Do you often find it difficult to pay for your taxes quarterly? If yes, make it a monthly installment instead. This way, you’ll be able to save for your tax payments just like any other monthly expense.
"Taxation according to income is the most effective instrument yet devised to obtain just contribution from those best able to bear it and to avoid placing onerous burdens upon the mass of our people." - Franklin Roosevelt
With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
PHELPSTAX.COM
Why it’s important to plan for income taxes as part of your estate plan
As reported by the Tax Foundation, Americans collectively paid $5.2 trillion in federal, state, and local taxes in 2019. That is more than the combined cost of food, clothing, and housing.
5 Tips to Help Prompt Customer Payment
Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.
PHELPSTAX.COM
Can investors who manage their own portfolios deduct related expenses?
Before World War II, few individuals owed income taxes. About 1.1% of working-age people filed a return, and about 17% of those filers did not have to pay income taxes due to a high personal exemption.
According to the IRS, the error rate for electronically filed returns is less than 1%, while paper filers are 21X more likely to commit errors. Errors can cause tax returns to get audited or rejected. Contact our experts for tax preparation.
Many taxpayers live in fear of an audit. But do you know that only less than 1% of tax returns actually get audited? High earners and those who report no income are more likely to get audited.
Do you know that filing a fraudulent tax return is a felony and a form of fraud in the eyes of the IRS? It carries up to $100k in fines and up to 3 years in prison.
Do you know that the U.S. tax code is over 74,000 pages long? It is so long that it would take even a super-fast reader more than 1,200 hours to get through it all.
A notice of deficiency is an official written claim by the IRS that a taxpayer owes additional income tax and often interest and additional penalties. This notice gives you the chance to pay back your IRS debt.
Joyce Marcel once said, "For patriots like me, paying taxes gives a feeling of responsibility, of being part of the fabric of our country, of contributing to the common good."
The reports have revealed that about 17% of workers violate the tax code when filing their returns. Seeking professional assistance for filing taxes is important if you don’t want to run into any problems with the IRS.
Do you own Series EE bonds? Take a look at the issue dates. If the bonds are no longer earning interest, you probably want to redeem them. Here’s more about how the interest on the bonds is taxed.
https://www.phelpstax.com/how-series-ee-savings-bonds-are-taxed
Do you need to pay taxes on Bitcoin profits? Yes! If you sell Bitcoins and earn a profit, this will be considered a part of your gross income and will be subject to income tax.
Do you know that if you report a person or business for tax evasion in the United States, you'll receive up to 30% of the additional tax, penalty, and other amounts collected by the IRS?
Federal tax returns were not always due April 15. In 1913, March 1 was the final date; in 1918 it was March 15; and finally, in 1954 the current Tax Day was enacted.
It may seem easier to put money into a traditional IRA than it is to take money out. Here are some of the ins and outs of the IRA distribution rules.
PHELPSTAX.COM
Taking distributions from a traditional IRA
Did you know the first income tax in the U.S. was imposed in July 1861 to help pay for the Civil War? The current income tax system was enacted into law in 1913 before the beginning of World War I.
Get out and support (safely!) local black-owned businesses this weekend! #phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal #blackownedbusiness #smallbusinesssaturday #shopsmall #ict #dddict #smallbiz #wichita
Wichita, and the Delano district in particular, is home to many of our client’s small businesses. If you have time, and you can do so safely, get out this weekend and shop local! #smallbusinesssaturday #shopsmall #ict #dddict #smallbiz #wichita #sbsict #thankful #phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal
World War II led to the formation of the Bureau of Internal Revenue, which later became the Internal Revenue Service (IRS). Do you know the IRS is the world’s largest accounting and tax-collection organization?
Exciting things happening @phelpstaxandfinancial!!!
Deductions help workers lower their taxable income, yet only 30% of households take advantage of this. You can take deductions for charitable contributions, property taxes, and medical expenses that exceed 10% of your adjusted gross income.
All sources of income for U.S. residents are taxable under the existing federal laws. Any income which a non-resident earns from outside the U.S. is not considered a taxable income.
It’s that time of year again: time to spend your unused dollars if you have an FSA.
https://www.phelpstax.com/employees-dont-forget-about-your-fsa-funds
Cryptocurrency is recognized by the IRS as a property and not a currency. Bitcoins are taxed similarly to stocks, even when they are used to make a purchase.
Alfred E. Neuman has rightly said, "Today it takes more brains and effort to make out the income-tax form than it does to make the income."
If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.
https://www.phelpstax.com/steer-clear-of-the-wash-sale-rule-if-youre-selling-stock-by-year-end
Many workers who don't owe taxes neglect to file returns without realizing that there are some tax credits that offer refunds. For example, the Earned Income Tax Credit offers up to a $6,318 refund for those who don't owe taxes.
What is a “sin tax”? Legally called excise taxes, these “sin taxes” are imposed on alcohol, tobacco, and gambling. Rhode Island, Nevada, West Virginia, New Hampshire and Delaware account for the largest share of sin tax revenues.
Walked down to our neighbor Ruben’s Mexican Grill for lunch today. Enjoying the sun, our fellow Delano businesses, and their fun Christmas decor! 🎄🎅🏽
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#phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal #business #accountant #kansas #delano #like #follow #christmas #christmasdecor
Have you been contributing enough to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the recently announced limits for 2021.
https://www.phelpstax.com/maximize-your-401-k-plan-to-save-for-retirement
Do you know that as of 2020, seven states in the U.S. levy no personal income tax? These states are Florida, Alaska, Nevada, Texas, South Dakota, Washington, and Wyoming.
According to the statistics, Americans must work 114 days into the year to afford their tax bills. It also means that workers may be neglecting a number of key deductions that could lower their overall tax burden.
Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.
https://www.phelpstax.com/can-you-qualify-for-a-medical-expense-tax-deduction
"Taxes are how we pool our money for public health and safety, infrastructure, research, and services--from the development of vaccines and the Internet to public schools and universities, transportation, courts, police, parks, and safe drinking water." - Holly Sklar
According to a recent survey of IRS agents, most tax mistakes were made by self-filers who misunderstood what deductions were allowable. Our specialists have the requisite knowledge to find the proper deductions.
The fourth estimated tax payment deadline for 2020 is coming up. Here are the details of when it is and whether you’re required to make a payment.
https://www.phelpstax.com/the-next-estimated-tax-deadline-is-january-15-if-you-have-to-make-a-payment
Do you know that since 2001 there have been more than 4,500 changes to the U.S. tax code? Now you know why hiring a professional to prepare your taxes is important.
As we wind down 2020, be aware that December 31 is an important date when it comes to filing your tax return. Whether you’re married or unmarried on that date will affect how you file. Check out the 5 federal tax filing statuses and who can claim them.
https://www.phelpstax.com/your-taxpayer-filing-status-you-may-be-eligible-to-use-more-than-one
One of the words used most frequently when it comes to business finances is “fiscal.” While considered a synonym for financial, it actually means “pertaining to pubic revenue” and is from a Latin word that means “belonging to the state treasury,” implying a strong connection to taxes. We can help take care of your fiscal health in every sense.
Exciting things happening at Phelps Tax in 2021! Thank you to @samiborghini and the rest of the wonderful crew @wichita_real_producers for the amazing opportunity to be featured in the January issue of the publication! We are ready and here to serve our REALTORS® and their financial and tax-related needs!
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Our January Partner Spotlight is Phelps Tax & Financial Services
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Ryan Phelps is your go-to for bookkeeping and tax services for 1099 employees...aka: all you REALTORS®.
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We can’t tell you how many times his name came up as a recommendation from agents. And no surprise, this runs in the family!
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Get to know more about Ryan in the January WRP pub...hitting 📬 now!
#wichitarealproducers #wichitarealestate #wichitarealtors #wichitataxes #wichitataxpreparation #wichitatopproducers #wichitafinance #wichitawealth #wichitaks #wichitabroker
Business tax preparation is an important part of running any business - failure to file the returns, or errors made during their preparation could lead to a number of bad situations for a business. Tax preparation and planning services prevent these issues.
Among the services we offer is the developing of short and long-range goals to minimize tax liabilities. The longer you work with us, the more familiar we become with your business in order to provide sound advice.
Can you benefit from the massive new Consolidated Appropriation Act signed into law? Here are some of the tax highlights for individuals.
https://www.phelpstax.com/the-covid-19-relief-law-whats-in-it-for-you
For those who don't have access to a copy of the magazine! Ryan was featured in the Partner Spotlight section of the January issue of Real Producers magazine! Check it out! Wichita Real Producers
Is your business transaction eligible for tax incentives or credits? While the laws are specific (and somewhat convoluted), your acquisition may qualify. We can review the details and help you find them.
Commercial, industrial, and residential properties all have different taxing regulations and restrictions governing transactions and ownership. Instead of trying to muddle through and risking penalties, let us guide you.
Information is vital to success, and we will provide you with the range of tax reports covering any requested time periods in order to help you better manage your assets.
Filing your tax return early will get you any refund early and may protect you from tax identity theft. Here’s why.
https://www.phelpstax.com/one-reason-to-file-your-2020-tax-return-early
Taxes get more complicated every year, and rules and regulations change almost overnight. Why risk filling out forms incorrectly or missing deductions you're entitled to? We have the experienced staff to make sure your taxes are the lowest allowable by law.
Commercial, industrial, and residential properties all have different taxing regulations and restrictions governing transactions and ownership. Instead of trying to muddle through and risking penalties, let us guide you.
If you pay or receive spousal support, the laws have changed regarding reporting and deducting it. Instead of risking a penalty, let us prepare your taxes for you.
If you’re required to take distributions from a retirement plan, you may have received a respite in 2020, but you must begin taking them again this year.
https://www.phelpstax.com/dont-forget-to-take-required-minimum-distributions-this-year
As your taxes become more complicated, the risk of doing them incorrectly increases and you can put yourself in an unintentionally tenuous legal position. Working with a tax prep and planning service ensures that your tax forms meet all legal requirements.
Information is vital to success, and we will provide you with the range of tax reports covering any requested time periods in order to help you better manage your assets.
Filing your tax return early will get you any refund early and may protect you from tax identity theft. Here’s why.
https://www.phelpstax.com/one-reason-to-file-your-2020-tax-return-early
Taxes get more complicated every year, and rules and regulations change almost overnight. Why risk filling out forms incorrectly or missing deductions you're entitled to? We have the experienced staff to make sure your taxes are the lowest allowable by law.
If you go to a tax preparer in a box store, you will most likely work with seasonal employee trained in tax-preparation software, who simply enters data into a form. A dedicated tax preparation and planning services knows the tax laws and all the allowable ways of saving tax dollars.
Thinking about buying a new electric vehicle? While you’re considering factors like acceleration and the range of the battery before recharging, check out the federal tax break that may be available.
https://www.phelpstax.com/the-power-of-the-tax-credit-for-buying-an-electric-vehicle-for-your-business
Some very hepful reminders here if you're gathering your things in order to file your 2020 tax return. If you have questions, we're here to help.
https://www.kake.com/story/43253204/important-reminders-before-filing-2020-tax-returns
KAKE.COM
Important reminders before filing 2020 tax returns
If you pay or receive spousal support, the laws have changed regarding reporting and deducting it. Instead of risking a penalty, let us prepare your taxes for you.
If you’re required to take distributions from a retirement plan, you may have received a respite in 2020, but you must begin taking them again this year.
https://www.phelpstax.com/dont-forget-to-take-required-minimum-distributions-this-year
As your taxes become more complicated, the risk of doing them incorrectly increases and you can put yourself in an unintentionally tenuous legal position. Working with a tax prep and planning service ensures that your tax forms meet all legal requirements.
MESSENGER
Phelps Tax and Financial Services, Inc. updated their business hours.
If you go to a tax preparer in a box store, you will most likely work with seasonal employee trained in tax-preparation software, who simply enters data into a form. A dedicated tax preparation and planning services knows the tax laws and all the allowable ways of saving tax dollars.
Thinking about buying a new electric vehicle? While you’re considering factors like acceleration and the range of the battery before recharging, check out the federal tax break that may be available.
https://www.phelpstax.com/the-power-of-the-tax-credit-for-buying-an-electric-vehicle-for-your-business
Some very hepful reminders here if you're gathering your things in order to file your 2020 tax return. If you have questions, we're here to help.
https://www.kake.com/story/43253204/important-reminders-before-filing-2020-tax-returns
KAKE.COM
Important reminders before filing 2020 tax returns
If you pay or receive spousal support, the laws have changed regarding reporting and deducting it. Instead of risking a penalty, let us prepare your taxes for you.
If you’re required to take distributions from a retirement plan, you may have received a respite in 2020, but you must begin taking them again this year.
https://www.phelpstax.com/dont-forget-to-take-required-minimum-distributions-this-year
Do you have better things to do than fill out and file your taxes? We thought so. Instead of spending valuable time on this chore, turn it over to our team of professionals.
How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.
https://www.phelpstax.com/2021-individual-taxes-answers-to-your-questions-about-limits
Do you know all of the deductions, credits, and other tax breaks for which you may be eligible? Because the limits and eligibility requirements are constantly changing, it takes a tax professional to know just what you can deduct.
MESSENGER
Phelps Tax and Financial Services, Inc. updated their business hours.
If you go to a tax preparer in a box store, you will most likely work with seasonal employee trained in tax-preparation software, who simply enters data into a form. A dedicated tax preparation and planning services knows the tax laws and all the allowable ways of saving tax dollars.
Thinking about buying a new electric vehicle? While you’re considering factors like acceleration and the range of the battery before recharging, check out the federal tax break that may be available.
https://www.phelpstax.com/the-power-of-the-tax-credit-for-buying-an-electric-vehicle-for-your-business
While you get a copy of your tax records, we keep copies of them and your financial records to provide us with a complete picture of your business or personal financial portfolio so we can offer the best advice on your tax responsibilities.
In order to claim a charitable deduction on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t received one yet for a charitable donation you made in 2020?
https://www.phelpstax.com/did-you-make-donations-in-2020-theres-still-time-to-get-substantiation
Our understanding of the laws regarding fix asset capitalization, depreciation, and disposal can result in a lowering of your taxes. Your real estate is supposed to be an investment, not a capital drain.
Do you have better things to do than fill out and file your taxes? We thought so. Instead of spending valuable time on this chore, turn it over to our team of professionals.
How much can you contribute to an IRA for 2021? How much is the standard deduction? Here are some Q&As about these and other tax-related amounts for 2021.
https://www.phelpstax.com/2021-individual-taxes-answers-to-your-questions-about-limits
Do you know all of the deductions, credits, and other tax breaks for which you may be eligible? Because the limits and eligibility requirements are constantly changing, it takes a tax professional to know just what you can deduct.
Are the heirs to your estate on the hook for taxes when you pass? We can show you a number of legal options that will shield from the taxman what you've worked so hard to build.
Saving now for retirement is one of the best moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2020 tax return.
https://www.phelpstax.com/didnt-contribute-to-an-ira-last-year-there-still-may-be-time
If you or a member of your family was ill, some or all of the medical expenses may be eligible for deductions. Just how much you can deduct, though, depends on several factors, and an experienced tax prep service can help you understand what you are allowed to deduct.
While you get a copy of your tax records, we keep copies of them and your financial records to provide us with a complete picture of your business or personal financial portfolio so we can offer the best advice on your tax responsibilities.
In order to claim a charitable deduction on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t received one yet for a charitable donation you made in 2020?
https://www.phelpstax.com/did-you-make-donations-in-2020-theres-still-time-to-get-substantiation
Our understanding of the laws regarding fix asset capitalization, depreciation, and disposal can result in a lowering of your taxes. Your real estate is supposed to be an investment, not a capital drain.
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Our team will show you all the options and their impact.
Business tax preparation can be a complicated procedure, and must be done carefully, as the IRS will thoroughly check any tax returns submitted by the business for errors. A tax preparation company is always a good way to have the returns done with the smallest risk of error.
Saving for retirement can help make your future brighter. Recent tax law changes might allow you to save more with your IRA or retirement plan.
https://www.phelpstax.com/retiring-soon-recent-law-changes-may-have-an-impact-on-your-retirement-savings
Are the heirs to your estate on the hook for taxes when you pass? We can show you a number of legal options that will shield from the taxman what you've worked so hard to build.
Saving now for retirement is one of the best moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2020 tax return.
https://www.phelpstax.com/didnt-contribute-to-an-ira-last-year-there-still-may-be-time
If you or a member of your family was ill, some or all of the medical expenses may be eligible for deductions. Just how much you can deduct, though, depends on several factors, and an experienced tax prep service can help you understand what you are allowed to deduct.
Are you required to make estimated tax payments because you don’t pay enough tax in withholding? Here are the rules.
https://www.phelpstax.com/estimated-tax-payments-the-deadline-for-the-first-2021-installment-is-coming-up
According to a report from the Government Accounting Office (GAO), individual taxpayers overpay their taxes by $400, and almost $500 million nationwide in overpayments are made because tax payers do not take all of their allowable deductions.
More exciting things happening @phelpstaxandfinancial! The supremely talented @hannahleescott has lent her incredible skill and creativity to us in designing and painting this absolutely stunning mural in our office! We can’t wait to see it all come to life! Stay tuned for more updates coming soon!
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Our team will show you all the options and their impact.
Business tax preparation can be a complicated procedure, and must be done carefully, as the IRS will thoroughly check any tax returns submitted by the business for errors. A tax preparation company is always a good way to have the returns done with the smallest risk of error.
Saving for retirement can help make your future brighter. Recent tax law changes might allow you to save more with your IRA or retirement plan.
https://www.phelpstax.com/retiring-soon-recent-law-changes-may-have-an-impact-on-your-retirement-savings
🥁🥁🥁....and here is the finished product in all its glory! Pictures, as well as all good art, don’t do it justice. You’ll have to come by and check it out in person to fully appreciate its beauty. This was the final piece to complete the office remodel. Thank you so much @hannahleescott for being so dedicated to bringing our vision to life. You have extraordinary talent and were an absolute joy to work with. It’s better than we ever imagined it could be. Thank you!!!
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#phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal #business #accountant #kansas #delano #mural #art #painting #socialmedia #photography
We’d like to give a huge shoutout to the ladies of @thegildedcookie for their thoughtfulness and delicious treats! If you’re needing some tasty, festive treats then they are the place for you! Check them out!
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#wichitakansas #ict #localbusiness #smallbusiness #shoplocal #supportlocal #business #kansas #delano #douglasdesigndistrict #like #follow #baking #cookies #confections #cakes #art #creative
Have you purchased a hybrid, electric or a clean-fuel vehicle for yourself or for your business? If so, you may be able to deduct some of the cost from your tax bill. Environmentally-friendly may also mean tax-friendly.
Day 3 progress!!! 🤯
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#phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal #business #accountant #kansas #delano #mural #art #painting #socialmedia #photography
Are you required to make estimated tax payments because you don’t pay enough tax in withholding? Here are the rules.
https://www.phelpstax.com/estimated-tax-payments-the-deadline-for-the-first-2021-installment-is-coming-up
If you have made upgrades to your home or other structures that have improved their energy efficiency, you may be eligible to take deductions on what was done. In addition, if you have invested in certain energy efficient appliances, deductions may apply for them also.
We have the expertise to advise entrepreneurs regarding their business and its tax planning needs. Talk to one of our professionals about the form your business should take before setting up shop.
Are you eligible to receive direct payments under the new law that passed on March 11?
https://www.phelpstax.com/new-law-parents-and-other-eligible-americans-to-receive-direct-payments
President Biden has signed the American Rescue Plan Act into law. Among the many relief provisions are direct payments that will be made to eligible individuals. The full amount for eligible individuals is $1,400 ($2,800 for eligible married couples filing joint tax returns) plus $1,400 for each dependent. Most eligible taxpayers will receive direct bank deposits or paper checks in the mail. The full payments are available to those with adjusted gross incomes (AGIs) of less than $75,000 ($150,000 for married couples filing jointly and $112,500 for heads of households). There is also an increased Child Tax Credit for eligible taxpayers, part of which will be paid out monthly later this year.
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#phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal #business #accountant #kansas #delano #like #follow #taxtiptuesday
🥁🥁🥁....and here is the finished product in all its glory! Pictures, as well as all good art, don’t do it justice. You’ll have to come by and check it out in person to fully appreciate its beauty. This was the final piece to complete the office remodel. Thank you so much @hannahleescott for being so dedicated to bringing our vision to life. You have extraordinary talent and were an absolute joy to work with. It’s better than we ever imagined it could be. Thank you!!!
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#phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal #business #accountant #kansas #delano #mural #art #painting #socialmedia #photography
Child care is expensive. The newly enhanced child and dependent care credit may help for 2021.
https://www.phelpstax.com/new-law-tax-break-may-make-child-care-less-expensive
Working with us is a money-saving investment. Not only are we skilled in tax preparation, we also know more about tax laws than a layperson, so we can find the legitimate tax savings that a non-professional can't.
If you have made upgrades to your home or other structures that have improved their energy efficiency, you may be eligible to take deductions on what was done. In addition, if you have invested in certain energy efficient appliances, deductions may apply for them also.
We have the expertise to advise entrepreneurs regarding their business and its tax planning needs. Talk to one of our professionals about the form your business should take before setting up shop.
Are you eligible to receive direct payments under the new law that passed on March 11?
https://www.phelpstax.com/new-law-parents-and-other-eligible-americans-to-receive-direct-payments
President Biden has signed the American Rescue Plan Act into law. Among the many relief provisions are direct payments that will be made to eligible individuals. The full amount for eligible individuals is $1,400 ($2,800 for eligible married couples filing joint tax returns) plus $1,400 for each dependent. Most eligible taxpayers will receive direct bank deposits or paper checks in the mail. The full payments are available to those with adjusted gross incomes (AGIs) of less than $75,000 ($150,000 for married couples filing jointly and $112,500 for heads of households). There is also an increased Child Tax Credit for eligible taxpayers, part of which will be paid out monthly later this year.
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#phelpstaxandfinancial #wichitakansas #ict #localbusiness #smallbusiness #tax #finance #shoplocal #supportlocal #business #accountant #kansas #delano #like #follow #taxtiptuesday
