04/28/2022
🥱 I've come to the conclusion that a TAX and CREDIT course is thoroughly needed in our facebook community. I know the tax lingo and jargon can be confusing at times so me and a friend of mine came up with some simple rules to break it down.
2022 DOES HAVE NEW TAX LAWS -let’s start there!!!
‼️‼️The only reason why the ones didn’t work are seeing a big refund is because they didn’t receive the Child Tax Credit Payments, had a baby in 2021, and has missing stimulus payments. (IJS)
🛑Just because you have social security and medicare taken out your check (which are mandatory by the way) it has NOTHING to do with FEDERAL TAXES taken out on box 2 of your W2. Box 2 is just as important as Box 1.
🛑A 1099 Misc is not the same as a W2. 1099's have no federal taxes withheld. So your return is not going to be the same as your friends, co workers, cousins etc. if you have a 1099 and they have a W2.
‼️‼️9 times out of 10 the more money you make the less your return will be. Ex: If you worked half the year in 2017 and only made $15,000 with 2 dependents and made $30,000 working the full year in 2018 you will NOT get that SAME refund.
🤷🏾♀️The song "Mo Money, Mo Problems" is for real. As you become more successful and make more money you need to understand those days of getting big refunds are OVER! In fact, you should prepare to break even or put money aside to pay the IRS money you may owe them.
🛑Listen to the song "Brackets" by J. Cole
‼️‼️❌‼️‼️Just because you think you know how to use turbo tax doesn't mean you know tax rules or tax laws. Just because you've heard that your friends are getting a huge refund don't get jealous or assume that they are doing their taxes legally. I have heard and seen it all within the 3 years I been doing taxes. Just because you can input any numbers you want, that does not mean they are the correct numbers.
✅The IRS can go back as far as 3 years to audit your returns and if they do find something they charge interest on their findings.
❌❌Asking someone how much they charge before even presenting them what your tax issue is an insult to the accountants/CPA/Tax professional knowledge, work and experience. We understand everyone is looking for a deal but remember the saying, "You get what you pay for!" Would you want a "cheap" guy on the corner who owns a screwdriver to change your engine? Or would you want a licensed mechanic? You damn sure don't negotiate about the price of Gucci or those Jordan's on your feet do you?
🛑If you own a business. Have proof, paperwork, receipts or a tax id. Also pay the IRS during the year 🤷🏾♀️
Contact me Crystal O'Neill