Camacho Consulting Services

01/01/2025

We welcome 2025 with open hearts and endless possibilities. Let’s dream big and make it a year to remember. Wishing you a Happy New Year! ✨

12/25/2024

05/12/2024

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05/02/2024

Quote of the day.

04/25/2024

🥰 Thank you so much for being part of our community! 🙌
We really appreciate all the support you have given us, and look forward to continuing to connect with you in the future.

04/17/2024

If you missed the tax deadline, don’t worry, you can still file.
Call Us for more information ☎️ 908-718-5061

04/15/2024

TAX DAY is HERE. Need help? Contact us!

04/10/2024

🚦Important Moves to Consider When Interest Rates Change

A domino effect occurs each time the Federal Reserve changes interest rates. An increase leads to higher rates for consumers when they borrow, while paving the way to better returns for savings accounts. A decrease results in paying less interest when borrowing money, but also causes a drop in how much your savings can earn.

While waiting to see what the Fed does in 2024, consider having a plan in place for both these scenarios — a hike in interest rates as well as a cut. Here are some ideas for formulating your own financial plan for each scenario.

04/01/2024

We are here to help!
Make your TAX APPOINTMENT https://shorturl.at/dfDZ6

03/28/2024

Call us for more information ☎️ 908-718-5061
Make your TAX APPOINTMENT https://shorturl.at/dfDZ6

03/26/2024

The traditional rule-of-thumb for emergency funds is to have enough cash stashed away to cover 3 to 6 months worth of expenses. For many people, though, this sounds better in theory than in practice.

When you're starting from scratch and don't have a lot — or any — extra cash at the end of the month, consider these ideas to help grow your emergency fund.

03/21/2024

Call us for more information ☎️ 908-718-5061
Make your TAX APPOINTMENT https://shorturl.at/dfDZ6

Want your tax return filed quickly and without error? Then double-check this list of items that are often overlooked. These missing items often cause delays in getting your tax return filed: ⬇️
📄Forms W-2 and 1099 - Using last year's tax return as a checklist, make sure all your W-2s and 1099s are received and applied to your tax return. Missing items will be caught by the IRS mismatch program. All these forms are required to be in the mail to you on or before Jan. 31. If you are missing a form, contact the company responsible for issuing them.

📄Dependent information - If you added a new dependent in 2023, provide the name, Social Security number and birth date to have them added to your tax return. If you have a dependent that shares custody with someone else, discuss the plan for who is going to claim them. Your tax return cannot be filed if there is conflict in this area.

📄Cost basis information - If you sold any assets (typically investments or real estate), you need to know the cost basis amount to calculate your taxable capital gain. Check your investment statements to ensure that your broker includes the required information. Sometimes it's difficult to find this information on the Form 1099-B summary, but it might be listed later in the statement details.

📄 Schedule K-1s - As an owner of a partnership or S-corporation, you will need to receive a Form K-1 that reports your share of the profit or loss from the business activity. When you receive your K-1, pay special attention to box 17 (code V) for S corporations and box 20 (code Z) for partnerships. This is where information is included for the Qualified Business Income Deduction.

📄 Digital asset transactions - If you are buying or selling cryptocurrency or other digital assets, you will need to provide details to support the cost basis and sales price of each transaction.

📄Forms or documents with no explanation - If you receive a tax form, but have no explanation for the form, questions will arise. For instance, if you receive a retirement account distribution form, it may be deemed income. If it is part of a qualified rollover, no tax is due. An explanation is required to file your information correctly.

📄Missing signatures. Both you and your spouse need to review and sign the e-file approval forms before the tax return can be filed. The sooner you review and approve your tax return, the sooner it can be filed.

By knowing these commonly missed pieces of information, hopefully your tax filing experience will be a smooth one.

MAKE YOUR TAX APPOINTMENT TODAY!