Jarnigan Financial Services

01/21/2023

A few more days until tax season officially begins. A question I have been getting a lot is : "Why am I having to pay in when i have this and this, and why is my refund not more, i thought it would be more?" In a simple way to understand this, tax brackets from time to time do change, and also your situational income changes. You get a new job, a promotion, take on a second job and things like this can effect the tax bracket you fall into. When this happens sometimes deductions drop you into a lower tax bracket, and you get a larger refund for example. Anytime you have a life change involving your income such as more or less income, a new baby, you buy a house, things of that nature, you always want to make sure that you adjust your W-4 at your job to help offset the taxes. For example, you get a new job this year and you are single with no dependents, maybe you graduate college and you go from making 30,000$ per year up to 70,000$, you tax bracket can possibly move from 12% to 22% even after deductions. If you do not upgrade your w4, or voluntarily pay more money to federal income tax, you find yourself with a lower refund and possibly paying the IRS because you are missing a large % of federal withholding.

Hope this helps some with understanding a difference in your refund from year to year, and remember that everyone's situation is different and what works for some may not work for all so plan your finances according to your needs!

01/16/2023

Starting Pricing for Individual Tax Preparation: The fees include Tax Preparation, E-Filing, and Tax Software fees.

(1)Basic 1040 W2, EIC, Child Tax Credits, Unemployment = $40

(2)Above + HSA, 1099's, Investments and Retirement Income (401k, Stocks and Bonds) = $60

(3)Above+ Extensive Itemization 1040 Schedule A (IE Gas Mileage, Food, Insurance, and Business Expenses) = $75

Remember it is completely free to file basic taxes if you prepare them yourself. The charges start when someone else prepares them for you and files them for you. My rates are lower than other places such as Jackson Hewitt and H&R Block for tax prep and filing. As an example, Jackson Hewitt starts @$65, H&R Block $80, and Turbo Tax for file #2 on my list is $89. I will also beat any price you bring to me in writing! If you want to discuss your situation and costs for your specific situation please contact me! Everyone situation is different!

12/25/2022

Do you have a side hustle or ETSY store and use Paypal, Venmo, CashApp etc. for payments? The new law that was put in place required that anything over $600 in transactions be taxed and a 1099-K form sent to you to file on your taxes. This however has now changed and will revert back to the 2021 and previous years of $20,000 worth of aggregated transactions. This for now is only a courtesy from the IRS as people get used to the new laws governing this type of income. If you fall into this category, you got one more year before this new law takes place!

11/07/2022

First post is going to involve new income tax information that impacts everyone this year. The IRS adjusted the Standard Deduction amounts for this coming tax season. This is NOT an adjustment to the tax bracket themselves, but an increase to the actual deduction amount. Here is what it looks like this year with 2021 inside the ( ):
**Married Couples get $25,900 ($25,100) + $1400 for any spouse 65 and older ($1350).
**Single $12,950 (12,550) , $14,700 for 65 and older ($14,250)
**Head of Household $19,400 ($18,800), additional $1750 for 65 and older ($1700)
**Blind persons add an additional $1400 ($1350), $1750 if they are unmarried and not a surviving spouse ($1700).

This tax adjustment is for the rise of inflation in 2022.

11/03/2022

Page is currently in development and will be launch fully within the next week. If you have questions over income tax, need tax advice, assistance with financial planning, or investment information feel free to send a message, no need to wait on the page to be finished!

Send a message to learn more