National Tax Solutions LLC

Acceptance and Processing of Your 2025 Tax Return has started!!

My offices are open, and filing returns each day.

If You Have Your Documents, Let Us Get Your Taxes Into the IRS Queue.

All Completed Returns Will Be Submitted to The IRS Early, So That They Can Be Part of Their Annual Hub Testing. This Process Usually Starts 7-10 Businesses Before the IRS Starts Accepting Returns for Everyone. The expected start date is Tuesday January 13, 2026.

The IRS Is Set to Officially Begin Accepting Returns on Monday January 26, 2026..

I Know These Are Trying Times for Everyone Right Now with The Ever-Increasing Cost of Living.

This Year We Can Offer an Advance of Your Return From $250.00 To $7,000.00 Depending on What the Bank Approves. (This Advance Is Up to The Bank, It Is Based on An Accepted IRS Return, and your Past Filing Funding)

I’m Here to Help You Get Your Refund Back as Quickly as Possible for Some Relief.

You Can Send Your Documents To: [email protected]

Or Send Your Documents To This Link: Https://Taxestogo.com/App/Download/95750

Feel Free To Call Or Text Me If You Have Any Questions.

Looking Forward To Hearing From You Soon!

Richard Tauman
Licensed IRS Tax Preparer
Electronic Return Originator
National Tax Solutions LLC
www.Nationaltaxsolutions.net
954-866-1960

IRS releases tax inflation adjustments for tax year 2025

Notable changes for tax year 2025

The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for tax year 2025 of greatest interest to many taxpayers include the following dollar amounts:

• Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024. For heads of households, the standard deduction will be $22,500 for tax year 2025, an increase of $600 from the amount for tax year 2024.

• Earned income tax credits. For qualifying taxpayers who have three or more qualifying children, the tax year 2025 maximum Earned Income Tax Credit amount is $8,046, an increase from $7,830 for tax year 2024. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.

• Medical savings accounts. For tax year 2025, participants who have self-only coverage the plan must have an annual deductible that is not less than $2,850 (a $50 increase from the previous tax year), but not more than $4,300 (an increase of $150 from the previous tax

• Annual exclusion for gifts increases to $19,000 for calendar year 2025, rising from $18,000 for calendar year 2024.

2024 tax filing season is set for January 29.

WASHINGTON — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.

Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if they're using software companies or tax professionals. For example, most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month. IRS Free File will also be available on IRS.gov starting Jan. 12 in advance of the filing season opening. The IRS Direct File pilot will be rolled out in phases as final testing is completed and is expected to be widely available in mid-March to eligible taxpayers in the participating states.

Taxpayers will continue to see helpful changes at the IRS following ongoing transformation work. Building off the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers.

"As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season," said IRS Commissioner Danny Werfel. "IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier."

Everything You Need to Know About the Child Tax Credit.

At a glance:
• The CTC is worth up to $2,000 per child under 17 in 2023.
• This credit is partially refundable. You might be able to receive up to $1,600 of the credit back as a tax refund.
• The credit amount starts decreasing once your MAGI hits $400,000 for joint filers or $200,000 for all other filers.

What is the Child Tax Credit (CTC)?

The Child Tax Credit (CTC) is a tax credit for parents of dependent children designed to help offset the cost of raising kids.

For tax year 2023, $1,600 of the CTC is refundable (up from $1,500 in 2022), meaning you can claim up to this amount even if you do not owe any taxes or didn’t earn any income last year. On your 2023 return, you can claim the CTC for any children under age 17.

How does the Child Tax Credit work?

Like other tax credits, the CTC is valuable because it reduces your tax bill on a dollar-for-dollar basis. For example, if your adjusted gross income (AGI) was $50,000 in 2022 and you qualify to claim a $6,000 Child Tax Credit, the credit reduces any taxes you owe by $6,000. So, if your tax bill turns out to be $8,000, your $6,000 credit would reduce the total amount of taxes you owe to $2,000.

To recap, up to $1,600 of the Child Tax Credit is refundable this year. So, for example, if you qualify to receive a $6,000 CTC, but you only owe $3,000 in taxes, your tax credit reduces your bill to $0, and you get to pocket $1,600 of the remaining $3,000.

How much is the Child Tax Credit for tax year 2023?

For the 2022 and 2023 tax seasons, the maximum total credit amount is $2,000 per child under age 17.

You qualify to claim the maximum value of the Child Tax Credit if your modified adjusted gross income (MAGI) is $400,000 or below for joint filers or $200,000 or below for all other filers.

If your MAGI is higher than those limits, you could still receive a portion of the increased tax credit. In that event, your credit amount will be reduced by $50 for every $1,000 over the threshold.

Is the Child Tax Credit taxable?

No, the Child Tax Credit is not taxable.

What’s the difference between the Child Tax Credit and the Child and Dependent Care Credit?

The Child and Dependent Care Credit is a tax benefit to help offset some of the costs of childcare for your dependents while you are at work. This credit is designed to make it easier for parents to keep working without putting too much stress on their budget.

If you have a qualifying child, the Child Tax Credit is available regardless of your childcare or other expenses.

What is the Additional Child Tax Credit?

The Additional Child Tax Credit is the refundable portion of the CTC, which means you can claim it even if the credit is greater than your income tax liability for the year. Up to $1,600 per child is refundable with the Additional Tax Credit.

Do I qualify for the Child Tax Credit?

Your eligibility for this tax credit depends on your relationship to the child and the child’s age. For tax year 2023, the child you are claiming the credit for needs to be under age 17 as of Dec. 31, 2023. Qualifying dependents must be your son, daughter, adopted child, foster child, stepchild, younger sibling, stepsibling, or descendant of any of them (such as your niece, nephew, or grandchild).

You must have a valid Social Security number (SSN) and any children you claim must also have a valid SSN.

If the child does not have a valid SSN but does have an individual taxpayer identification number (ITIN), you may be able to claim the Credit for Other Dependents. This is a $500 (non-refundable) credit for dependents who do not qualify for the CTC, such as dependent parents and other relatives or dependents living with you who are unrelated to you.

Do I still qualify for the credit if I have a higher income?

The credit starts to phase out as your income rises. Your credit is reduced if your modified adjusted gross income is more than $200,000 if filing single or $400,000 if married filing jointly.

What are the benefits of claiming your parents as dependents?

Claiming a parent as a dependent can make you eligible for the following tax credits and deductions.

Child and Dependent Care Credit

The Child and Dependent Care Credit is available to taxpayers who paid someone to care for their elderly dependent while they worked.

To claim this credit, you must have earned income during the year and include the care provider’s information (EIN or SSN, name, address) on your tax return.

This credit is worth anywhere from 20-35% of qualified expenses, depending on your income level. The maximum amount of qualified expenses you can claim for 2023 is $3,000 for one qualifying dependent parent or $6,000 for two or more qualifying dependents.

Credit for Other Dependents

Your dependent parent(s) may not qualify for the Child Tax Credit (CTC), but you may be able to claim the Credit for Other Dependents. You can claim this credit along with the Child and Dependent Care Credit.

The maximum credit amount is $500 for each qualifying dependent of any age as long as they meet the following requirements:
1. You claim the person as a dependent on your tax return
2. The dependent does not qualify for the CTC or Additional Child Tax Credit
3. The dependent parent is a U.S. citizen, a national, or a resident alien with either a Social Security number or individual taxpayer identification number (ITIN).

This credit starts to phase out once your income exceeds $400,000 for joint filers or $200,000 for all other filers.

Tax deduction for medical and dental expenses:

If you itemize your deductions, you can deduct medical and dental expenses for a dependent parent. Any unreimbursed medical and dental expenses that exceed 7.5% of your adjusted gross income (AGI) are deductible.

For example, say your AGI for the tax year is $100,000, and you spent $10,000 in medical expenses for your elderly parent. You would calculate 7.5% of your AGI ($7,500 in this case) and subtract that number from your total medical expenses ($10,000 – $7,500). The number you’re left with is what’s deductible on your tax return — in this example, you would be left with a $2,500 tax deduction.

Dependent care benefits from your employer:

Your employer may offer additional benefits such as a dependent care flexible spending account, which you could use to cover the cost of care for elderly dependents. The money you contribute to these accounts is tax-free, so you will not have to pay income taxes on it.

Does claiming a parent as a dependent affect their SSI or SS benefits?

You can claim a parent as a dependent without affecting their Social Security benefits or Supplemental Security Income (SSI). Just make sure your parent meets the qualifying relative tests.

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation.

Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service is announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.

As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn't expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

Given the complexity of the new provision, the large number of individual taxpayers affected and the need for stakeholders to have certainty with enough lead time, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP).