KP Tax Service is IRS CERTIFIED!

I CERTIFIED as a Tax Expert with the IRS folks!!!!! After completing so many bootleg returns over the last two decades, I have gone legit! I’ve also brought my older kids on board as well! So wait no longer- bring them tax forms on over! The timing is perfect!

You’ve probably seen it all over the news that Congress just approved a new $1.9 Trillion (yes, that’s with a “T”!) COVID-19 stimulus package. But the biggest question is what exactly is in this new relief package and how is it different from the ones passed in 2020? And more importantly, how can this provide additional relief and assistance to small businesses in the wedding industry?

While we are still waiting on full details of the new stimulus package to be released, here are some of the key items for so many folks need to be aware of:

KP Tax Service (980) 247- 2072 WWW.KPTax.Webs.Com


Help for Businesses

  • Restaurants: Restaurants get some much needed relief in the new law, which establishes a $28.6 billion “revitalization fund” for them. The Small Business Administration (SBA) will provide grants of up to $5 million each to reimburse restaurants for revenue lost due to COVID-19. Stay tuned and check the SBA and Treasury websites as more details are released about the application program and eligibility for these grants.
  • Live Venues: The new stimulus package also provides $1.25 billion earmarked for grants to certain live event venues (like theatres, live performing arts organizations, and museums). This adds on to the higher amount allocated in the December 2020 relief package, which still hasn’t opened applications yet. Like the restaurant relief, details on how to apply for these grants will likely be released by the SBA in the coming weeks.
  • Additional PPP Funds: Adds $7.25 billion to be used for the Paycheck Protection Program (PPP), though it does not extend the program past the existing end date of March 31, 2021. If you think you want to apply for the PPP before that date, contact your lender ASAP to learn how to apply. If you already took out a PPP loan, don’t forget that you will need to provide documentation to apply to have it forgiven.
  • Forgivable Economic Injury & Disaster Loans (EIDL) for Low-Income Communities: The new law also adds an additional $15 billion in EIDL funding to be distributed in forgivable $10,000 grants, specifically targeted to communities in certain income brackets. Visit the SBA website for more information on how to apply.

Help for Individuals and Families

  • New, Bigger Stimulus Checks: The new stimulus package includes up to $1,400 direct payments to people making under $80,000 individually (or $160,000 as a married couple). Above $75,000 individual income (or $150,000 for married couples), that amount decreases gradually. Those with dependent children will also get up to another $1,400 per child.
  • Extended Unemployment Benefits: State unemployment benefit checks will keep being $300 per week more than usual until September, a measure that was first introduced in the December stimulus package. The new law also waives federal income taxes on the first $10,200 in unemployment benefits received in 2020 by individuals who made under $150,000/year.
  • Significant Tax Relief for Certain Households: The law includes some major tax relief provisions for families up to certain income levels, including:
    • Higher Child Tax Credits: This stimulus package will temporarily increase the existing child tax credit. Right now, eligible people with children under 17 get up to a $2,000 credit per child when they file their federal income taxes. For 2021, they’ll get as much as $3,600 for children under 6, and $3,000 for children 6 to 17. This added amount phases out above $75,000 individual income ($150,000 for married couples). 
    • Direct Payments of Child Tax Credits: Not only is the child tax credit higher, you now also won’t need to wait until you file your taxes to get the money. Beginning in the second half of 2021, the IRS will advance this credit through direct payments to eligible people in installments.
    • Other Tax Relief: The stimulus package also increases the child and dependent care tax credit and the earned-income tax credit for workers without children for 2021. If eligible, these credits get paid out to you when you file your taxes.

We recommend you consult with your tax advisor (<— I’m free 🙂 ) to see how these tax relief measures could help you and your family.

  • Healthcare Relief for Unemployed: For those who’ve lost their jobs during the pandemic and were eligible to apply for the federal health insurance program COBRA, the federal government will fully cover COBRA premiums until September 2021.This helps people pay for much needed healthcare coverage during this time.

Information on COVID-19 relief measures is changing rapidly, and full details of the new law are still being released. Check the U.S. Treasury and SBA websites, and with your legal, financial and tax advisors regularly for the most up-to-date information.

Tax Deductions for Network Marketers

The 2016 tax deadline* is just days away! April 18th will be here in no time!

Are you ready? For some small business owners it’s a big nope! But I got you! No worries.

tax tips 1

Wearing many hats require me to know about as many tax deductions as possible. If you are in any MLM, Self Employed, you know exactly what I’m talking about.

 

Use this tax information as a Deduction Organizational Guide


Home Business Expenses

  Set aside a space in your home that is 100% business use.  Never used for anything else, and regularly used for business.  This is where you keep your business records, your business computer or laptop, make your sales calls from and meet clients.  The tax term is regular and exclusive business use.  If you do this, you deduct a percentage of the household expenses – rent, interest, taxes, utilities, insurance, repairs, etc, based on the square footage of the office ratioed to the home square footage.  Expenses directly related to the office, such as a dedicated phone line; do not have to be ratioed.  You can also take a small depreciation deduction for the home losing value.  -K.P. KP Tax Servive kptax.webs.com

  • Business cards
  • Brochures
  • flyers
  • stickers
  • cd’s
  • copying
  • printing
  • letterhead
  • advertising- Newspaper, magazine, radio, TV, internet
  • business checking account

Office Supplies

  • Envelopes
  • Postage
  • shipping
  • printer paper
  • printer ink
  • pencils , pens, markers, highlighters
  • notebooks
  • post-it notes

“The easiest mileage log is a notebook where you right the date, the trip purpose and the miles driven. ” K.P. -KPTax Service, kptax.webs.com Charlotte NC

Office Equipment

  • Computers and repairs
  • printers
  • fax
  • copy machine
  • answering machine
  • furniture
  • office space
  • file cabinets

Communication Expenses

  • Cell phone, phone bills
  • PDA
  • camera
  • video recorder
  • voice recorder

Travel Expenses

Go on trips that are going to increase your money-making potential.  Stay away from any others.  For legitimate travel, you get airfare, rental car, tips, taxis, laundry, internet and phone, as well as 50% of meals and any other reasonable and necessary expenses. K.P KP Tax Service  kptax.webs.com

  • Mileage- trains, subways, bus
  • toll , parking fees
  • airfare
  • lodging
  • meals
  • conferences
  • conventions
  • seminars
  • entertainment
  • Business gifts

Internet Expenses

  • Website hosting
  • domain names
  • web design
  • blogging expenses
  • podcasting – ipod, software
  • accounting software
  • tax software
  • internet service
  • classes
  • webinars
  • marketing

Business Related Education

  • literature- books, journals
  • magazine subscriptions
  • educational cd’s and dvd’s

Trade Show Expenses

  • booth fee
  • travel
  • meals

There are so many more to add to this list. I intended to give you a mental rolling start. . I’m a tax expert. Contact KPTax.webs.Com  to discuss your particular tax situation. Also get  more guidance. Please buy my book. It’s a easy read and loaded with tips for Direct Sales professionals. Message me —> QCSupermominfo@GMail.com

Tax Time Momma. Here’s What to Know

January 20, 2014 will be here in no time! I have some tips to hopefully make this tax season less painful and more lucrative.

1. Keep track

If you itemize deductions, start keeping track now (or gather what you’ve already spent) of whatever they are. Whether you create a folder on your computer, in your email or have an actual envelope for receipts, start putting everything all in one place so you don’t need go searching come April. Depending on what industry you work in you might even be able to deduct things you didn’t realize. For instance if you work in entertainment, your cable bill, magazines and even movie tickets can be deducted. Work in sales? If you drive you can deduct your gas, tolls, parking, even car insurance. Be sure to ask your accountant what you can deduct for your job. And don’t forget those charitable donations!

2. Ask around

If you don’t want to do your taxes yourself, or maybe you just want to try another accountant, ask around. Talk to friends and family about who they use and why they like their accountant. This way you can get a head start. Many of them even use worksheets to track your documents and deductions so you might want to request this ahead of time. One of our sponsor brands, KP Tax Service has a user-friendly platform to help you get through it if you’re looking to brave tax season on your own!

3. Review and assess

Didn’t get a refund last year? Or did you owe more than expected? Talk to your accountant and/or review your return to see why. A few things you can look into for this year:

  • Increase your withholding: Check your pay stub? Do you declare yourself as married? Change it to married but withhold at single rate. Or even just single. This means they take out more each paycheck and you owe less at the end of the year. You can also ask the state or federal government to take out extra money each paycheck. This could be as little as $10 but might mean the difference between getting hit come tax time.
  • Participate in a 401K: If your company matches, this is a no-brainer. But even if they don’t, since this is pre-tax, it means you’ll be taxed on less income and again, might owe less in years to come.
  • Participate in an FSA: If your company allows you to participate in a Flexible Spending Account, for either dependent care (child care) or medical, this is also done pre-tax and will help you get taxed on less income at the end of the year.
  • Participate in a transit program: Here in NY we have WageWorks, a program that allows you to pay with your paycheck for public transportation, up to a certain amount. Again, this is done pre-tax and since it’s something you need to buy anyway, it pays (!) to deduct this from your paycheck.
  • Open an IRA: Depending on your circumstances, you can open an IRA up until the tax deadline and may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your IRA.