PRSM Business Services LLC

08/25/2022

The IRS is automatically providing Late Filing Penalty Relief for 2019 and 2020 tax returns. Taxpayers do not need to do anything to receive this administrative relief!

Taxpayers will receive an automatic refund or credit to IRS account if filing late.

More information:

Taxpayers need not do anything to receive this administrative relief. The IRS is automatically removing (abating) failure-to-file penalties for 2019 and 2020 returns.

08/25/2022

IMPORTANT UPDATES FOR 2022-2023 TAX SEASON - Please read…

🚫You will NOT be eligible for a refund without having EARNED Income.

🚫There will NO longer be the option to use the "2019 lookback provision"

🚫CTC will NOT be 100% refundable. And will go back to the current law of $2000 per child with $1400 being refundable
**Must make a minimum earned income to qualify.

✅️The CTC is back to only dependents up to 17 (any child that will still be 16 on Dec 31st 2022, and younger).

✅️EIC will be back to normal. Those 25 and older with no dependents will qualify (not 19 and over) *there are some exceptions.

✅️The amounts for EIC for no dependents will go back to normal (It was $1,502 for this year and will go back to $560 for 2022) credit based by earned income.
**Must have minimum earned income.

🚫Dependent care credit (daycare credit) will NOT be 50% refundable. It will go back to the normal 20%-35% with a maximum amount to claim of $3000 for 1 or $6000 for 2 or more dependents.

✅️As with all credits, the Dependent Care credit is based on income. In 2022 it will go back to the credit being reduced starting with an AGI of $15,000 or more instead of $125,000 like it was this year. (HUGE DIFFERENCE)

🚫There will be no more stimulus payments you could claim on your 2022 taxes.

️❇️❇️ Bottom line is as of right now (Aug 2022) next tax season will pretty much be back to normal. So you must have an income in order to file taxes and expect a refund.

If anything changes you will be updated immediately! Follow PRSM BUSINESS SERVICES LLC for updates!

07/13/2022

The new 2022 form W-4 is totally different! No more Single and 1 or just put zero…

Not understanding this form is costing over 80% of Americans thousands of dollars a year by overpaying in taxes. If you are interested in learning how to use this form to increase your credit scores, get you out of debt, and generate additional income, visit www.PRSMBusiness.com for a free tax estimate today!

11/24/2021

Anyone who receives SNAP or whose children receive free/reduced lunch at school is eligible to get $50 off of their internet or cell phone service.

Check to see if you qualify and apply here!

The EBB Program is an FCC program that provides a temporary discount on monthly broadband bills for qualifying low-income households

11/18/2021

📢📢ATTENTION 📢📢

IF YOU ARE SIGNING INTO THE CTC PORTAL WITH YOUR REGULAR IRS ACCOUNT INFO: You MUST go and create an ID ME account. Soon you will no longer be able to use your IRS login details.

Hopefully this means that CTC payments are expected to be extended 🤞🏾

11/18/2021

Please Read: IRS ANNOUNCES CHANGES TO RETIREMENT PLANS FOR 2022

Next year, taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plans and other retirement-related savings next year.

Highlights of changes for 2022:

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500. Limits on contributions to traditional and Roth IRAs remain unchanged at $6,000.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If neither the taxpayer nor their spouse is covered by a retirement plan at work, their full contribution to a traditional IRA is deductible. If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated. The amount of the deduction depends on the taxpayer's filing status and income.

Traditional IRA income phase-out ranges for 2022 are:

- $68,000 to $78,000 - Single taxpayers covered by a workplace retirement plan
- $109,000 to $129,000 - Married couples filing jointly. This applies when the spouse making the IRA contribution is covered by a workplace retirement plan.
- $204,000 to $214,000 - A taxpayer not covered by a workplace retirement plan married to someone who's covered.
- $0 to $10,000 – Married filing a separate return. This applies to taxpayers covered by a workplace retirement plan

Roth IRA contributions income phase-out ranges for 2022 are:

- $129,000 to $144,000 - Single taxpayers and heads of household
- $204,000 to $214,000 - Married, filing jointly
- $0 to $10,000 - Married, filing separately

Saver’s Credit income phase-out ranges for 2022 are:
- $41,000 to $68,000 – Married, filing jointly.
- $30,750 to $51,000 – Head of household.
- $20,500 to $34,000 – Singles and married individuals filing separately.

The amount individuals can contribute to SIMPLE retirement accounts also increases to $14,000 in 2022.

11/14/2021

Filing with PRSM means filing with an AFSP participant. This means:

- I am EDUCATED!
- I am COMPLIANT with filing requirements, including Preparer Tax & Electronic Filing Identification Numbers.
- I am LEGITITMATE! You can find me on the IRS.gov website.

Most importantly, being an AFSP participant means that I can represent clients whose returns I've prepared and signed, before revenue agents, customer service representatives, and similar IRS employees, including the Taxpayer Advocate Service.

I hope to file your return, but even if you're just here for the tax advice and you ultimately file with someone else, I encourage you to verify that they are an AFSP participant to protect yourself and your money!

11/14/2021

Important Dates:

💎 Sign up for Advance Child Tax Credit payments by November 15.

If you haven't yet filed taxes, you can sign up using the link below. People signing up for the first time (not those experiencing processing issues) should expect to receive a payment totaling half ($1,800 for each child under 6, $1,500 for each child 6 to 17) of the CTC on December 15.

💎 Update your Child Tax Credit Portal with Direct Deposit information by November 29.

If you need to add your bank info, do it by this date in order to receive the December 15 payment via Direct Deposit.

Check if you're eligible and sign up to get advance payments of the 2021 Child Tax Credit even if you don't file taxes.

11/13/2021

DON'T GET SCAMMED!!! If you have a bad feeling about any tax preparer or office, get up and politely excuse yourself, and say that you prefer to shop around. Until you sign your documents, you are NOT obligated to stay with a preparer.

Keep in mind that there is no exact or guaranteed amount per child. Tax returns are all based on your documentation.

Tax preparers cannot legally have your money deposited into their bank accounts!!!!!

Always look over your tax return documents, and if you have questions, ask your preparer to explain their calculations! You are held responsible for the information on your returns, so please verify! You have the right to ask a tax preparer for their credentials.

File with PRSM Business Services LLC for trusted, professional service from AFSP participant preparers. We've got your back 💙

11/13/2021

Did you know that you can use the Married Filing Joint filing status if you live in a state that recognizes (or previously recognized) Common-Law Marriage?

**Some restrictions may apply. Speak to your tax professional!

11/13/2021

Did you pay care expenses for your child (13 or younger) or a disabled dependent or spouse? You may be eligible for a Dependent Care (Daycare) Credit.

When claiming care expenses on Form 2441, protect yourself by having your care provider fill out Form W-10! If the care provider does not claim the income from your payments, Form W-10 will keep you from losing the credit.

Like PRSM Business Services LLC for more tax updates and information.

11/13/2021

Are you excited for tax season? Celebrate the New Year 🥂 with a Tax Refund Advance up to $6,000.

As early as January 3, file with PRSM for:

* Same-day approval for eligible applicants.

* Referral discounts when friends & family file.

* Choice of deducting preparation fees directly from your refund.

TAX SERVICES MINIMIZing TAX LIABILITY WITH PROPER TAX PLANNING, AND limiting the risk of state & federal AUDITS BY MAINTAINING COMPLIANCE WITH irs RULES & REGULATIONS Get Started  Individual Tax ReturnSPreparing your own income tax return can be a daunting task that leaves you with more questions t...