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Be yourself; Everyone else is already taken.
— Oscar Wilde.

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Bookkeeping For Small Businesses in Dallas

Do All Businesses Need Bookkeeping?

No one decides to start a business because they are passionate about keeping strict financial records, they start a business because they have a product or service they are excited to share with others. Unfortunately, whether keeping close records of all the money you spend or receive is appealing to you or not, it does play a necessary role in running a business.

Bookkeeping helps business owners take a look at their finances, determine where their money is going, what areas they can budget better in, and where spending more money would be beneficial. Additionally, bookkeeping helps business owners when it comes to filing their taxes or approaching a bank for a loan.

When a business is unable to supply their financial records for taxes, loans, or other interests they may be penalized or miss out on opportunities to grow their business. This is why it is important for all businesses to stay on top of their bookkeeping.

The team at King Financial Services has years of experience helping businesses and individuals with bookkeeping and tax services, as well as payroll processing. Our team can help make it easy for you to keep track of all of your important day to day accounting services through quickbooks. This includes your cash flow, your tax planning, financial reports, payroll services, and more.

When you are looking for the best bookkeeping services for small businesses in Dallas, look no farther than King Financial Services! Call us today to learn more about the financial services we provide and how we can help your business thrive.

King Financial Services in Dallas

Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.

King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
https://kingfinancialsvcs.com/
https://www.facebook.com/kingtaxsvcs
Google Business Listing
https://kingfinancialsvcs.com/bookkeeping/

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IRS Tax Preparation Near Me

Complex tax problems can be overwhelming and difficult to overcome on your own. Working with an expert tax preparer for tax counseling can help you to get resolution even for the most difficult tax problems. Whether you have all of your tax forms or are in need of guidance in order to find the information you are missing to file, our team can help you. We have been helping individuals and business’s file their taxes without error for years. From simple tax filing to in-depth tax filing, we do it all.

IRS Tax Dates for 2021

According to the IRS, important tax dates to remember include:

Time to make contributions to IRAs and health savings accounts extended to May 17

In extending the deadline to file Form 1040 series returns to May 17, the IRS is automatically postponing to the same date the time for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). This postponement also automatically postpones to May 17, 2021, the time for reporting and payment of the 10% additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans. Notice 2021-21 also postpones the due date for Form 5498 series returns related to these accounts to June 30, 2021.

2017 unclaimed refunds – deadline extended to May 17

For tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, 2021. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the May 17, 2021, date.

Additionally, foreign trusts and estates with federal income tax filing or payment obligations, who file Form 1040-NR, now have until May 17, 2021.

2021 AFSP deadline postponed to May 17

Tax preparers interested in voluntarily participating in the Annual Filing Season Program (AFSP) for calendar-year 2021 now have until May 17, 2021 to file their application with the Internal Revenue Service. The normal due date is April 15.

Details on this extension are in Notice 2021-21, posted on IRS.gov. For more information about the Annual Filing Season Program, visit the Tax Pros page on IRS.gov.

Estimated tax payment due April 15

Notice 2021-21, issued today does not alter the April 15, 2021, deadline for estimated tax payments; these payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.

Enrolled Agents in Dallas

If you are looking for a tax resolution in Dallas, for your personal or commercial tax problems, our team can help you! Our highly qualified tax professionals work with business owners from a wide range of industries to help reduce their taxes and file accurate tax returns. Do not let your taxes overwhelm you, instead work with a team of financial professionals who will advocate for your needs. Contact us today to learn more about the services we provide.

King Financial Services in Dallas

Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understands how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.

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Tax Resolution in Dallas

What exactly can enrolled agents do?

Enrolled agents are granted unlimited practice rights. This means that Enrolled Agents can provide help to anyone, including individuals, businesses, and other entities with any aspect of their taxes. If you are looking for tax resolutions in Dallas, the team at King Financial Services can help you. Our team wants to make it easy for you to navigate through your financial situation and make it simple for you to report your tax information to the IRS. If you have an error in your filing, are behind on taxes, or are looking to reduce the total amount of taxes you owe, we can help you.

King Financial Services in Dallas, TX is home to two Enrolled Agents, that are empowered by The United States Treasury to prepare your personal or business tax filing. Don’t waste your time calling one of the large advertisers that claim to solve your problems for pennies on the dollar, instead take the time to talk to your trusted, local tax expert. Our team solves IRS tax problems locally and in every state. We are here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, extremely discrete.

Enrolled agents can, among other things:

-Help you with tax planning

-Give you tax advice and help you navigate complicated tax rules

-Prepare, sign, and file your tax return

-Represent you before the IRS when dealing with audit, payment, or collection issues

-Assist you with any other tax matters

Commercial Tax Resolution Near Me

When it comes to preparing taxes for your business, it is important to protect yourself by ensuring you are properly filing. Whenever there is an error in filing your taxes it can negatively impact your business, cost you money, and even result in an audit. Working with an experienced tax professional can help to get you the most out of your tax return, ensure you are not overpaying, and that you are properly reporting your financial information. This year even more business owners are looking for assistance when it comes to filing their business taxes because of the complexities associated with financial aid and the COVID-19 pandemic. If your business has suffered due to the circumstances of the pandemic, you may qualify for more tax write-offs than you realize. At King Financial Services, we understand the importance of saving money, especially for small business owners that have been most affected by the pandemic.

King Financial Services in Dallas

King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
https://kingfinancialsvcs.com/
https://www.facebook.com/kingtaxsvcs
Google Business Listing

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via IFTTT

Tax Services Near Me

King Financial Services is here to help you resolve even the most complex of tax issues. We understand how difficult of a position it is to owe the IRS money. Not only do we help you get the most out of your tax returns, we also help you find solutions that fit your specific needs. We are home to two Enrolled Agents, that are empowered by The United States Treasury to prepare your personal or business tax filing. Don’t waste your time calling one of the large advertisers that claim to solve your problems for pennies on the dollar, instead take the time to talk to your trusted, local tax expert. Our team solves IRS tax problems locally and in every state. We are here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, discrete.

IRS Fresh Start Initiative Near Me

Are you struggling to pay your federal taxes?

If so, the IRS Fresh Start program for individual taxpayers and small businesses can help. The IRS began Fresh Start in 2011 to help struggling taxpayers. Now, to help a greater number of taxpayers, the IRS has expanded the program by adopting more flexible Offer-in-Compromise terms. This expansion will enable some of the most financially distressed taxpayers to clear up their tax problems, possibly more quickly

than in the past.

Tax Debt Relief Near Me

Owing the IRS money can be overwhelming to overcome and may not easily be paid in your current financial situation. Luckily, the IRS understands this and developed a program to help taxpayers settle the tax debts they owe for less than the total amount due. This is done through what is referred to as an Offer in Compromise. An Offer in Compromise is an agreement between a taxpayer and the IRS that allows the taxpayer to settle the debt for less.

It is recommended by the IRS that any taxpayer interested in making an Offer in Compromise works with a tax professional with extensive experience in this area. At King Financial Services in Dallas, we have two Enrolled Agents on staff that can help you resolve even the most complex tax issues. We are familiar with the process and can help you get your offer accepted and your tax debt reduced.

According to the IRS’s website:

(an offer in compromise)may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:

Ability to pay;

Income;

Expenses; and

Asset equity.

(the IRS) generally approves an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time. Explore all other payment options before submitting an offer in compromise. The Offer in Compromise program is not for everyone. If you hire a tax professional to help you file an offer, be sure to check his or her qualifications.

Business Tax Help Near Me

Many business owners turn to experienced tax professionals to help them prepare their professional taxes. This year even more business owners are looking for assistance when it comes to filing their business taxes because of the complexities associated with financial aid and the COVID-19 pandemic. If your business has suffered due to the circumstances of the pandemic, you may qualify for more tax write-offs than you realize. At King Financial Services, we understand the importance of saving money, especially for small business owners that have been most affected by the pandemic.

If you are looking for “business tax help near me”, we can help you! Our highly qualified tax professionals work with business owners from a wide range of industries to help reduce their taxes and file accurate tax returns. Do not let your taxes overwhelm you, instead work with a team of financial professionals who will advocate for your needs.

King Financial Services in Dallas

King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
https://kingfinancialsvcs.com/
https://www.facebook.com/kingtaxsvcs
Google Business Listing

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Bookkeeping and Payroll Services in Colleyville TX

Many small business owners take on the responsibility of handling their own bookkeeping and payroll. Unfortunately, these finances can be more complex than it may seem. For instance, in order to properly do payroll you will need to keep up to date with payroll laws, tax deposit rules, and filing state and federal required forms on time, or risk being penalized for missing a deadline. Outsourcing payroll not only takes care of all of these points but also allows business owners to focus on the parts of running their business that are most important, like quality control and growth. If you are looking for bookkeeping and payroll services in Colleyville, TX, contact King Financial Services today. We can help you get organized and maintain flawless records of your expenses, while ensuring your payroll is always accurate and on time.

We Prepare Your Financial Statements

Bookkeepers will work with you to prepare three major financial statements for your company, including the profit and loss statement, balance sheet, and cash flow statement. You will want to have this done on a monthly basis and then again at the end of the year. The profit and loss statement will provide records of your business’s bottom line and operating expenses. The balance sheet will show your company’s balance of assets and liabilities. The cash flow statement indicates the cash flowing into and out of your company, from customers, to suppliers, and more. At King Financial Services we make this all simple to track with online software, so we can prepare these financial statements and make them easily accessible to you for tax purposes and more.

We Process Your Payroll

In addition to bookkeeping, our team provides payroll processing for your employees. We ensure you are in compliance with all payroll laws, tax deposit rules, and that you file all state and federal forms on time and accurately. King Financial Services offers the most precise and affordable payroll services in Colleyville, TX and the surrounding areas. If you are a business owner looking to find a more efficient and convenient process to keep up with your company’s payroll services contact King Financial Services today. When you work with Kus you can rest easy knowing you are not gambling with the finances of your company. Making the choice to work with a team that’s top priority is to ensure all of your company’s finances are documented and filed properly, saving you a lot of time and hassle. Contact us to learn more about the payroll services we offer and how we can help to eliminate the stress that comes with record keeping and payroll.

Tax Help For Businesses

In addition to bookkeeping and payroll services, the team at King Financial Services provides efficient and affordable tax preparation for businesses. If you are looking to have all of your finances handled by one trusted company, look no further than King Financial Services in Colleyville.

Why should I choose King Financial Services?

King Financial Services in Colleyville, TX is home to two Enrolled Agents, that are empowered by The United States Treasury to prepare your personal or business tax filing. Don’t waste your time calling one of the large advertisers that claim to solve your problems for pennies on the dollar, instead take the time to talk to your trusted, local tax expert. Our team solves IRS tax problems locally and in every state. We are here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, extremely discrete.

King Financial Services in Colleyville

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Important Tax Deadline Changes

The Treasury Department and Internal Revenue Service made an announcement earlier this week that:

The federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Filing Form 4868 gives taxpayers until October 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021, to avoid interest and penalties.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds associated with e-filed returns are issued within 21 days.

This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.

State tax returns

The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

Winter storm disaster relief for Louisiana, Oklahoma and Texas

Earlier this year, following the disaster declarations issued by the Federal Emergency Management Agency (FEMA), the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.

How Does This Affect IRA Contributions?

According to Forbes:

The good news? Taxpayers can delay filing their 2020 Form 1040 as well as paying any federal income tax payments due with that 2020 federal return until May 17th. The extension will also provide taxpayers additional time to contribute to an Individual Retirement Account (IRA), and thereby decrease their AGI to potentially receive more favorable tax benefits. A taxpayer will be deemed as making an IRA contribution on the last day of the 2020 tax year provided the IRA contribution is made no later than the original due date of the 2020 tax return. Now that the due date is extended to May 17th, additional planning can occur. Pay close attention to IRA contributions, and a reduction to 2020 AGI, if a taxpayer’s AGI is hovering around $160,000 for married filing joint taxpayers ($80,000 for single filers) in order to maximize the ability to receive a 2021 individual recovery rebate.

Why should I choose King Financial Services?

King Financial Services in Dallas

King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
https://kingfinancialsvcs.com/
https://www.facebook.com/kingtaxsvcs
Google Business Listing

from Sandra King Financial Services Inc https://ift.tt/3rk3UV4
via IFTTT

Best Bookkeeping Services For Businesses in Dallas

Proper bookkeeping is an essential part of running a successful business. This is because bookkeeping helps to organize your financial information in a way that makes it easy for business owners to adapt their expenses to stay profitable, track important trends, and avoid serious problems. When you make it a point to stay on top of your bookkeeping you also will have a much easier time when it comes to filing your taxes, which as all business owners know, can be a time consuming and complicated process. Luckily, the team at King Financial Services is here to help! We offer the best bookkeeping services for businesses in Dallas and surrounding areas. We understand how important it is for you to have reliable and accurate records of all of your businesses financial transactions, without having to keep up with a complex accounting system. We work with you to find easy solutions that fit your needs and also provide you with the information you need to keep your business records up to date and easy to navigate.

What Is Bookkeeping?

The unfortunate truth is, when it comes to running your business, there is a lot of behind the scenes paperwork and record keeping that needs to be completed in order to keep your company running smoothly. Whether it is time to file your taxes, you have a loan request from your bank, or you simply are looking to maximize your profits and spend wisely, bookkeeping is an essential aspect of operating your business. Working with a bookkeeper to help keep your business on top of properly recording your finances can go a long way to keeping your business functioning and organized.

Bookkeeping is defined as the recording, storing, and collecting of all financial transactions for a business, nonprofit organization, individual, etc. These financial transactions that should be recorded, stored, and collected, include but are not limited to:

-Monitoring and recording for goods sold or services provided to clients

-Monitoring and recording receipts from customers or to customers

-Verifying and recording invoices received from suppliers

-Paying suppliers on time and for the correct amount

-Processing employees’ pay and the related governmental reports

-Monitoring individual accounts receivable and catching errors

-Recording depreciation and other adjusting entries

-Providing financial reports monthly, quarterly, annually, or at other determined intervals

At King Financial Services we offer the best bookkeeping services for businesses in Dallas, TX and the surrounding areas. If you are looking to find a more efficient and stress-free way to keep up with your company’s bookkeeping contact us today. We have decades of experience in providing businesses with easy bookkeeping solutions to keep them organized and on track, even through the most complex financial situations. When you work with us you are not gambling with your finances, instead you are working with a team that’s top priority is to ensure all of your finances are documented and filed properly. Contact us to learn more about the financial services we offer and how we can help to eliminate the stress of keeping track of your company’s finances. Don’t forget to ask about the other financial services we offer for businesses and individuals.

King Financial Services in Dallas

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Winter Storm Extends Tax Deadline For Texans

In response to the brutal winter storms that left many Texans without electricity or water for several days, the IRS has extended the tax deadline statewide. This is the statement they released in response to the storm:

Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.

The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.

In addition, penalties on payroll and excise tax deposits due on or after February 11 and before February 26 will be abated as long as the deposits are made by February 26.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are filling out this tax season. Be sure to write the FEMA declaration number – 4586 − on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

King Financial Services in Fort Worth, TX is home to two Enrolled Agents, that are empowered by The United States Treasury to prepare your personal or business tax filing. Don’t waste your time calling one of the large advertisers that claim to solve your problems for pennies on the dollar, instead take the time to talk to your trusted, local tax expert. Our team solves IRS tax problems locally and in every state. We are here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, extremely discrete.

King Financial Services in Fort Worth

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What Happens If I Cannot Find My Tax Documents?

According to the IRS:

There are many reasons why you may need a copy of your tax return information from a prior year. Transcripts are free and available for the most current tax year after the IRS has processed the return. You can also get them for the past three tax years. If you don’t have your copy, the IRS can help. Here are the types of transcripts to choose from:

Tax Return Transcript. A return transcript shows most line items from your tax return just as you filed it. It also includes any forms and schedules you filed with your return. However, it does not reflect changes made to the return after you filed it. If you are applying for a mortgage, most mortgage companies require a tax return transcript and participate in our Income Verification Express Service program. If you are applying for financial aid, you can use the IRS Data Retrieval Tool on the FAFSA website to import your tax return information to your financial aid application. In both of these cases, you won’t have to request a transcript directly from the IRS.

Tax Account Transcript. This transcript shows any adjustments made by you or the IRS after you filed your return. It shows basic tax return data, like marital status, type of return, adjusted gross income and taxable income, and other transactions such as payments you made.

Here’s how to get a transcript:

Order Online. The fastest way to get a Tax Return or Account transcript is through the ‘Get Transcript’ tool available on IRS.gov. Although the IRS temporarily stopped the online viewing and printing of transcripts, Get Transcript still allows you to order your transcript online and receive it by mail. Just click the “Get Transcript by Mail” button to have a paper copy sent to your address of record.

Order by phone. You can also order by phone at 800-908-9946 and follow the prompts.

Order by mail. To order your tax return transcript by mail, complete and mail either Form 4506-T or Form 4506T-EZ. Form 4506-T can also be used to request other tax records: tax account transcript, record of account, wage and income, and verification of non-filing.

If you need an actual copy of your tax return, they are generally available for the current tax year and as far back as six years. The fee per copy is $50. Complete and mail Form 4506 to request a copy of your tax return. Mail your request to the IRS office listed on the form for your area. If you live in a federally declared disaster area, you can get a free copy of your tax return. Visit IRS.gov for more disaster relief information.

Plan ahead. Delivery times for online and phone orders typically take five to 10 days from the time the IRS receives the request. You should allow 30 days to receive a transcript ordered by mail and 75 days for copies of your tax return.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

Can an EA help me get previous tax records?

If you are unable to provide the necessary information or forms to file your taxes, the enrolled agent you are working with can help you to navigate the process of getting the proper records. If you have missing paperwork that makes you feel overwhelmed about how you can properly file your taxes, our team of tax experts can help you!

King Financial Services in Fort Worth

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Recovery Rebate Credit for Missing Stimulus Payments

Since the first round of stimulus checks rolled out, the IRS has issued over 307 million stimulus relief payments, also known as Economic Impact Payments, which has amounted to more than $413 billion dollars for eligible Americans.

Even with these astounding numbers, there are still many Americans who have yet to receive their first or second Economic Impact Payment. If you are one of the millions of Americans who did not receive one or both of your stimulus payments, you may be eligible to claim the amount you were supposed to receive as a Recovery Rebate Credit on your 2020 federal tax return.

According to the IRS’s website this is what you need to know:

The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.

Beginning in April 2020, the IRS and Treasury Department began delivering the first round of Economic Impact Payments within two weeks of the legislation. The IRS issued more than 160 million EIPs to taxpayers across the country totaling over $270 billion, while simultaneously managing an extended filing season. In addition, since Congress enacted the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs in the second-round totaling over $142 billion.

The legislation required that the second round of payments be issued by January 15, 2021. While some second round Economic Impact Payments may still be in the mail, the IRS has issued all first and second Economic Impact Payments it is legally permitted to issue, based on information on file for eligible people.

Get My Payment was last updated on January 29, 2021, to reflect the final payments and will not update again for first or second Economic Impact Payments.

Most people who are eligible for the Recovery Rebate Credit have already received it, in advance, in these two rounds of Economic Impact Payments. If individuals didn’t receive a payment – or if they didn’t receive the full amounts – they may be eligible to claim the Recovery Rebate Credit and must file a 2020 tax return. Eligibility for and the amount of the Recovery Rebate Credit are based on 2020 tax year information while the Economic Impact Payments were based on 2019 tax year information. For the first Economic Impact Payment, a 2018 return may have been used if the 2019 was not filed or processed.

Individuals will need to know the amounts of any Economic Impact Payments they received to claim the Recovery Rebate Credit. Those who don’t have their Economic Impact Payment notices can view the amounts of their first and second Economic Impact Payments through their individual online account. For married filing joint individuals, each spouse will need to log into their own account.

To avoid refund delays, the IRS urges people to file a complete and accurate tax return. Filing electronically allows tax software to figure credits and deductions, including the Recovery Rebate Credit. The Recovery Rebate Credit Worksheet on Form 1040 and Form 1040-SR instructions can also help.

Anyone with income of $72,000 or less, including those who don’t have a tax return filing requirement, can file their federal tax return electronically for free through the IRS Free File Program. The fastest way to get a tax refund is to file electronically and have it direct deposited – contactless and free – into the individual’s financial account. Bank accounts, many prepaid debit cards and several mobile apps can be used for direct deposit when you provide a routing and account number.

King Financial Services is home to two Enrolled Agents, that are empowered by The United States Treasury to prepare your personal or business tax filing. Don’t waste your time calling one of the large advertisers that claim to solve your problems for pennies on the dollar, instead take the time to talk to your trusted, local tax expert. Our team solves IRS tax problems locally and in every state. We are here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, extremely discrete.

King Financial Services in Fort Worth

King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
https://kingfinancialsvcs.com/
https://www.facebook.com/kingtaxsvcs
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