Valentine Tax Services LLC

Just because something has value doesn’t mean the IRS will accept it as payment. Currently you can’t pay your tax bill with diamonds, gold or silver. Why? Under the US Code of Law Title 31 US Code 5103 you can only pay your taxes with U.S. currency. United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.

Great news retirement planners! Contributing to a self-employed retirement account or traditional IRA is what we call a win-win strategy. It contributes to your retirement plan and reduces your income before your AGI is calculated on your income tax return. Contributions to Self-Employed Retirement Plans and traditional IRAs are tax deductible. Better yet, they are above-the-line deductions.... An above-the-line deduction on your income tax return is not really a deduction. It is an adjustment to your income, which makes it more valuable than a standard or itemized deduction (below-the-line) because it reduced your adjusted gross income (AGI). A lower AGI could make you eligible for a multitude of other tax benefits. So your $6,000 IRA contribution can end up being worth a lot more. For more information on above-the-line vs below-the-line deduction, go to our website.

Dear Taxpayers, It's time to prepare for the 2018 Tax Season. For those claiming the Earned Income (EIC) and Additional Child Tax Credits, please bear in mind: The IRS cannot by law issue refunds for people claiming the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. This law helps make sure that taxpayers receive the refund they’re due by giving the IRS more time to detect and prevent fraud.... The IRS expects the earliest refunds related to EITC and ACTC to be available in taxpayer bank accounts or debit cards starting on Feb. 27, 2018, if the taxpayer uses direct deposit and there are no other issues with their tax return. This additional period is due to several factors, including the Presidents Day holiday and banking and financial systems needing time to process deposits. Early Filers with Valentine Tax Services, LLC will receive a 10% discount off of your tax preparation fee.

Just because something has value doesn’t mean the IRS will accept it as payment. Currently you can’t pay your tax bill with diamonds, gold or silver. Why? Under the US Code of Law Title 31 US Code 5103 you can only pay your taxes with U.S. currency. United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.

Check with your State or income tax preparer to find out your State’s launch date. For instance, the State of Georgia is not until 2/1/18. #taxpreparer #taxpreparation #taxes #income #tax #return

Are you ready? If you took our advice last year, you’re definitely ready.

Dear Taxpayers, It's time to prepare for the 2018 Tax Season. For those claiming the Earned Income (EIC) and Additional Child Tax Credits, please bear in mind: The IRS cannot by law issue refunds for people claiming the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. This law helps make sure that taxpayers receive the refund they’re due by giving the IRS more time to detect and prevent fraud.... The IRS expects the earliest refunds related to EITC and ACTC to be available in taxpayer bank accounts or debit cards starting on Feb. 27, 2018, if the taxpayer uses direct deposit and there are no other issues with their tax return. This additional period is due to several factors, including the Presidents Day holiday and banking and financial systems needing time to process deposits. Early Filers with Valentine Tax Services, LLC will receive a 10% discount off of your tax preparation fee.

For individuals that will be transferring assets upon their death it is important to have an idea of how your heirs will be affected. The article is food-for-thought since the President hasn’t presented an actual plan to date. When he does you can then start making tangible changes to your estate planning. Please note: Estate taxes do not apply to the transfer of assets to a surviving spouse.... #estateplanning #estatetax

For those still on the Student Loan Struggle Bus, sorry but getting student loan debt discharged with a bankruptcy filing is nearly impossible! If it was, graduates would be crossing the stage with a diploma in one hand and a bankruptcy filing document in the other! The only way to discharge student loan debt is death or long-term/permanent disability, and this is only for Federal loans -- private loans will last through death and disability but check the policy because a few... private institutions do have a death discharge clause. Also, if you can qualify for disability, you are still going to be hit with a tax bill for the total debt forgiven. #TheMoreYouKnow #Life and #Taxes

Don't use @Equifax TrustID Premier product to protect your data. You will limit your ability to participate in class-action arbitration against them later on. There is a Rights Waiver statement in their Privacy Policy. It's best to put a credit freeze on your accounts with Experian, TransUnion or another credit monitoring company, change all of your passwords and keep an eye on your bank account and credit card activity.... #equifaxbreach https://thinkprogress.org/equifax-identity-theft-services-/

JetBlue's Tax Return Flight Giveaway when you thought nothing positive can come from owing taxes. http://time.com/money/4736597/jetblue-free-flights-taxes/

http://www.investopedia.com//8-countries-where-200k-retire

Did you enter the wrong bank account information on your tax return for your refund direct deposit? #TaxRefund http://valentinetaxservices.com/oops-bank-account-wrong-ta/