RAPID TAX

Things to start keeping all year around..
Here are some simple things taxpayers can do throughout the year to make next filing season less stressful.

Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files as they receive them. Organized records will make tax return preparation easier and may help taxpayers discover overlooked deductions or credits.🤑

Please note that our office will be closed on Saturday, however, we will be open for clients by appointment on Sunday. 🫶🏼

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IRS Online Account and Identity Protection PINs protect against identity thieves and scammers

IRS Identity Protection PINs, or IP PINs, are a vital tool to protect taxpayers from identity thieves. The IRS encourages taxpayers to get an IP PIN and establish their IRS Online Account. These tools help guard against fraudsters trying to steal personal and financial information.

Important things to know about an IP PIN

• It's a six-digit number known only to the taxpayer and the IRS.
• The program is voluntary, though it’s strongly encouraged.
• In cases of proven identity theft, taxpayers will be assigned an IP PIN.
• The IP PIN should be entered on the electronic tax return when prompted by the software product or on a paper return next to the signature line.
• Only taxpayers who can verify their identity can get an IP PIN.
• Tax professionals cannot get an IP PIN on behalf of their clients.
• Each IP PIN is valid for one year. When it expires, a new one is generated for security reasons.
• Some participants will receive their IP PIN in the mail. Others will have to log in to the Get an IP PIN tool to get their IP PIN.
• Taxpayers already enrolled in the program can log in to the Get an IP PIN tool to see their current IP PIN.
• Taxpayers with an IP PIN must use it when filing any federal tax returns during the year, including prior year tax returns or amended returns.
• IP PIN users should share their number only with the IRS and their tax preparation provider.
• The IRS will never call, email or text the taxpayer to request their IP PIN.

How to request an IP PIN
After a taxpayer verifies their identity, the Get an IP PIN tool lets people with a Social Security number or individual taxpayer identification number to request an IP PIN online. Taxpayers should review the identity verification requirements before they use the Get An IP PIN tool.

Tax professionals should advise clients affected by identity theft to request an IP PIN. Even if a thief has already filed a fraudulent tax return, an IP PIN could prevent the taxpayer from being a repeat victim of tax-related identity theft.

Taxpayers who can't validate their identity online can still get an IP PIN
Taxpayers who can't validate their identity online and whose income is below a certain threshold can file Form 15227 (EN-SP), Application for an Identity Protection Personal Identification Number. The 2024 threshold is $79,000 for individuals or $158,000 for married couples filing joint returns.

Taxpayers who can't validate their identity online or by phone, those who are ineligible to file a Form 15227 or those who are having or technical difficulties can make an appointment at a Taxpayer Assistance Center.

Things taxpayers should know about the education tax credits.
The American Opportunity Tax Credit is:

Worth a maximum benefit of up to $2,500 per eligible student.
Available only for the first four years at an eligible college or vocational school.
For students pursuing a degree or other recognized education credential.
Partially refundable. People could get up to $1,000 back.
The Lifetime Learning Credit is:

Worth a maximum benefit of up to $2,000 per tax return, per year, no matter how many students qualify.
Available for all years of postsecondary education and for courses to acquire or improve job skills.
Available for an unlimited number of tax years.

WHAT !!!!!Kids 🫨👀🤦🏽‍♀️💣

Today is your deadline 🤷🏻‍♀️

Running out of time …Tax season deadline, April 15 this Monday

Closed until Monday . Stay Blessed. Happy Easter 🐣