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How Can An Enrolled Agent Help Me?

What is an Enrolled Agent?

According to the IRS.gov:

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.

What is the difference between a CPA and an Enrolled Agent?

While both enrolled agents and certified public accountants have the privilege of nearly unlimited practice rights before the IRS, there are some differences. Neither of them have restrictions to the types of tax issues they can handle and the type of taxpayers they can serve, but CPAs spend more time learning about accounting and other matters, while an Enrolled Agent solely focuses on tax matters. If you are looking for a tax professional you can count on to help you get through a difficult financial situation we can help! Enrolled Agents are considered America’s Tax Experts because of the strenuous standards and code of ethics they must follow in order to stay licensed.

How Can An Enrolled Agent Help Me?

Enrolled agents can help a wide range of individuals and entities in many different ways. These tax professionals are able to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers at all administrative levels within the IRS. From simple to complex tax issues, enrolled agents can help you! Contact King Financial Services in Fort Worth, TX today to learn more about how an enrolled agent can help you navigate your current financial situation.

Do Enrolled Agents Have Any Continuing Education Requirements?

According to the IRS.org

Generally, enrolled agents must obtain a minimum of 72 hours per enrollment cycle (every three years). Additionally, they must also obtain a minimum of 16 hours of continuing education (including 2 hours of ethics or professional conduct) each enrollment year. Review detailed information about continuing education for enrolled agents.

Key Facts About Enrolled Agents:

-The EA credential is the highest awarded by the IRS

-Enrolled Agents are able to practice in all 50 states because they are federally certified

-Enrolled agents have virtually unlimited practice rights, although they can’t represent clients in tax court, as this is reserved for tax attorneys

-Enrolled Agents work exclusively in the area of taxation, while CPAs focus more on accounting

-Enrolled agents are subject to stringent background checks and continuing education requirements, while also being held to a high standard of ethics

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

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.

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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New Law Impacting Disaster Relief

Running a business and maintaining the proper paperwork, recordkeeping, and financial information can be difficult even under the best of circumstances. When you throw a global pandemic into the mix that leads to massive shutdowns for many industries, and painstakingly difficult regulations on others, the complexity is magnified. There are many different relief packages and options available to businesses right now, and many of these are new and still being workshopped by the federal government. Determining how to navigate your financial burdens in this landscape can be overwhelming, luckily, you don’t have to do it alone. At King Financial Services in Dallas, we are here to help businesses thrive and make the most out of federal relief packages. If you have any questions about what relief your business qualifies for, or how to file your taxes after receiving assistance, we can help.

As always, we try to keep our customers in the loop about the changes being made that may impact your business.

The IRS’s website released this January 29, 2021

New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief

WASHINGTON — The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA of 2020), enacted December 27, temporarily increased the limit, to up to 100% of a corporation’s taxable income, for contributions paid in cash for relief efforts in qualified disaster areas.

Under the new law, qualified disaster areas are those in which a major disaster has been declared under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act. This does not include any disaster declaration related to COVID-19. Otherwise, it includes any major disaster declaration made by the President during the period beginning on January 1, 2020, and ending on February 25, 2021, as long as it is for an occurrence specified by the Federal Emergency Management Agency as beginning after December 27, 2019, and no later than December 27, 2020. For a list of disaster declarations, visit FEMA.gov.

Qualified contributions must be paid by the corporation during the period beginning on January 1, 2020 and ending on February 25, 2021. Cash contributions to most charitable organizations qualify for this increased limit. Contributions made to a supporting organization or to establish or maintain a donor-advised fund do not qualify.

A corporation elects the increased limit by computing its deductible amount of qualified contributions using the increased limit and by claiming the amount on its return for the tax year in which the contribution was made.

Corporations must meet the usual recordkeeping requirements that apply to charitable contributions, including obtaining a contemporaneous written acknowledgment (CWA) from the charity. The CWA must be obtained before the corporation files its return, but no later than the due date, including extensions, for filing that return.

The TCDTRA of 2020 added an additional substantiation requirement for qualified contributions. For corporations electing this increased limit, a corporation’s CWA must include a disaster relief statement, stating that the contribution was used, or is to be used, by the eligible charity for relief efforts in one or more qualified disaster areas.

Because of the timing of the new law, the IRS recognizes that some corporations may have obtained a CWA that lacks the disaster relief statement. Accordingly, the agency will not challenge a corporation’s deduction of any qualified contribution made before February 1, 2021, solely on the grounds that the corporation’s CWA does not include the disaster relief statement.

For additional details on the recordkeeping rules for substantiating gifts to charity, see Publication 526, Charitable Contributions, available on IRS.gov. More information about other coronavirus-related relief, can be found at IRS.gov.

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

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Second Round of PPP Loans Available

A second round of PPP loans are available to help businesses as the pandemic continues on into 2021. While it is important to do your research to understand how these loans work, for many businesses, these offer tremendous help.

In the months between April and August of last year, the Paycheck Protection Program distributed $523 billion in forgivable government-backed loans to over 5.2 million small businesses to help them continue paying their workers through the pandemic’s forced closures and regulations that interrupted their ability to operate as normal.

It has been announced that the program is restarting, after Congress included $284 billion in new funding in the stimulus package it passed in December. The program will give the hardest-hit businesses a chance at a second loan first.

Listed below is what the U.S. Small Business Administration has released on a second round of PPP Loans in 2021:

Second Draw PPP Loans

Eligible businesses may apply for a Second Draw PPP loan.

Notice: Paycheck Protection Program resumed January 11, 2021 at 9am ET

SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw PPP Loans the week of January 11, 2021. SBA began accepting applications for Second Draw PPP Loans on January 13, 2021.

SBA is currently accepting Second Draw PPP loan applications from participating lenders. Lender Match can help connect you with a lender. You can also view all lenders near you on a map.

At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low or moderate income neighborhoods.

Loan details

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Who may qualify?

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

-Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses

-Has no more than 300 employees; and

-Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

How and when to apply

You can apply for a Second Draw PPP Loan from January 13, 2021, until March 31, 2021. SBA is currently accepting Second Draw PPP loan applications from participating lenders. Lender Match can help connect you with a lender. You can also view all lenders near you on a map. All Second Draw PPP Loans will have the same terms regardless of lender or borrower.

If you wish to begin preparing your application, you can download the following PPP borrower application form to see the information that will be requested from you when you apply with a lender:

Paycheck Protection Program Second Draw Borrower Application Form (released 01-08-21)

King Financial Services in Dallas

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What Do I Do If The IRS Sends Me Too Much Stimulus Money?

You may not even be sure how much money you are supposed to be receiving in a stimulus check, or even if you qualify for a stimulus check at all. Unfortunately, not knowing how much money you should or should not be getting from the IRS can lead to complications for you financially. This is because the IRS is issuing these checks so quickly they are making errors, including sending too much money to individuals. Whenever the IRS makes an error that leads to you getting more money than you qualify for, the money is not yours to do as you please with, the IRS expects you to return it to them as soon as possible.

Understanding the qualifications for a stimulus check are critical to understanding who is and is not eligible for a second stimulus check. If you fall under any of the categories below and also received a stimulus check, it is likely an error:

-You received a check for someone who has died — there’s some nuance, more below.

-You don’t have a Social Security number.

-You’re considered a ‘nonresident alien’ without a US citizen spouse.

-You’re a noncitizen who files federal taxes.

-Your adjusted gross income exceeds the limit, for example, $87,000 for a single taxpayer.

-You’re claimed as a dependent on someone else’s taxes.

How Do I Send Stimulus Money Back To The IRS?

If any of the above statements pertain to you, you may need to send your stimulus check back. Here’s how to do it for each scenario, according to the IRS:

Returning a paper check that hasn’t been cashed or deposited:

Write VOID in the endorsement section on the back of the check.

Do not bend, paper clip or staple the check.

On a separate piece of paper, let the IRS know why you’re sending the check back.

Mail the check to the appropriate IRS location — it varies depending on which state you live in.

Returning a direct deposit or a paper check that was cashed or deposited:

Use a personal check or money order and make the check payable to US Treasury. You’ll also need to write 2020 EIP and include the taxpayer identification number or Social Security number of the person whose name is on the check.

On a separate piece of paper, let the IRS know why you’re sending the check back.

Mail the check to the appropriate IRS location — it depends on which state you live in.

Returning a check for someone who has died:

If you receive a payment for someone who died in 2019 or earlier, the IRS says you should return the entire payment “unless it was made to joint filers and one spouse is still living.” If you’re the living spouse, you should return half the payment — just not more than $1,200 in all.

However, if the check is issued in both your name and your deceased spouse’s name (and therefore you can’t deposit the money), you’ll need to return the whole amount to the IRS. After the agency can process the returned payment, it will issue you a new check with the correct amount for you.

What if I haven’t received a stimulus check yet?

If you were among the millions of Americans who are eligible to receive the second stimulus check but haven’t received it, you may be able to claim it as a Recovery Credit Rebate on your taxes. Also, note that for a few days more, the payment could still be in transit if you’re receiving a paper check or EIP card in the mail. If so, you can track it through USPS.

King Financial Services in Fort Worth

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IRS Delays Start of Tax Filing Season

As the pandemic stretches into 2021, we are continuing to see changes made by the Internal Revenue Service in order to accommodate the new systems put into place. As always the financial experts at King Financial Services in Dallas, TX are here to help you navigate your professional and personal taxes in order to protect yourself and your property. If you are in need of tax filing assistance, contact our team today. We work with you every step of the way, offering total transparency throughout the entire process. Whether you are multiple years behind in filing your taxes, or simply need help filing your taxes for 2020, we have the solution for you.

We are just learning today that the IRS is delaying the state of the tax filing season, affecting millions of Americans who file early every year.

According to the IRS’s website:

The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners. These groups are starting to accept tax returns now, and the returns will be transmitted to the IRS starting February 12.

Last year’s average tax refund was more than $2,500. More than 150 million tax returns are expected to be filed this year, with the vast majority before the Thursday, April 15 deadline.

Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves.

The IRS anticipates the first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers will need to check Where’s My Refund for their personalized refund date.

Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible.

Key Filing Season Dates

There are several important dates taxpayers should keep in mind for this year’s filing season:

January 15. IRS Free File opens.

February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.

February 22. The projected date for the IRS.gov Where’s My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.

First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.

April 15. Deadline for filing 2020 tax returns.

October 15. Deadline to file for those requesting an extension on their 2020 tax returns

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February Deadline For Employers

February 1 is the deadline for employers to issue and file wage statements.

Taken from the IRS’s website:

Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees.

By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. However, since January 31 falls on a Sunday in 2021, the deadline is the next business day, Monday, February 1.

Form 1099-MISC, Miscellaneous Income and Form 1099-NEC, Nonemployee Compensation, are also due to recipients on February 1, 2021, with some exceptions. Other due dates related to Form 1099 are listed in the instructions for these forms PDF.

Timely filing helps prevent fraud.

Filing wage statements on time and without errors is beneficial to employers and the IRS. The employer avoids penalties, and the IRS has time to verify income taxpayers report on their tax returns, which helps prevent fraud.

E-file is the quickest, most accurate and convenient way to file these forms. The law requires certain filers who file 250 or more information returns for any calendar year to file electronically.

Employers should plan and prepare early.

Good preparation now can help employers avoid problems later. For instance, employers can start by verifying or updating employee information, such as:

Names

Addresses

Social Security numbers

Individual Taxpayer Identification Numbers

Employers should be sure their account information is current and active with the Social Security Administration as soon as possible. Lastly, employers should order paper Form W-2s, if needed.

Automatic extensions of time to file Form W-2s are not available. The IRS will only grant extensions for very specific reasons. For details, employers should read the instructions for Form 8809, Application for Extension of Time to File Information Returns.

How Can Professional Payroll Services Help Me Prepare My Employees Wage Statements?

When it comes to finding the time to run your business as well as keep track of your employee’s hours, payroll taxes, and worker compensation, things can feel overwhelming even to the most experienced business professionals. This is where companies such as King Financial Services can help your company thrive. We help you remove the stress from completing your payroll and all of the related financial services that come with running a business. We make it easier than ever for companies to stay on top of their bookkeeping and financial services by providing internet-based services for your company to automatically input your information into. This helps companies keep accurate records without all the hassle. Contact us to learn more about how our team of financial professionals can help you get your company’s payroll and other bookkeeping and tax services under control.

-We will prepare payroll checks and print them for you or send a pdf for you to print them directly in house,

-We will process all federal and state reports filing them electronically, make electronic deposit transfers to IRS, and respond to any payroll correspondence requested by any agency.

-We will prepare yearly unemployment compensation audits.

-For only Quarterly or Year-End reports; 940’s, W-2’s and W-3’s, 1099’s, 1096’s, state reports, you can count on us.

When it comes to keeping track of your employee’s wages throughout the year, there is no room for error. Ensure you are staying organized and on-track when you work with King Financial Services in Fort Worth. Our financial team is here to help make it a breeze for you to keep up with your finances and records. We work with business owners throughout all industries to meet their goals and stay organized year-round. Make organization your 2021 resolution with King Financial Services today!

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5 Ways Your Taxes Will Differ When You File in 2021

Regardless if you filed your 2019 taxes or not, it is not too early to start planning your 2020 taxes that are due April 15, 2021. There were many tax changes that are making this one of the most drastic differences between filing years in quite some time. The earlier you decide to educate yourself on the changes to tax laws, the more time you will have to prepare and take advantage of these new conditions. Not to mention, there are always advantages to filing your taxes early, which King Financial Services will gladly help you with!

Listed below are some of the main differences you can expect when filing your taxes in 2021 than in previous years you have filed:

Higher HSA Limits: A change that affects your taxes almost every year is the contribution limits for health savings accounts (HSAs). Due to inflation, you can expect this same pattern to continue for your 2020 tax return. Listed below are the contribution limits for HSA-eligible workers with high-deductible health insurance policies:

Self-only coverage: $3,550 — ($50 increase from the previous years’ return)
Family coverage: $7,100 — ($100 increase from the previous years’ return)

Changes to Charitable Deductions: In efforts to incentivize U.S. citizens to donate money to charity during the ongoing pandemic, the IRS is allowing you to deduct as much as $300 in cash contributions that were made during 2020, even for those who file under a standard deduction. This tax change was also included in the CARES Act. In previous years, taxpayers have been allowed to write off tax-deductible charitable donations on their federal tax returns if they itemize deductions, but not in cases where they took a standard deduction. If you choose to itemize deductions for your 2020 tax return, you aren’t subject to the $300 limit for charitable contributions. In addition, you can elect to deduct cash contributions made in 2020 of up to 100% (increased from 60%) of your adjusted gross income (AGI).

Waived Required Minimum Distributions: The CARES Act waived the required minimum distributions (RMDs) for 2020 tax returns. In previous tax years, they were considered taxable income. This could mean that some retirees will have lower taxable incomes, thus owe less in federal income taxes in 2021.

Higher Income Brackets: Tax brackets typically change from tax year to tax year, generally due to inflation. The tax rates didn’t change for your 2020 tax return, however, the tax bracket amounts were adjusted to account for inflation over the year.

For 2020, the income brackets for single filing status, according to the IRS, is:

37% tax rate: Applies to taxable income of more than $518,400
35%: More than $207,350 but not more than $518,400
32%: More than $163,300 but not more than $207,350
24%: More than $85,525 but not more than $163,300
22%: More than $40,125 but not more than $85,525
12%: More than $9,875 but not more than $40,125
10%: Income of $9,875 or less

For married filing jointly, there are the 2020 income tax rates:

37% tax rate: Applies to taxable income of more than $622,050
35%: More than $414,700 but not more than $622,050
32%: More than $326,600 but not more than $414,700
24%: More than $171,050 but not more than $326,600
22%: More than $80,250– but not more than$171,050
12%: More than $19,750– but not more than $80,250
10%: Income of $19.750 or less

View more related information about IRS withholding tax tables for 2020 tax returns.

New Standard Deduction Amounts: Standard deductions reduce your taxable income amount, and they typically increase each year due to inflation. For 2020 taxes due in 2021, the standard deduction amounts (based on tax filing status) are:

Married filing jointly: $24,800 — up $400 from 2019 tax returns
Married filing separately: $12,400 — up $200 from 2019 tax returns
Head of household: $18,650 — up $300 from 2019 tax returns
Single: $12,400 — up $200 from 2019 tax returns

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The Fine Print on PPP Loans

What is a PPP Loan?

The Paycheck Protection Program (PPP) is a $669-billion business loan program that was developed by by the 2020 US Federal government Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to assist qualifying businesses, self-employed workers, sole proprietors, qualifying nonprofit organizations, and tribal businesses, so that they would be able to continue paying their employees.

The Paycheck Protection Program made it so that entities could apply for low-interest private loans to pay for their payroll and other outlined business costs. The amount of a PPP loan is approximately equal to 2.5 times the applicant’s average monthly payroll costs. The loan amount may be used to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable. The program is implemented by the U.S. Small Business Administration.

Over 5 million small businesses were granted PPP loans, without many of them realizing the fine print that came with these loans. The main terms of the PPP loans have been widely discussed since Congress enacted the program as part of the CARES Act back in March of this year. Small businesses would be able to borrow money through the Small Business Administration, and the amounts they spent on payroll, mortgage interest, rent, and utilities—all or most of the loan, in many cases—would be forgiven.

In most circumstances, whenever a loan is forgiven, it will become what is known as taxable income to the IRS. What made so many small businesses reach and apply for a PPP Loan is that the CARES Acts specifically stated that this loan would not only be forgiven, it would not be transferred into taxable income for the business. This persuaded many businesses to take the PPP Loan, as they struggled to keep their doors open while the government shut them down.

Unfortunately, many business owners missed the fine print on PPP loans, which did not arrive until months later in May, on page six of IRS Notice 2020-32, that stated if PPP loan forgiveness is not taxable, then the costs that were covered by the loan including employee pay, rent, utilities, and more, would no longer be deductible for business owners come tax season. When boiled down, this basically eliminates the tax break that was offered, which led to so many business owners applying for the loan in the first place.

So, what if the loan isn’t forgiven? What if a business owner chooses to pay it back, then what? It would be natural to assume that means those expenses it was used to pay would become eligible for deductions again, however, that is not guaranteed. The IRS came to the conclusion in November that if a PPP borrower “reasonably expects to receive forgiveness,” then the borrower “may not deduct those expenses” in the year they were paid.

According to Fortune’s website:

None of this appears to be what Congress intended when it hurriedly passed the CARES Act. But without a fix, “millions of small businesses…will face a surprising, and, in many cases, insurmountable tax bill next year,” the trade associations say.

Help may be on the way in the $908 billion bipartisan stimulus proposal gaining traction in Washington, but it’s impossible to be sure. The negotiators have released only a vague outline of the proposal, mentioning “deductibility” in connection with PPP. In any case, it’s all subject to change in the inevitable horse-trading going on behind the scenes.

Beside the sledgehammer threat of the PPP tax issue, several other emergency programs for small businesses are scheduled to expire at year-end unless Congress extends them. For many small-business owners, it’s still uncertain just how bad 2020 will be.”

Federal Relief Aid in Fort Worth, TX

COVID-19 has led to the shutdown of many businesses, some on a temporary basis, and sadly others will never reopen due to the financial devastation this pandemic has caused them. Our dedicated financial team offers services to ensure business owners are utilizing every available resource to them during this difficult time. We will work with your business to find and apply for all financial assistance you may qualify for through the government as well as help you properly file taxes for 2020. Additionally, in cases such as the current PPP Loans revelation that is hitting many business owners, we will help you to understand and utilize this new information in order to make the best choices for your specific business.

This has been an extremely trying time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. From individual financial services to business tax filing assistance, our team is dedicated to helping you overcome your financial obstacles. We work to help you protect yourself and business, during all of the ups and downs that come with running a business. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan and how to ensure you are getting all the tax breaks you qualify for.

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://kingfinancialsvcs.com/tax-preparation/

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Tax Tips For The End of The Year

We are well into the last quarter of 2020, causing many people to begin thinking about the taxes they will need to pay on their income for the year. While taxes are unavoidable no matter who you are, King Financial Services would like to help by providing some key tax tips for the end of the year. Listed below are some way you can take control of your tax outcome for 2020:

Don’t Be Afraid To Defer Income: What does this mean and why is it important? Deferring your income means, waiting to collect payment until a set time. This is helpful for those who are trying to minimize the income they need to claim for the 2020 calendar year. Income taxes are only taken for the year they are received, keep in mind that while this can be a helpful tool for many individuals what you defer today will be due next tax season. For many employees, it is not realistic that they will be able to defer their income if they are on a set payment schedule, however, they may be able to postpone collecting an end of the year bonus. This option is most beneficial to those who are self-employed and looking for a legal way to claim less this year than their projected salary. This is most useful for individuals who believe they will be in a lower tax bracket the following year.

Last-Minute Deductions Add Up: If you have been waiting to clean out your home and donate your belongings to charity, or are feeling extra generous and would like to make a cash donation, do it before the end of December. Not only will you help to strengthen your community by making donations, but you will also be eligible for a tax deduction. Make sure you keep all proper paperwork showing the amount of your donation in order to claim it on your taxes. Not all donations have to be cash, you can also donate appreciated stock or property.

If you are looking for more helpful information on how to lower your tax costs for 2020, contact the professionals at King Financial Services in Fort Worth, TX.

King Financial Services in Fort Worth

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 for 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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Economic Impact Payment Registration Deadline Extended

According to the IRS’s website:

“The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020.

The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

This additional time is solely for those who haven’t registered or received their EIP and don’t normally file a tax return. For taxpayers who requested an extension of time to file their 2019 tax return, that deadline is Thursday, October 15.

Most eligible U.S. taxpayers automatically received their Economic Impact Payment. Others who don’t have a filing obligation need to use the Non-Filers tool to register with the IRS to get up to $1,200. Typically, this includes people who receive little or no income.

The Non-Filers tool is secure. It is designed for people with incomes typically below $24,400 for married couples, and $12,200 for singles who could not be claimed as a dependent by someone else. This includes couples and individuals who are experiencing homelessness.

Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those not choosing this option will get a check.

Beginning two weeks after they register, people can track the status of their payment using the Get My Payment tool, available only on IRS.gov.”

Our team of financial professionals works with individuals and business owners to help them find and apply for all financial assistance they may qualify for through the government as well as help you properly file taxes for 2020. We have many tools to help businesses overcome the traumatic devastation this pandemic has brought to our economy. This has been a difficult time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan and how to ensure you are getting all the tax breaks you qualify for.

King Financial Services in Fort Worth

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