Boss Tax and Accounting Services LLC

04/14/2025

Just a reminder: Filing a tax extension doesn’t mean you get more time to pay!

If you’re planning to file an extension this year, remember:
You must still pay your estimated tax liability by the April deadline (April 15th).

The extension only gives you more time to file—not more time to pay.
Failing to pay on time can lead to penalties and interest from the IRS.

Need help estimating what you owe or filing your extension the right way?
Boss Tax & Accounting Services has your back.

Let’s handle it now so you’re not stressed later!

03/31/2025

🚨 Tax Deadline is Fast Approaching! 🚨

If you OWE taxes:
✅ File Now to avoid penalties
✅ File an Extension & Pay to minimize interest
✅ Set Up a Payment Plan to stay in good standing

💰 Last Chance to Claim Your Refund! 💰
You have 3 years to claim a credit or refund—don’t leave YOUR money with the IRS!

📞 Contact Boss Tax and Accounting Services today!
☎️ 563-424-6674 | 📍 4620 E 53rd St | 💻 Virtual filing available as well

Don’t wait until it’s too late! Act NOW!

02/18/2025

🚨 TAX TRANSCRIPTS! 🚨

After filing your 2024 tax return, you can check your IRS tax transcript for key codes that indicate your refund status. Here are some important ones to know:

✅ 846 – Refund Issued 💰
⏳ 570 – Additional Action Pending (processing delay)
🔍 420 – Examination of Credit (possible audit)
⚠️ 776 – Refund Applied to Debt (offset to debts like taxes, loans, etc.)
🚫 821 – Refund Freeze (refund temporarily stopped)
🔄 900 – Tax Return Reversed (return was voided or corrected)

⚠️ Remember: IRS processing times don’t include weekends or holidays, and “Where’s My Refund” updates overnight! Be patient while the IRS processes your return.

02/18/2025

🚨 Tax Season Update! 🚨

The PATH Act funding is set to begin soon! If you filed early, your refund could be available as early as Monday, February 24, or Wednesday, February 26.

🔹 Once your direct deposit is sent, it may take 1-4 business days to post to your account.
🔹 Some banks offer early fund releases, so you might receive your refund sooner!
🔹 Your tax professional has limited access to refund status updates—once your return is filed, refund timing is in the hands of the IRS and your bank.

Stay informed and plan ahead! 💰✨

02/05/2025

🚨 Attention Business Owners & Rental Property Owners! 🚨

If you’re claiming business or rental property losses year after year to lower your taxable income, you could be setting yourself up for an IRS audit.

📌 Hobby Loss Rule – The IRS requires a business to show a profit in at least 3 out of 5 years. If not, they may classify it as a hobby—which means you can’t deduct the losses.

📌 Rental Property Risks – Renting out your property for less than fair market value while claiming large losses can trigger the same scrutiny.

📌 Poor Recordkeeping = Big Trouble – If you’re not tracking your business contributions, inventory, or expenses properly, the IRS may question how your business continues to operate at a loss. Even using personal or business credit to fund your business without reconciliation can put you at risk.

💡 Bottom Line: Continuous losses without clear records can result in disallowed deductions, back taxes, penalties, and even an audit. Make sure you’re running your business with a profit motive and keeping detailed financial records.

Have questions? Let’s talk before the IRS does!

🔄 Share this to help others stay informed!

02/04/2025

Added almost 2k to a clients return simply by asking all the appropriate questions‼️

Me: Did you attend college last year?
Client: Yes
Me: Well you might be leaving money on the table! Up to $2,500‼️
Client: What do I need to do?
Me: Log into your schools website and under documents you should see a 1098T.
Client: Got it‼️

💰 Get Up to $2,500 for School! Are You Claiming the Right Credit? 🎓

If you or your child is in college, you might qualify for one of these two major education tax credits:

📌 American Opportunity Tax Credit (AOTC) – Worth up to $2,500 per student!
✅ Covers tuition, books, and school fees
✅ $1,000 is refundable (even if you owe $0 in taxes!)
✅ Only for the first 4 years of college

📌 Lifetime Learning Credit (LLC) – Worth up to $2,000 per return!
✅ Covers tuition & fees for undergrad, grad school, and job training
✅ No limit on how many years you can claim it
✅ Not refundable, but lowers your tax bill

💡 Which one should you claim? You can’t take both for the same student in the same year, so pick the one that gives you the biggest benefit!

📢 Tag a student or parent who needs this info! Don’t miss out on FREE money for education!

02/04/2025

I bet you didn’t know….

🚨 Instability Can Trigger an IRS Audit! 🚨

Frequent changes in your life can raise red flags with the IRS. If you’ve experienced any of these, be extra careful with your tax return:

🔄 Switching Jobs Often – Big income swings or multiple W-2s can get IRS attention.

🏠 Moving Frequently – Address changes can cause mismatched records, leading to extra scrutiny.

👩‍💼 Changing Tax Professionals – If your filing pattern changes drastically, the IRS might take a closer look.

👶 Swapping Dependents – Claiming different kids each year? Make sure you have the right documentation!

🚨 Too Much Instability = Higher Audit Risk! 🚨

✅ Stay consistent. Keep records. File accurately.

💡 Need help? Consult a tax pro to stay audit-proof!

🔄 Share this to spread awareness!

02/04/2025

🚨 Top 5 Reasons for an IRS Audit 🚨

If you’re claiming the Earned Income Credit (EIC), Child Tax Credit, or filing a Schedule C for your business, watch out for these red flags that could trigger an IRS audit!

1️⃣ Reporting Too Much or Too Little Income – If your income doesn’t match IRS records or seems unrealistic for your situation, it could raise suspicions.

2️⃣ Claiming Dependents That Don’t Qualify – The IRS checks eligibility for Child Tax Credit and EIC. Make sure your dependents meet the requirements!

3️⃣ Excessive Business Deductions – If you’re self-employed and claim too many expenses on Schedule C, the IRS may question if they’re legitimate.

4️⃣ Cash Income with No Documentation – Reporting income without proof, like from side gigs or under-the-table work, can be risky. Keep detailed records!

5️⃣ Previous Audit Issues – If you’ve been audited before and had adjustments made, the IRS may take another look at your return.

💡 Tip: Always keep accurate records and file honestly to avoid unnecessary IRS scrutiny. If you’re unsure, consult a tax professional!

🔄 Share this to help others stay informed!

02/02/2025

ACTC vs. CTC: Know the Difference This Tax Season!

Tax season is officially here, and I want to clear up a common source of confusion—the difference between the Child Tax Credit (CTC) and the Additional Child Tax Credit (ACTC).

✅ Child Tax Credit (CTC): This credit reduces the amount of taxes you owe—up to $2,000 per qualifying child for 2023. However, it’s non-refundable, meaning if your tax liability is zero, you won’t get the remaining amount as a refund.

✅ Additional Child Tax Credit (ACTC): If you don’t owe enough taxes to claim the full CTC, you may qualify for the refundable portion—up to $1,600 per child—as a refund.

Why does this matter?
Many taxpayers expect the full $2,000 as a refund, but that’s not always how it works! Knowing the difference can help you plan and avoid surprises when you file.

Need tax help? Let’s make this tax season smooth and stress-free! Drop your questions in the comments or reach out.

563-424-6674

01/27/2025

Dear Taxpayers,

As the IRS officially opens today, many tax returns are being accepted. Here’s a quick breakdown of the three status bars on Where’s My Refund:

✔️ RECEIVED – The IRS has received your return, and it’s being processed.
✔️ APPROVED – The IRS has approved your refund and provided a funding date. 🎉
✔️ SENT – Your refund has been sent via direct deposit or mailed as a check. 💵

Important Reminder:
Due to the PATH Act, most refunds for taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) will NOT be processed until AFTER February 15th. Refunds will typically arrive by late February or early March, regardless of when you filed. Refund dates are released randomly.

Your tax preparer cannot expedite the process and has limited information until the IRS processes and deposits your refund. For detailed updates, please contact the IRS directly at 1-800-829-1040.

📌 Pro Tip: Be patient and avoid checking the IRS website daily before February 15th—it will only frustrate you. Let the IRS do its thing!

Thank you for your understanding!

12/21/2024