TWO LOCATIONS to serve you - TEXAS and MARYLAND!
MARYLAND: 510 Central Ave - Ridgely Trading Post Building, Ridgley, MD, 21660 - (410) 829-4504
TEXAS: 15851 Dallas Parkway, Suite 600, Addison, TX 75001 - (214) 399-4748
Have Unfiled Tax Returns? You are not alone. Let Texas Tax Chicks LLP get you on the right track!
Call or text 214-399-4748 today to set up a free consultation.
Thousands of taxpayers have multiple years of unfiled returns, and we’ve found that individuals don’t file tax returns for a variety of reasons: missing personal records, economic or personal hardship, and neglect are a just a few. It may seem like the easiest option at the time to not file your return, however unfiled tax returns can lead to a long road ahead.
Not filing an overdue tax return can result in accruing penalties and interest, losing a potential refund, endangered Social Security benefits, and delayed or rejected loan approvals. We know that this problem can be paralyzing, and often seems impossible to tackle as time goes on. Fortunately, there are options to solving the problem of unfiled tax returns, and we are here to help.
Give Texas Tax Chicks LLP a call today!
Texas Tax Chicks LLP offers full service bookkeeping, payroll, and tax preparation. Let us get your business on the right track. Reach out today for a free consultation. Text or call 214-399-4748.
Make it a point to be in contact with your accountant regularly, not just at the end of the year. Doing so will make sure that any bookkeeping issue will be caught in time and will be easier to work out. Even though accounting software can enable practically anyone to monitor their business financials, having a good accountant as an advisor is valuable as they are able to give you sound opinions beyond setting up an accounting system. Your accountant should be able to help you with setting up your business from the start – creating an effective business structure, obtaining necessary permits and licenses (if required), setting up payroll, and even filing taxes.
Educator Expense Deduction – Did You Know?
If you are a teacher, principal, counselor, or classroom aide who works at least 900 hours a year in a state-accredited school (grades K-12), you may qualify for the Educator Expense Deduction. This IRS rule allows you to deduct up to $250 on your tax forms ($500 for joint filers who are both educators, but not more than $250 each) for classroom supplies that you purchase at your own expense.
Allowed expenses include traditional school supplies like rulers and markers, computer equipment and software, along with specialty items like athletic gear for physical education classes. A qualified tax advisor can help you determine which of your expenses qualify for the deduction.
You may not have to itemize deductions in order to claim the Educator Expense Deduction, but the IRS does require that you have written evidence for every expense. During this hectic back-to-school period when classroom expenses are most likely to occur, it is important to remember to save your receipts.
Need help with year end contractor pay reporting? Let Texas Tax Chicks LLP get you on the right track! Call or text 214-399-4748 today.
The 1099 tax form can seem mysterious. Business owners guess at its rules and requirements, and tracking changes to the procedures can be so exasperating that some entrepreneurs just give up and file nothing at all. (This can be dangerous financially, as penalties can add up quickly.) Don't guess, let us get you on the right track.
Need IRS Penalty Relief... Let Texas Tax Chicks LLP get you on the right track! Call 214-399-4748 for your free consultation today.
You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations, due to circumstances beyond your control.
If you received a notice, let us review your case to determine if your notice is correct. If you can resolve an issue in your notice, a penalty might not be applicable.
Penalties Eligible for Relief
Penalties eligible for penalty relief include:
Failing to file a tax return
Failing to pay on time
Failing to deposit certain taxes as required
Other penalties as applicable.
Tick ... Tick ... Tick Tax Season 2020 continues!
2019 Tax Filing Extension deadline is rapidly approaching.
Call or text Texas Tax Chicks LLP at 214-399-4748 today!
Are you among the millions of taxpayers who got an extension to file tax year 2019 returns? Thanks to this year's coronavirus-delayed July 15 Tax Day, your new Oct. 15 tax filing deadline will be here before you know it.
Don't let the late filing penalties catch up with you, reach out today.
Let Texas Tax Chicks LLP take the lead in setting up your new business. We offer entity formation, bookkeeping and payrolls services, and all tax filings for your business. Give us a call at 214-399-4748 or visit www.texastaxchicks.com today!
EXPIRES NOV 26, 2020
Free Consultation for New Business Start Ups
Need Help With Back Taxes? Missed the filing deadline?
Texas Tax Chicks LLP can get you on the right track. You don't have to face the IRS alone. We offer free same day consultations. Call or text us today at 214-399-4748.
Start 2020 Tax Planning Now!
Using Above-the-Line Charitable Deductions:
Everyone is entitled to a charitable deduction this year. The Tax Cuts and Jobs Act doubled the standard deduction while repealing or limiting many itemized deductions, leaving millions fewer taxpayers claiming actual itemized deductions. Typically, there is no tax benefit for giving to charity unless you itemize deductions. However, the CARES Act created an above-the-line deduction of up to $300 for cash contributions from taxpayers who don’t itemize. To take advantage of this provision, taxpayers should make sure to donate before the end of the year.
Need help with your 2020 tax planning? Reach out to Texas Tax Chicks LLP today for your free consultation! Call or text 214-399-4748.
Renewing ITINs - Did You Know?
Individual Taxpayer Identification Numbers are used for taxpayers who are required for U.S. tax purposes to have a U.S. taxpayer identification number but do not qualify to get a social security number.
If you use an ITIN, you should check if it expires this year. If it does, information about how to renew your ITIN can be found at: https://www.irs.gov/credits-deductions/individuals/how-do-i-renew-my-itin. Keeping your ITIN current helps avoid tax refund and processing delays.
Taxpayers who have not used their ITIN to file a federal return at least once in the last three years will see their number expire Dec. 31, 2020. ITINs with middle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99, that were assigned before 2013 and have not already been renewed, will also expire at the end of the year.
Did You Owe the IRS Last Year? Not Sure if You Have Enough Withholding?
Make up a tax shortfall with increased withholding by changing your W-4 now.
COVID-19 created cash-flow problems for many individuals. Taxpayers should make sure their withholding and estimated taxes align with what they actually expect to pay while they have time to fix a problem. If they find themselves in danger of being penalized for underpaying taxes, they can make up the shortfall through increased withholding on their salary or bonuses. A larger estimated tax payment at the end of the year can still expose them to penalties for underpayments in previous quarters, but withholding is considered to have been paid ratably throughout the year, so increasing it for year-end wages can save them in penalties.
Let Texas Tax Chicks LLP get you on the right track! Have questions, we can help. Free same day consultations. Call or text 214-399-4748 for more information.
How to Set Yourself Up for a Hassle-Free Tax Season (3/4)
By taking a few simple steps now, you can greatly reduce uncertainty and stress during the 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises:
Be Aware of Refund Interest And Stimulus Payments
Because the processing of some tax refunds was delayed in 2020 due to the pandemic, the IRS paid interest to many refund recipients. Unlike refunds themselves, these interest payments are classified as taxable income. If you received a tax refund interest payment, the IRS will send you Form 1099-INT in January, which you will need when preparing your return.
Recipients of a 2020 Economic Income Payment (EIP, also called a stimulus payment) should have also received IRS Notice 1444, Your Economic Impact Payment. Make sure to keep this notice handy. If your EIP amount was lower than it should have been, Notice 1444 will give you the information you need to claim a tax refund for the balance owed to you.
Expecting a Tax Refund? Call Texas Tax Chicks LLP to schedule your appointment today 214-399-4748!
The IRS is opening e-File on Feb. 12th. Don't wait til the last minute to file. We are preparing returns and transmitting to the IRS now to ensure our clients are first in line for processing.
Now open weekends to accommodate our clients busy schedules.
Texas Tax Chicks LLP updated their business hours.
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