Falcon Tax Services

01/15/2025

Hello everyone!!! Tax season is here, are you ready to maximize your tax savings? Contact me!

03/20/2024

03/19/2024

How do you know if your tax preparer really cares about your tax situation? Is your Tax Preparer asking you questions? They should be asking you questions to understand your tax situation. If you sit down and they don’t talk to you then ask them questions. Here are some examples of crucial question so that you don’t miss any credit or deduction…were you married on Dec 31st of the previous year? Do you have kids or other dependents? We’re you a student? Any of your dependent attended college? Did your kids attended daycare? Any energy efficient home improvement? Do you owned a rental property? what kind of income you had? Interest income, IRA or 401k distributions? Self employed? How many jobs you had? Did you had Health insurance through the market place? These are only some of the questions that your tax preparer should be asking. Don’t settle for less!

01/03/2022

Happy Tax Season everyone! We are getting close to the tax season and I know many of you have questions about the new tax tule involving 3rd party payment networks such as Zelle, Venmo etc. Please read carefully and always visit the IRS.gov for additional questions.

If you receive $600 or more payments in total for goods and services through a third-party payment network, such as Venmo, Cash App, or Zelle, these payments will now be reported to the IRS. The new rule results from the American Rescue Plan signed into law in March 2021 and will mainly impact bu

12/06/2021

Early child tax credit could cost parents in the new year.

04/01/2021

The IRS will fix the tax returns filed before the recent changes by the American Rescue Plan. Those who received Unemployment benefits during 2020 may be getting some money back! 💰🇺🇸

04/01/2021

Don’t forget the deadline!

02/04/2021

🚨Tax Tip: Did you installed solar panels in 2020? For many homeowners, going solar is a great opportunity to save on monthly energy bills and reduce your dependence on your utility. The federal tax credit for going solar can make this investment an even better deal – but you need to understand how the credit works. Through the end of 2020, the solar federal tax credit can be worth up to 26% of the total cost of your solar installation, after which it steps down to 22% on January 1, 2021. And on January 1, 2022, tax credit disappears completely. Now this is the important part you need to understand. The federal tax credit is a reduction in the amount of taxes you owe, and not a refund. Example: Bob installed solar panels and pays about $30,000 for an 8 kilowatt solar installation. So, in this example, the 26% federal tax credit could reduce Bob taxes by $7,800. Yes, in order to see the credit you need tax liability. You entered all required data to calculate your tax liability and it is determined that your tax liability is $780, then that is the maximum credit you will receive. In other words the credit can not exceed the tax liability.
Please, always consult a tax expert. You should never ever take tax advice from a sales person...their focus is to sell, keep that in mind. 🚨

01/29/2021

🚨🚨🚨VERY IMPORTANT🚨🚨🚨

Refunds are crucial to many lower- and moderate-income households, which use the money to catch up on bills and medical treatments, pay down debt and boost savings.

01/18/2021

¡Hola amigos! Es temporada de impuestos nuevamente y debe mantenerse al día con lo que está sucediendo. ¿Qué necesita para su cita con su preparador de impuestos? Identificación con foto, documentos de ingresos (W2, 1099-INT, declaraciones de pérdidas y ganancias (ingresos y gastos) y 1099-Misc para autónomos / contratistas), 1095A, B o C Formularios de seguro médico (muy importante para evitar retrasos) 1098-T para estudiantes, 1098-E si pagó préstamos estudiantiles, declaración de interés hipotecario 1098 si es dueño de una casa (propiedad principal o de inversión), gastos en su propiedad de alquiler si los hubiera, 1099-G super importante si recibió beneficios de desempleo! Dividendos 1099-DIV, 1098-R si sacó dinero de su 401k durante 2020. Cada situación es diferente y necesita estar preparado, así que asegúrese de hacer preguntas durante su entrevista con el preparador de impuestos y si el preparador de impuestos no tiene respuestas, entonces busque a otra persona. Usted necesita a alguien que sepa hacer impuestos. Además, muy importante, si no recibió su pago de estímulo para la pandemia de 2020, aún puede reclamarlo. Recuerde, siempre haga preguntas. Que tengas una feliz temporada de impuestos !!!!