluted by the world.” This is our calling. We are to be charitable and help others. Giving is important, and so is making sure that the money goes to legitimate charities. When tragedies occur charities come out of the woodwork asking for donations. You can verify the validity of charities at the following website:

https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

The IRS has Adjusted some of the procedures around the ERC and has opened up the ability to withdraw the filing of the request for credit. This is in reaction to fraudulent claims being filed and bad actors trying to get credits that they are not entitled to from the IRS. It has been noticed that certain marketers of the ERC processing have switched their efforts after the last rule change from the IRS. Some companies began pressuring companies into loans for the ERC credit amounts, thereby obligating them to paying the company for credits they may not be entitled to. This can be a big liability to a company and could be very detrimental to the company’s future. Please contact me if you need assistance with this procedure or credit. You can read more about this issue here:

https://content.govdelivery.com/accounts/USIRS/bulletins/37694b2?reqfrom=share