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Good morning. It’s time for ask the expert on news radio. K O T A. Today. It’s Jennifer Young’s bookkeeping service and joining us from Jennifer Young’s bookkeeping service is Lana Brethauer. Lana, tell us a little bit about yourself and what you do at Jennifer Young’s bookkeeping services. So I’m one of eight bookkeepers that currently work for Jennifer, and I’ve worked with her for 2.
5 years now. Straight. But on and off probably for six years overall. We’re all assigned clients that we take care of as far as their bookkeeping requirements and making sure that everything’s ready for when it comes time for tax season. In addition to that, she always gives us something additional to do so we can grow a little bit Mine is to coordinate with the Internal Revenue Service on behalf of our clients when they receive correspondence from the IRS.
It actually happens more often than people think. And now that the IRS has hired more people to conduct thorough reviews of all input documentation, it’s happening more So things that used to go out without a hitch in the past is being questioned, and they’re not supporting documentation for a lot of things.
And I know it can be overwhelming when they receive a letter from them, but it’s usually nothing to panic about. Once someone receives a letter from the IRS, it might take time, but there’s always a resolution. What are some examples of letters people might receive? Recently, most of the letters I’ve been seeing are either for a missing documentation or miscalculations on their returns or a combination of both.
When either of these happen, the IRS wants more information that, and it can be taken care of by either submitting the documents or sending in a form that might have been forgotten when the original return was submitted. What is the process you go through to get them taken care of? When anyone receives a letter and notifies us, we have them sign an IRS Form 2848, Power of Attorney and Declaration of Representatives.
That gives us the authorization to call the IRS on their behalf and speak with them. Once we’ve gotten that, it usually makes a phone call first to understand exactly what the IRS needs, so we’re not wasting time and not actually resolving the problem. If it’s something that can be fixed over the phone, that’s the easiest way.
A lot of times they’ll allow me to fax in whatever it is they need. to fix the return, and then do the adjustments on the spot. If that doesn’t resolve it, then I follow the instructions that I’m given by the IRS representative to get the problem taken care of. Sometimes to get a solution, it can take several times of calling and speaking with different agencies within the IRS.
I spend a lot of time on hold and waiting for return calls to get everyone taken care of. Then once the resolution has been met, I either follow up with the client to see if they’ve heard back, or with the IRS to make sure that they’re taken care of. If someone receives a letter, do you only assist your current clients?
No, we’ll help anyone that reaches out to us as much as possible. People need to have patience with the process, though, as sometimes it can be difficult to get through to the IRS. Or once I’ve gotten through, I can get disconnected and have to start all over again. But if anyone Would like our help in resolving a notice they’ve received.
They can either stop by and see us at 2200 South Plaza Dry Suite one. If you see Belly Brothers Auto Tech, we’re in the same building, or they can find us on Facebook or on our website at jennifer young’s bookkeeping.com. And that is Lana Brethauer from Jennifer Young’s bookkeeping service. Joining us this morning on Ask the Expert, Lana, thanks for your time.
You’re welcome, Steve. Have a good day.
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G ood morning, it’s time for Ask the Expert on NewsRadio KOTA with Jennifer Young’s bookkeeping service. And joining us today from Jennifer Young’s bookkeeping services is Kyla Mitsos. Kyla, tell us a little bit about yourself and what you do at Jennifer Young’s bookkeeping service. I have been working at Jennifer Young’s bookkeeping for about five years now.
I started when I was a junior in high school as a part time errand runner and have worked my way up to bookkeeper. So I’ve seen a lot of aspects of how Jennifer Young’s bookkeeping runs. How does someone benefit? From having a bookkeeper, having a bookkeeper allows ’em more opportunities to spend time with their business.
Bookkeepers focus on making sure your bank accounts has accuracy and position, and in the long run it can save a business money because we focus on making sure that you have everything for your tax purposes. Does only businesses benefit from having a bookkeeper? No. Anyone can benefit from having a bookkeeper when it comes to tax time.
We see a lot of people use free tax site online. Not only does this risk someone being able to get on your phone or your laptop and steal your information. But we often see people file online missed areas, which they could have gotten money for their taxes. But since tax wording can be complicated, they don’t get that money.
Then how does getting your taxes done at Jennifer Young’s work? I am glad you asked. As we live in a fast paced world, we try to make it as quick and simple as we can for our clients. They can give us a call, and we can get their email over the phone. From there, we can send you an invitation to our secure software called Canopy.
There, they have a secure location to put any documents we need to file their taxes. Our guest today on Ask the Expert, Jennifer Young’s Bookkeeping Services, Kyla Mitsos joins us. Kyla, how long does it typically take for someone to get their taxes done? After we receive all the tax documents that we need, it takes a week or less for us to get your tax return completed.
When we’re done, we will give you a call and you have the option of signing online or coming in and signing. Alright, if anybody needs any information about Jennifer Young’s bookkeeping services, Kyla, how do they get a hold of you guys? You can find us at 22000 South Plaza Drive or look us up online at jenniferbookkeeping.
com or give us a call at 605 787 3230. Again, that number is 605 787 3230. Thank you and have a wonderful day. That’s Ask the Expert on NewsRadio
Good morning. It’s time now for ask the expert on news radio KOTA today. It’s Jennifer Young’s bookkeeping service. And our guest today from Jennifer Young’s bookkeeping services is Jeremy wheelhouse. Tell us a little bit about yourself and your duties at Jennifer Young’s bookkeeping service. Well, I’ve been with Jennifer Young since about February.
I do everything from. Basic client account bookkeeping to taxes to general questions, just about anything that has to do with accounting. And we’ve got a few questions today for Jeremy. What are some of the changes that people should know about this tax season? Well, this tax season, like the last few tax seasons, the IRS has made a couple of changes.
The first thing that most people have already heard about is the changes in the tax bracket. Now this is a good thing. This means that the taxes at a lower rate. For example, if you were single and made 48, 000 to 100, 000 last year, you were in the 24 percent tax bracket. This year you would end up in the 22 percent tax bracket.
Which means you save about 2 percent in your taxes. Next is the standard deduction increase by 2. 7%. This will lower your taxable income and move you into that lower tax bracket. This, of course, saves you more money and you pay less taxes. Are there any changes to 401k or retirement accounts this year, Jeremy?
Yeah, they’ve increased the amount you can contribute to retirement accounts. The 401k increased to 23, 500. That’s up 500 from 20 24. If you are 50 years or older, you can contribute an additional 7, 500 for a total of 31, 000 into your 401k. If you’re a 60 to 63, you can contribute an additional 11, 250 to total up to 42, 250.
They’re calling these catch up contributions. They’re also requiring that the U. S. Department of Labor create a searchable database by the end of 2025. So if you’re not sure if you have a retirement account out there, hopefully by the end of 2025, you’ll be able to go in and search and find out. Will I be eligible for earned income tax credit?
The earned income tax credit increased by 500 for tax year 25. This means you can have a higher income limit and still get the earned income tax credit. A good example of this is if you were single and you didn’t increase any income, but you made like 50k last year and only had one child, you would have not gotten the earned income credit.
This year with that increase, you would get the max credit of 4, 328 in 2025. How do I make sure I’m getting the most out of my taxes? My best advice is to see someone who will work with you and your situation. Have all your documents ready when you go in. Don’t be afraid to answer the questions honestly.
We work with taxes all year, so we will have more questions than the quick stop places. Us at Jennifer Young’s have a system in place where we get the most out of your taxes. Unlike the other places where you go in and just see one person, we have three people that check every return to ensure that we get the most for your deductions and credits as possible.
And hopefully We get you a larger return. Jeremy Wilhouse from Jennifer Young’s bookkeeping service. Our guest today on ask the expert, Jeremy, what should I do if I get audited or my return is rejected? Honestly, there’s a very small chance you will get audited. It’s less than 1%. Most of them are due to math errors.
You accidentally. Put a three down and seven eight or you forget to add a zero at the end of a number. If you fail to report income, basically you just need to take a minute, write down where you worked last year, list your deductions, your student loans, retirement account, mortgages, gather up all the paperwork before filing.
If you do get audited, most likely it’s going to be a letter. If you get a letter, just give us a call. We have a dedicated person that calls the IRS every single day. If your return gets rejected, it’s not the end of the world. Most are due to missing healthcare insurance information. A social security number is put in backwards.
Doesn’t match any of the paperwork that’s on there. You have a form you forgot to fill out. You didn’t attach the right form. It will tell you what you are missing. If you need help, just give us a call. That’s why we’re here. What do I do if I have. Something that was wrong on my return that was filed.
Every year there are a few people we help get more money back from the IRS due to wrong filing or missing deductions. If you ever think something is wrong or remember something, just want a second or if you just want a second look at a return, come see us at Jennifer Young’s. Last year we helped a small business here in Rapid get an additional 40, 000 back from the IRS just by filing an amended return after noticing things were incorrect.
When it comes down to it, tax season is stressful to everybody. Business taxes are due by March 15th. Individual taxes are due by April 15th. Give us a call. Stop by. We can help you out. Some great information this morning on Ask the Expert. Our guest today has been Jeremy Wheelhouse from Jennifer Young’s Bookkeeping Service in Rapid City.
Jeremy, thanks for your time and have a great day. Thank you.
Good morning, it’s time for Ask the Expert on News Radio KOTA with Jennifer Young’s Bookkeeping Service in Rapid City. It’s tax time and our guest this morning is Sondra Miller. First of all, Sondra, tell us a little bit about yourself. What do you do at Jennifer Young’s Bookkeeping Service? Yeah, so I am a payroll specialist at Jennifer Young’s Bookkeeping Services and I also have some bookkeeping clients that I do as well.
And I’ve been with Jennifer Young’s Bookkeeping Services for almost four years. And we’ve got some questions this morning for Sondra. The first is, What is the minimum wage changing to in 2025? So for the non tipped employees, currently the minimum wage for non tipped employees is 11. 20 an hour. As of January 1st, 2025, the minimum wage for non tipped employees will be 11.
50 an hour. For your tipped employees, which would be like waitresses, waiters, anything like that, the current minimum wage for tipped employees is 5. 60 an hour. As of January 1st, 2025, the minimum wage for tipped employees will be 5. 75 an hour. which the employer must make sure the employees receive no less than the current minimum wage and keep a record of all tips received by employees.
The minimum salary amount beginning January 1st, 2025. So the minimum salary amount for salary employees is going to be 1, 128 per week, which is equal to a 58, 656.
And when should you receive your W 2? All employers must have your W 2 sent out in the mail by January 31st. Depending on the payroll program that your employer uses, you may be able to get online in early January to print them off. If your address has changed this year and you have not updated your employer yet, you will want to do that to make sure you receive your W 2.
The post office does not usually forward tax documents. And when will you receive your 1099? Well, all employers must have your 1099 sent out in the mail by January 31st as well. Depending on the program that your employer uses, you may also be able to get online in early January to print this off. If an employer has not received a W 9 from their subcontractors yet, they would want to get that to them as soon as possible so that they have all the correct information to fill out their 1099 and to mail it.
There are several different types of 1099s that you may receive as well to be filed with your taxes. For example, there is a 1099 B, which is for proceeds from a broker and barter exchange transaction. A 1099 DIV, which is for dividends and distributions. There’s a 1099 INT. which is for your interest income.
There’s a 1099 R, which is for distributions from a pension, annuities, retirement or profit sharing plans, IRAs and insurance contracts, etc. A 1099 MISC is a miscellaneous information form. A 1099 NEC is a non employee compensation. And a 1099K as a payment card and third party network transaction. And if anybody has any questions, Sandra, how can they get a hold of you?
Yeah, they can get a hold of me at 605 787 3230. Or they can stop down at our office at 2200 South Plaza Drive in Rapid City. Or they can also get online at jenniferyoungsbookkeeping. com and they can send us a comment on theirs. That’s Sondra Miller with Jennifer Young’s Bookkeeping Service joining us today on Ask the Expert.
Thank you very much. Sondra, have a great day. Thank you. You too.
Good morning, it’s time for Ask the Expert on News Radio, KOTA, as we begin the new year. We are joined by Jennifer Young from Jennifer Young’s bookkeeping service in Rapid City. Good morning, Jennifer. How are you today? Good morning. I’m wonderful How are you? I am doing great. Well, it’s that time of the year It’s tax time and we got a lot to talk about today.
What is this new? Standard deduction, so married filing jointly is 27,700. Head of household is 20,800, single or married. Filing separately is 13,850. And then for 2023, the dependents, the standard deduction for dependence will be 1,250. Of your earned income plus 400, whichever is greater. This is an increase from the 2022 limit of 1, 150 or your earned income plus 400.
The 2023 credit amount for qualifying child will remain at the original 2, 000, but the maximum refundable portion of the credit is expected to be 1, 600. Okay. What are the minimum filing requirements? I have a lot of people that call me and ask, or that come and tell me that they didn’t need to file a tax return, so it’s really important that we know that.
Uh, there are two categories for that, one of them being the individuals that are younger than 65, and the other being People that are older than 65 or blind. So the younger than 65 column is single. If you made over 13, 850. Married filing separately, if you made over 5. Head of household is 20, 800. Married filing jointly is 27, 700.
Then that second column is the over 65 or blind. Single is 15, 700. Married filing separately is 5. Again, head of household is 20, 800. And the married filing jointly is 29, 200. And what are the current tax brackets? The tax brackets stayed the same. So they’re 10%, 12%, 22%, 24%, 32%. 35 percent and 37%. The rates for those brackets did increase with inflation, but most people will fall in the 22%.
And that is if you’re single 44, 726 through 95, 375. Mary filing jointly is 89, 451 through 197, 000. 50 married filing separately is 44, 726 through 95, 375 and head of household is 59, 851 through 95, 350. I know that that was a lot of numbers, but it’s very important to know which tax bracket you’re going to be in so that you know your deductions and all of that, how much you’re going to pay in and what you should have withheld from your W 2s or what your estimated tax payments should be for the future.
Jennifer Young from Jennifer Young’s bookkeeping service. Joining us on ask the expert this morning, Jennifer, is there anything special going on this year? So the big thing is that W2s and 1099s, if you have to send these out and you have more than 10 of them total between the two, then you have to file them electronically.
So you cannot send them out through the mail like you have been able to do in the past if there’s over 10. And if people want to come to you for their taxes, what do they need to do? First, they need to come and see us. We’re at 2200 South Plaza Drive. And just drop everything off. We have a small form for you to fill out and get your information there.
And then it’s about a week turnaround time. We’ll give you a call, you come in, we go over everything, you sign for your taxes, and then you’re on your way. We try to make it as easy as possible, and so that, I know it’s a stressful time for everybody, so come on in. You can also email us at jennifer at jennifersbooks.
com or visit our website at www. jenniferyoungsbookkeeping. com. And that is Ask the Expert for this morning with Jennifer Young from Jennifer Young’s Bookkeeping Service in Rapid City. Jennifer, we look forward to visiting with you again. Next month. Yes. Thank you.
It’s time for ask the expert on news radio. KOTA our monthly visit with Jennifer Young from Jennifer Young’s bookkeeping service in Rapid City. Good morning, Jennifer. How are you today? I’m great. How are you? I am doing wonderful. Thanks for asking. My first question of the day is. What is the ERC? The ERC is an Employee Retention Credit.
Sometimes it’s called the Employee Retention Tax Credit or the ERTC also. But it is a refundable tax credit for certain eligible businesses and tax exempt organizations that had employees and were affected by the COVID 19 pandemic. There are specific requirements to qualify for these different credits.
So depending on the time period, it depends on What the qualifications are for you to claim the credit. And the ERC is only available to businesses, though, not individuals. What happened with that credit? So there were so many companies that were putting in the forms and scams that were happening that the IRS put a hold on the credit because there was so much just coming in.
So, and of course, some of them were not legit. So they stopped it around September of last year and opened up. Some auditing procedures to check the accuracy of the forms that were being sent in. And what is going on with that now? They have put three different categories into their system. So the first one is that they are denying the ones that don’t qualify and those letters for the denial should have been sent out in June.
So if you did, we’re waiting on one and you didn’t get a letter by now, then there’s a possibility that you’re still going to get the credit. The second category was they’re questioning the forms that you sent in and they will write you a letter requiring. Hearing more information. And then the third category is that it has been approved, but they are taking their time because again, there were so many that they’re still processing all of them.
And when will it be over? They’re set to be done with all of these by September, but I would like to note that the IRS will not talk to anyone about them anymore. So if you’re waiting for it, unfortunately, you just have to be patient and keep waiting and see what happens. And if someone is still getting ads about the ERC, what should they do?
They’re scammed. Don’t answer them. The ERC has been stopped. You can’t apply for it anymore. It’s over. So whatever’s in, they’re going to process those, and then anybody else that missed it, you just missed it. Jennifer from Jennifer Young’s Bookkeeping Service, our guest today on Ask the Expert on NewsRadio KOTA.
What if a listener has a question that they would like to to have you answer on the air. How can they go about getting in touch with you? We actually have a button on our website that you can go to our website at www. jenniferyoungsbookkeeping. com and click the blog that says, ask the expert. We have a question and type in your question and I will answer it for you the next time I’m on.
Okay. Best way to get a hold of Jennifer Young’s bookkeeping service for other questions. 605 787 3230. You can swing on in at 2200 South Plaza Drive, or you can send us an email at jennifer at jennifersbooks. com. Well, we appreciate your time today. Look forward to visiting with you again next month on Ask the Expert.
Thank you. Have a great day.
It’s time for Ask the Expert on News Radio, KOTA, here on this Friday morning. And we are joined today by Jennifer from Jennifer Young’s bookkeeping service in Rapid City. Good Friday morning, Jennifer. Do you have a good, uh, Fourth of July? Yes, I did. It was kind of quiet for us, but it was nice. That’s great.
Now back to it this week, and uh, Jennifer’s on here for the first time this month, and with the housing market being so crazy right now, Jennifer, I was wondering if people are going to be surprised and have to pay a lot of taxes at the end of the year. Well, that depends on three different questions.
First, is the house owner occupied? Second thing is, how long have they lived there? And the third question is, how much did they make on the sale? Uh, if they did live in the house for longer than two years, then each owner gets a 250, 000 exclusion. So, if you and your spouse sell a house that you’ve lived in for three years, and you’ve made 499, 999, you’re excluded from paying taxes on it.
Okay, what is the tax burden if you did not live there for two years? That is a figure, um, that’s figured out by the calculations on the amount of months that you’ve lived there divided by the 24 for 20, for the two years. If you have held your home for more than one year, you will pay the lower capital gains rate.
And unless you’ve made a fortune on the sale, it generally won’t equal out to much. What if you made over the exclusion or if you did not live in the home? In this case, you will take the home’s current value. Minus the purchase price and any closing fees or repairs that you had to do to close the sale.
This would include the realtor fees as well. You will have to pay the capital gains on whatever that difference is. If the property was a business and you depreciated that, then you’ll have to bring that depreciation back in. Capital gains vary depending on a few different variables, but at max it’ll be 25%.
Now Biden was talking at one time of increasing this to 44%, but I haven’t heard anything about that in a while. So hopefully that ship has sailed. Also, I want to note that this is, this is the taxes that you will pay federally. If the house is located in South Dakota. Or any other state that doesn’t have state income taxes, then you won’t have to worry about that.
But if the property is located in a state with income taxes, then you will be subject to their law as well. Is this the same if you inherited the property? Well, just like other tax questions, it all depends on the situation. So if the property goes into a trust or something of the sort at the time of death, that’s important, at the time of death.
Then the trust sells it within a year, and the proceeds go to the heir, then you will not pay federal taxes on the sale. The federal law doesn’t charge an inheritance tax on the heir. However, some states do charge the inheritance tax, so make sure you know what their law is. Now, if the property went into a trust at the formation, then that is when the value or cost basis of the property was established.
So, if you made over that when the trust, uh, would be established. When the property was sold, then the trust would be responsible for the capital gains and taxes. If you take over the property, then it becomes yours personally. So, the sales will follow the guidelines that we already talked about. Alright, anything else we need to touch on this morning?
Variables is A big thing with taxes, so always consult with a tax professional before you make any big decisions like that. And I believe you kind of know your taxes. I would call you a tax professional. How can someone get a hold of you? You can call us at 605 787 3230. You can come on in at 2200 South Plaza Drive in Rapid City.
Or you can reach us on our website, www. jenniferyoungsbookkeeping. com. Excellent. Great talking with you this morning. We’ll visit with you again next month. Thanks. You too. Have a wonderful month.
Good morning. It’s Friday. It’s time for Ask the Expert on News Radio KOTA. Jennifer Young from Jennifer Young’s Bookkeeping Services in Rapid City is on with us today. Good morning, Jennifer. How are you today? I’m great. How are you? I’m doing wonderful. It’s Friday, so gotta be doing good. You are faithful for that.
Yes. Okay, Jennifer, I got a question for you. Why were some people’s returns less than they normally are? A major reason why some people’s refund is actually less than the amount that they were expecting or provided by their e filing tax provider is that the federal government has offset or deducted monies from your tax refund to cover debt that you may owe.
Other federal agencies, um, so this is called a treasury offset program or TOP. These things could include past due child support, federal agency non tax debt. Um, state income tax, which we don’t have, but if you owe it in a different state, we would. Unemployment compensation, um, something that’s owed to the state.
Another reason for lower refunds over the last few years is that the new tax laws and reforms that took effect a few years ago, it cut several population, or popular deductions for a number of people. So, This lowers the tax rate meant for people that got higher paychecks during the year, but their refund payments were lower at that time.
Due to the pandemic, millions of Americans ended up relying on enhanced unemployment benefits, but many didn’t realize that unemployment benefits, that income is taxable. So, like regular income, jobless workers needed to adjust their withholdings, and if they didn’t withhold enough from their unemployment paychecks, or if they didn’t pay in at all, then they could see a lower than expected refund when they filed their tax return.
So, also, while the stimulus bill, um, it included the 10, 200 unemployment income exclusion credit for that unemployment stuff, that was only valid in 2020, so it was not extended into the year, into 2021. Did people get taxed for the stimulus payments? No, but this is another reason why tax refund amounts have been impacted by several rounds of the advanced refundable tax credit.
So these refundable tax credits paid you in advance against your future tax refund. And in some cases you were overpaid or your tax situation changed when the IRS could have adjusted your refund to cover the difference. This would result in your tax refund being lower than expected. Uh, for many filers, for example, many filers are receiving a letter stating that the covery rebate is different than what they told the IRS, so they had to adjust it.
Some people are still waiting for their refund. Do you know why this is? The main reason is that tax filers claim they received a different amount on that recovery rebate on their tax return Than what the IRS says that they got or a different amount of that child tax credit that we’ve been receiving since August When this happens and it is happening to so many tax filers this season They will automatically adjust it and send a notice with details, but it will take a while I also want to make note that the IRS Does not call you.
So if you are getting a phone call from the IRS, it is actually a scam. The IRS will only send you letters. Okay, do you report something like that? Those scam calls? A person, when they get those? Unfortunately, you can report it, but people go on to Google and they do those Google phones. And so, they can change the phone number so fast that it doesn’t matter.
So, you can report it, but it’s, unfortunately, they can’t chase them. Okay. If people need more information, what’s the best way to get a hold of you? They can give us a call at 605 787 3230. You can come on in at 2200 South Plaza Drive, which we’re right next to Belly Brothers Auto Tech, so if you see Belly Brothers, you’re in the right spot.
They kind of overpower us. Uh, you could also email us at jennifer at jennifersbooks. com or you could visit us on our website, www. jenniferbooks. com. www. jenniferyoungsbookkeeping. com Okay, I’m waiting for Jennifer Young’s Bookkeeping Services to overpower Belly Brothers. So Me too! Alright, great talking to you again.
Have a great weekend. Thanks for joining us this morning. Thank you, you too. God bless.
It’s time for Ask the Expert on news radio, KOTA. And our expert this morning is Jennifer Young from Jennifer Young’s Bookkeeping Services. It’s been a while. I know Jennifer’s a very busy person. How are you on this Friday morning? Oh, you know, I picked up a little bit of a cold, so I have that. But other than that, I’m doing pretty good.
Okay, I thought you were screening your calls because you answered the phone when I called you and said, this is Jennifer. And it did not sound like you at first, but now it is. I’m recognizing the voice. So what is new in the world of Jennifer Young? Well, I have to put hiring another member of our team.
We now have seven people in our team and each specialized in a different field, whether it be taxes, payroll, bookkeeping, payables, or mentoring. We have someone that can help. There’s so many changes happening with COVID and. Things. Are you seeing changes now? Well, the stimulus has been a little challenging this year, but it’s easier than it was last year, because everyone should have received a letter that says how much you received around the same time last year.
It should have been about 1, 400 for each American, depending on your age and income. You should have received it, like I said, about this time last year. Because of COVID, the government didn’t want as much federal withholdings taken out of people’s paychecks. So, some people are paying in more than normal.
When does tax season end for you this year? Well, tax season never ends for me. But, um, the rush will end on April 18th. The 15th of April falls on Good Friday. So it is law that tax day cannot fall on a major holiday. And my family better expect pizza for Easter this year, because after church, I’m going to be doing taxes.
Okay, what is the average refund people are getting this year? The IRS has already issued more than 45 million refunds this year, so that’s better than last year. And the average is 3, 352 each. That’s over 500 more than last year. But it’s looking like that’s because of the tax credit that they allowed for children.
The average refund is just over 2, 800. I’ve heard it’s hard to get a hold of the IRS even more this year than normal. Is that true? The IRS has begun using voice and chat bots on two of its specialized toll free telephone lines and the irs. gov. It enables taxpayers and simple payment for simple payments or collection notices questions to talk to them quickly.
If you are trying to get a hold of the IRS and talk to a representative, it is very hard. A little trick that I found is the earlier you call the better. They are eastern time zone. So if you call around 6 a. m. our time, usually you can get through. How fast are people getting their returns back? Um, it’s pretty much the luck of the draw.
Um, you, some people it’s taking 21 days. Some people still don’t, and some people get it in within two weeks. So you roll the dice and see what happens. Okay. For those that are. Not moving forward and getting their taxes done. Are you guys still available to help people out? Of course, we’re available all the time.
Uh, you can meet us at 2200 South Plaza drive, or you can call us at 605 787 3230. Or you can email us at jennifer at jennifersbooks. com.
And good morning, everyone. It’s time for our professional profile on this Friday morning. We’ve got Jennifer from Jennifer Young’s Bookkeeping Services in Rapid City on the line with us during this busy time of the year. Good morning, Jennifer. How are you today? Good morning. I’m good. How are you? I’m doing good.
I’m enjoying this beautiful weather that we’re experiencing this morning. So that’s great. Well, let’s get to it. Is the IRS Accepting returns. They began accepting and processing 2021 tax returns on January 24th, so you’ll start to see deposits 21 days after you filed. So if you filed right away, you should start seeing the payments around the 14th of February.
However, by law, they cannot issue refunds involving earned income, credit, or child tax credit before the mid-February. So it could be the following week, or maybe even the one after that, before we start to see those deposits coming. Okay, what are the deadlines this year for filing? Deadline for filing federal taxes for personal and Schedule C is Monday, April 18th, because April 15th is recognized as Emancipation Day in Washington, D.
C., and by law, Washington, D. C. holidays impact the tax deadline. Um, the 1120 S and the 1120 C is due March 15th. Jennifer Young from Jennifer Young’s Bookkeeping Services joining us on Professional Profile this morning. Jennifer, have all the 2020 returns been processed? No, but as of the beginning of December, about 169 million more returns were processed.
So they’re definitely getting closer. And what do people need to know about the Child Tax Credit? This credit is increased to 3, 600 per year, per child. through age five and up. Um, then it’s 3000 per year for Children’s 6 to 7. So I’m sorry, let me back up 3600 per year for for a child through age five.
There we go. And up to 3000 per year for Children’s 6 to 17 eligible families should have received half of the money in advance in equal installments from July to December. There should have been a letter mailed to everyone showing how much they got. Make sure that you get that to your tax professional.
If you had a baby during this time, don’t worry. You will get that 3, 600 as a return on your taxes. What else should you bring to your tax preparer? You should bring your W 2 from your job, 1099 from people that gave you money, K 1 from a partnership or any business return that you are involved in, a P& L for your business if you have one, a balance sheet for your business, a 1098 for interest you paid to your house or anything else.
Capital gain and loss worksheets that you might have gotten. Any dividend sheets for retirement. If you have a health savings account or an HSA, you can get, you will get a form that has the distribution. If you had any distributions, and also another one that has contributions. So you have two forms there.
If you did get distributions, bring your medical bills that you paid with it, so that it doesn’t get counted against you. Any form about the child tax credit you received, the letter you received about the 1400 a person stimulus payment, or the amount that you got deposited if you didn’t get that letter.
This was given around March, so you can start looking at your bank accounts there. Uh, you will need your last year’s return that was filed, Social Security numbers for everyone on the return, and your driver’s licenses. If someone has more questions, would like to get more information on Jennifer Young’s bookkeeping services, how do they go about doing that?
They can call us at 605 787 3230. They can come visit us at 2200 South Plaza Drive. Or you can visit our website at jenniferyoungsbookkeeping. com. Great talking with you. Well, I know it’s a busy time for you. We’ll check in again next month. Thank you. Have a great day. You too. That’s Jennifer from Jennifer Young’s bookkeeping services.
Joining us on professional profile on news radio KOTA.
Good morning, it’s time now for our Ask the Experts segment here on Newsradio KOTA and our monthly visit with Jennifer Young from Jennifer Young’s Bookkeeping Services. Good morning, Jennifer. How are you today? Good morning. I’m good. How are you? I’m doing good. It’s that time of the year. Definitely tax time.
I guess the first question I’ll have for you. Have all the tax returns that were filed for 2020 been processed? No, there’s still an estimated 4 million tax returns that need to be processed for 2020. The IRS also closed the e filing capabilities around the end of October, so there will probably be a small push of more 2020 tax returns as soon as the IRS opens that capability to e file back up.
So what’s the holdup on them? A few things caused this holdup. Uh, one of them was the So many changes happened in 2020 due to the COVID pandemic and all the stimulus payments. The IRS had to shut down for a period of time due to COVID. So they were behind there. Then they had to audit every tax return to make sure that the amount that you said that you got for the stimulus payments.
is the amount that they think that they sent you. On top of those things, Biden made them increase the audit for dependents. So, several Americans have been, that have been filing their taxes with dependents, had their 2020 taxes held up, and they ended up having to prove that the dependents were in fact theirs.
So, what is the date that taxes can be sent in? This year, the starting date is January 24th. Okay, do you think the tax season will be extended again? No, the IRS has not, has not extended the deadline past April. Currently the tax deadline for 2022 is April 18th. It’s a little bit later than the fifth, than the normal 15th.
Uh, the IRS even confirmed this in a press release on January 10th. They also confirmed that this year’s deadline to request an extension for individuals is on April 18th, but the extension will go to October 17th. Now that’s only for personal. So if you have a business, it’s different. It’s a month before.
What information do you need to bring in? If you’re wanting your taxes done, you can go to my website at www. jenniferyoungsbookkeeping. com and fill in a client intake form that can either be submitted on the website and come directly to us, or you can print one off and fill it out and bring it in with you.
We will need all 2s, 1099, 1098 K ones or any tax documents that you have received. Now, remember that these documents aren’t required to be out and sent to you through the mail until the end of January. So don’t rush. You don’t, you know, I would rather wait and get your taxes done correctly with all of the right documents.
Then have to amend it more money for you and more time consuming and it takes longer if you have a business and you’ll need a P. N. L. So a profit and loss and also balance sheet. If you don’t have that, you can bring in all of your bank statements, credit card statements and receipts and we’ll take care of all that for you.
The last couple of years have been Kind of crazy, of course, with COVID, how important is it now to have a professional tax preparer do your taxes? The laws change daily, especially right now. It is more important now to have somebody help you. It’s so confusing with all of this. Stimulus payments and all the new credits and all the new stuff that’s happening.
It’s just easier for somebody that’s been keeping up with it all year long and has the continuing education that’s needed to get your taxes done by a professional. And the best way to get a hold of you, Jennifer, is? You can call us at 605 787 3230 or you can stop on in at 2200 South Plaza Drive in Rapid City.
Alright, great talking with you. We’ll visit with you next month. Thank you. Have a great day.
Good morning, it’s 840 and time for today’s edition of Professional Profile here on News Radio KOTA. Today our monthly visit with Jennifer Young from Jennifer Young’s Bookkeeping Services in Rapid City. Great to talk with you Jennifer. How are you doing today? I’m doing well. How are you? I’m doing great.
I want to find out what’s happening in the tax world. Well, as we know, there are several important dates during the year when it comes to taxes. And September 15th date is coming up right around the corner. September 15th is the day that your third quarter estimated tax payments are due. Also, if you filed an extension for businesses, it’s due on the 15th of September.
If you filed an extension for your personal or you have an LLC, then it’s not due until October 15th. Jennifer, I’ve been hearing that you merged with another company in town. Yes, I did. I bought tax solutions and accounting, too. So we’ve been welcoming the new clients. We look forward to doing business with all of them.
There’s a new client intake form that can be found on my website, jenniferyoungsbookkeeping. com, if they want to speed up the process. Jennifer, I hear so much about stimulus, stimulus, stimulus, checks, checks, checks. Is there going to be another stimulus check? Well, the child tax credit checks, they will continue through the year.
So through December, but there’s several politicians that are tweeting that they want 2, 000 a month given to all Americans through the pandemic. However, that would be almost impossible because we have no idea how long this is going to last. So it seems that the shops get more affected every day. So I don’t believe that there’s going to be another stimulus check coming anytime soon.
What else should people be watching out for? Well, the IRS has been increasing their awareness for scams. The fraudsters have upped their game big time. And I know that I have personally gotten four different things in the past month that I had to check into. Scams may differ in themes, but they generally have two traits.
They appear to come from a known or trusted source, such as a colleague, a bank, a credit card company, something like that. Even the IRS, sometimes it looks like it came from them. But they also tell a story. Often with an urgent tone, like they want to trick you into opening up a link or an attachment or sending them money.
I’ve been receiving stuff from a title company that has a very similar name to somebody that works for the title company that sends me emails now. And it keeps telling me that it wants me to open these closing documents. I’ve also been getting things sent to me that says that my webpage will be expiring soon and that I need to pay.
Just so that you know. The utility companies or anything like that, they’re never going to ask you to send them a gift card. I had a couple of clients that that happened to. So, if somebody asks you to send a gift card, it is a scam. Don’t do it. Also, on check that you get, if you don’t know the source, they want you to cash the check.
You can look at the bottom. And in the numbers, if there’s anything funky, like a little red or something like that around those numbers, then that check is fraud. Just know that the criminals are always coming up with new ideas to scam people, so if you’re unsure about it, then call someone you trust to help you out, whether it’s a banker, an accountant, or a parent, or something like that.
Crazy things going on out there. Well, for sure. Jennifer, we appreciate your time. Anything else that we need to touch on this morning? Nope, I don’t think so. Just make sure to file your taxes soon. Alright, September 15th is Coming up very fast. Great talking to you today. We’ll talk with you again next month.
Sounds good. Thank you very much. And that’s Jennifer Young from Jennifer Young’s Bookkeeping Services in Rapid City. Our guests this morning on Professional Profile on NewsRadio, KOTA.
