The Top 10 Tax Tips You Need To Know

Sponsored - Quality Tax Tip #1 – Keep record of your business expenses throughout the year in order to streamline your filing process. Organize your expenses into categories. Keep receipts and all information pertaining to your business to minimize issues when filing. Some good apps you can use include Trip Log, MileIQ, and Quick Books Self Employed. For more information visit us at our Lexington office at 996 East New Circle Rd. across from Paul Miller Ford. To set up an appointment you can call us at 859-402-2227 or visit us at qualitypowerhouse.com. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #2 – In order to protect yourself from identity theft it is important to understand how the IRS communicates with you. The usual method of contact is via US mail and not a phone call. The IRS doesn’t normally send text messages, emails or contact you through social media channels. If someone calls you acting as the IRS hang up the phone and call the IRS yourself just to be safe. For more information visit us at our Lexington office at 996 East New Circle Rd. or visit our website at qualitypowerhouse.com. Give us a call at 859-402-2227 to set up an appointment. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #3 – Great News as a result of the tax reform you will no longer be penalized for not having health insurance if your received health insurance for the marketplace you are still required to report you 1095A form. If you have any further questions please contact us at 859-402-2227 or stop in for a visit at 996 East New Circle Rd (Across from Paul Miller Ford). If you would like to book an appointment visit us at qualitypowerhouse.com. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #4 – Call the IRS debt hotline so you can be knowledgeable on what offsets you have acquired throughout the years and the amounts owed. This will allow you to know whether your state and/or federal refund will be offset and how much will be taken. The IRS hotline is 800-304-3107 that’s 800-304-3107. By calling this number you will be able to resolve ay debt prior to filing your taxes. Fo further information Give us a call at 859-402-2227 to set up an appointment or visit our website at qualitypowerhouse.com. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #5 – The PATH Act was created in order to protect tax payers and their families against fraud and permanently extend many expiring tax laws. The law enacted in 2015 will continue to affect the timing of you refunds for the tax year 2020. Any tax returns claiming income credit, child tax credit, or education credit will not be released until late February 2020. If you need further assistance or have any additional questions please give us a call at 859-402-2227 or stop in at Quality Tax at 996 E New Circle Rd. across from Paul Miller Ford. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #6 – As of 2018 the standard deduction has essentially doubled and that is the same for 2019 filing season. Taxpayers who normally claim itemized deductions will have a higher threshold to meet but will also reap the benefits as if they have itemized which will result in an easier filing process. For most people this will also result in a higher refund. If you would like to know how you in particular will be affected stop in for an appointment at 996 East New Circle Rd. across from Paul Miller Ford or give us a call at 859-402-2227. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #7 – Any government assistance such food stamps, section 8, or WIC is not taxable. Child support is not considered as income or an expense in relation to tax filing. If you received or paid alimony this is no longer reported on your income taxes as well. If you have questions regarding what income is taxable and what income is not. Give us a call at 859-402-2227 or visit our website qualitypowerhouse.com. We are located at 996 East New Circle Rd. and we accept walk-ins. Quality Tax. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tips #8 – Visit qualitypowerhouse.com to see how the tax reform affects you specifically. We have a tax tip page that is a great tool for you to use for your current tax year and all future returns before 2026. This will prevent any confusion if something changes with your pay or refund that you haven’t already discussed with your preparer. You can also go to the IRS website and use the paycheck calculator to find out how you should claim your w-4 and I-9 with your employer to predict how your refund will result for the upcoming years. For more information give us a call at 859-402-2227 or stop in and visit us at 996 East New Circle Rd. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #9 – The child tax credit has essentially doubled offering over $2k deduction for a qualifying child 16 or younger at the end of the calendar year. Although the deduction has doubled the refundable portion has only increased by $400. New since 2018 is the $500 nonrefundable credit called the Other Dependent Credit for qualifying dependents over the age of 17. For more questions regarding these credits and other credit you may qualify for give us a call at 859-402-2227 or visit us a qualitypowerhouse.com. Quality Tax Where We Fight To Get You the Max!

Quality Tax Tip #10 - When itemizing, unreimbursed job-related expenses cannot exceed over 2% of your adjusted gross income. For example, your income is $30k per year your deduction for these expenses cannot exceed $600. Tax prep fees including payments to an accountant or tax prep firms cannot be itemized moving forward. For more information on how the impact of itemizing may affect you this tax season visit us at 996 East New Circle Rd. or give us a call at 859-402-2227. Quality Tax Where We Fight To Get You the Max!