Ultimate Financial Services

Ultimate Financial Services Our firm's services include:
Audits, negotiations, accounting, reconciliations & biz formations

The more you know!
01/28/2025

The more you know!

Did you know? Most refunds issued in less than 21 days: EITC refunds for many available by March 3!
01/28/2025

Did you know? Most refunds issued in less than 21 days: EITC refunds for many available by March 3!

In case you forgot!
01/27/2025

In case you forgot!

Today marks the first day that the IRS will start accepting and processing 2024 income tax returns.So whether you’re in ...
01/27/2025

Today marks the first day that the IRS will start accepting and processing 2024 income tax returns.

So whether you’re in a rush to get your refund or just wondering how long you can postpone sending your return in, here’s what you need to know and some tips to make doing your taxes a little easier.

Be clear on your filing deadline
The official IRS filing and payment deadline this year is April 15.

The Internal Revenue Service announced today tax relief for individuals and businesses in southern California affected b...
01/24/2025

The Internal Revenue Service announced today tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on Jan. 7, 2025.

These taxpayers now have until Oct. 15, 2025, to file various federal individual and business tax returns and make tax payments.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, individuals and households that reside or have a business in Los Angeles County qualify for tax relief.

The same relief will be available to any other counties added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

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01/24/2025

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As tax filing season nears, the Internal Revenue Service reminds businesses to submit wage statements and certain inform...
01/24/2025

As tax filing season nears, the Internal Revenue Service reminds businesses to submit wage statements and certain information returns to the federal government by Jan. 31.

Filing the required forms by deadline and without errors not only helps payers and recipients avoid penalties, it also helps the IRS fight fraud by making it easier to verify income information.

The Jan. 31 deadline applies to:

Employers filing Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration.
Payers filing Form 1099-NEC, Nonemployee Compensation, with the IRS.
Jan. 31 is also the deadline to:

Furnish copies of W-2, Form 1099-NEC and other information returns to the recipients. See each form’s filing instructions for the due dates to furnish copies to recipients.

FYI
01/21/2025

FYI

There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and...
01/14/2025

There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have a professional credential. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return. You trust him or her with your most personal information. They know about your marriage, your income, your children and your social security numbers – the details of your financial life.

Most tax return preparers provide outstanding and professional tax service. However, each year, some taxpayers are hurt financially because they choose the wrong tax return preparer. Be sure to check our tips for choosing a tax preparer and how to avoid unethical “ghost” return preparers.

Don’t wait until it’s too late! ⏰
01/13/2025

Don’t wait until it’s too late! ⏰

The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and ...
01/13/2025

The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.

The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax pro to avoid potential scams and schemes.

The 2025 tax filing season will reflect continued IRS progress to modernize and add new tools and features to help taxpayers. Since last tax season, the improvements include more access to tax account information from text and voice virtual assistants, expanded features on the IRS Individual Online Account, more access to dozens of tax forms through cell phones and tablets and expanded alerts for scams and schemes that threaten taxpayers.

The IRS has also expanded features and availability of last year’s Direct File program. This year, Direct File will be available starting Jan. 27 to taxpayers in 25 states. In addition, the IRS Free File program opens today. Available only on IRS.gov, IRS Free File Guided Tax Software provides millions of taxpayers nationwide access to free software tools offered by trusted IRS Free File partners.

Hurry!
01/10/2025

Hurry!

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