Taylor Mitchell Group

08/30/2022

This guy here so cool and calm wishing you a Happy 20th birthday we are very proud of you and a of your accomplishments have a wonderful day we love you 💕

01/14/2022

Taxpayers must report gig economy earnings when filing taxes

Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill their tax responsibilities.

Here are some things gig workers should keep in mind.

Gig work is taxable:

Earnings from gig economy work is taxable, regardless of whether an individual receives information returns. The reporting requirement for issuance of Form 1099-K changed for payments received in 2022 to totals exceeding $600, regardless of the total number of transactions. This means some gig workers will now receive an information return. This is true even if the work is full-time, part-time or if an individual is paid in cash.
Gig workers may also be required to make quarterly estimated income tax payments and pay their share of Social Security and Medicare taxes.
Check worker classification:

While providing gig economy services, it is important that the taxpayer is correctly classified.
This means the business, or the platform, must determine whether the individual providing the services is an employee or independent contractor.
Taxpayers can use the worker classification page on IRS.gov to see how they are classified.
Independent contractors may be able to deduct business expenses, depending on tax limits and rules. It is important for taxpayers to keep records of their business expenses.
Pay the right amount of taxes throughout the year:

An employer typically withholds income taxes from their employees' pay to help cover income taxes their employees owe.
Gig economy workers who are not considered employees have two ways to cover their income taxes:
Submit a new From W-4 to their employer to have more income taxes withheld from their paycheck, if they have another job as an employee.
Make quarterly estimated tax payments to help pay their income taxes throughout the year, including self-employment tax.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

11/25/2021

Wishing you a happy Thanksgiving from our family to yours from Taylor Mitchell Group !!

10/13/2021

Here is a video tax tip from the IRS:

Reminders for Extension Filers-Oct. 15 English | Spanish

Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

www.youtube.com/irsvideos
www.youtube.com/irsvideosmultilingua
www.youtube.com/irsvideosASL

The Internal Revenue Service's official YouTube channel features IRS videos to help America's taxpayers understand and meet their tax responsibilities and en...

10/13/2021

Hello clients
As we enter the last quarter of the 2021 calendar year, this is a good time to review your tax withholding. Life can bring constant changes to individual financial situations, and the IRS offers tools and information to help taxpayers understand their taxes, estimated tax payments and tax withholding. Visit IRS.gov for these resources

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

03/28/2021

Filing date had been extended to May 17th so we have extra time to file get with your tax preparer
Also small business owners don't forget to apply for the PPP LOAN
Go to SBA Website or check with your bank .
Happy Sunday

03/09/2021

Useful tips about tax scams. .everyone is not legitimate and if they are asking for information that they shouldn't that should be a clue that it is a scam !!

Tax Tip 2021-30, March 8, 2021

03/06/2021

Just an FYI
We still have a month left to file heres some information I wanted to share with you

Heres what tax payers should do if they have missing or incorrect documents

Taxpayers should double-check to make sure they have all their documents before filing a tax return.

Taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099.

If they can’t get the forms, they must still file their tax return on time. To avoid filing an incomplete or amended return, they may need to use Form 4852, Substitute for Form W-2, Wage and Tax Statement or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

If a taxpayer doesn't receive the missing or corrected form in time to file their tax return, they can estimate the wages or payments made to them, as well as any taxes withheld. Then use Form 4852 to report this information on their federal tax return.

If they receive the missing or corrected Form W-2 or Form 1099-R after filing their return and the information differs from their previous estimate, they must file Form 1040-X, Amended U.S. Individual Income Tax Return.

Most taxpayers should have received income documents near the end of January, including:

Forms W-2, Wage and Tax Statement

Form 1099-MISC, Miscellaneous Income

Form 1099-INT, Interest Income

Form 1099-NEC, Nonemployee Compensation

Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund

Incorrect Form 1099-G for unemployment benefits Many people received unemployment compensation in 2020. For some, this may have been the first time they ever received unemployment. These taxpayers need to know that unemployment compensation is taxable and must be included on their tax return.

Taxpayers who receive an incorrect Form 1099-G for unemployment benefits they did not receive should contact the issuing state agency to request a revised Form 1099-G showing they did not receive these benefits. Taxpayers who are unable to obtain a timely, corrected form from states should still file an accurate tax return, reporting only the income they received.

More information
Amended Returns
Should I File an Amended Return?
Let Us Help You
IRS Services Guide

02/15/2021

Dependent tax credit information

Tax Tip 2021-18, February 11, 2021

01/18/2021

Happy Tax season everyone
Just checking in and letting you know where open and ready for your business.
We accept documents by email, or regular mail
Call us for more details or email us at [email protected].