Questions and Answers You May Find Useful
• There is a new form, the 1099-K, that many of you will receive this year for things like eBay or Facebook Marketplace sales and sometimes for simple cash transfers using a cash-between-friends app such as Zelle.
• Cryptocurrency activities continue to cause significant tax problems for people that believe it is not reportable. Bluntly, cryptocurrency is taxable, reportable, and carries incredible penalties for not reporting, so discuss it with us if you dip your toes in that water.
• For the 2022 tax year, people with kids under the age of 17 may be eligible to claim a tax credit of up to $2,000 per qualifying dependent, and $1,500 of that credit may be refundable.
• Although more people have been working from home this year due to the pandemic, related expenses are not deductible if you are an employee. However, tax deductions are still available if you are self-employed and working from home during the year. Thus, if you have been working from home as an independent contractor, we should discuss what expenses you have incurred that might offset that taxable income.
What is the the Earned Income Tax Credit (EITC)?
EITC or EIC provides a subsidy for low-income working families. To claim this tax credit, you must meet certain eligibility. Call Tony for details.
What is Tax Debt Relief?
For those who cannot afford to pay their full tax liability, the IRS provides several ways for taxpayers to settle. Some key points to consider:
- Be proactive about resolving tax issues
- Pay the IRS what you can afford to pay, even if it’s a small amount
- Do not Ignore your tax debt
- You may seek the assistance of an “enrolled agent” such as Tony Du, EA, who is trained to represent taxpayers before the IRS.
“Tony really knows the tax laws and does my personal and business taxes.”
To set up an appointment, call 405-601-8874
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information.
What do I need to bring to our first meeting?
To give Tony a clearer picture of the best way to help you reach your tax and financial goals. Please download, read, and fill out the following forms and bring with you:
1. First Meeting—List of Helpful Information
2. Engagement Individual 1040
3. Tax Organizer – 2022