Why Pay and Prepare Your Taxes

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Third (3rd) Stimulus Check – 2022 May Be Your Last Chance

This is your MONEY. You are entitle to this. If you did not get ALL your Economic Impact Payment Checks, i.e. STIMULUS, GIVE US A CALL. If you did get some, CALL US.

Based on what we are hearing and seeing, this tax filing season maybe an individual last chance to claim his/her STIMULUS PAYMENTS.

The IRS is saying IF YOU did not get the FIRST or SECOND Economic Impact Payments (Stimulus Checks), you may be eligible to claim the the 2020 Recovery Rebate Credit and you must file a 2020 Tax Return. You must file even if YOU DO NOT USUALLY FILE TAXES.

If you did not get the full amount of the THIRD (3rd) Economic Impact Payments (Stimulus Checks), you may be eligible to claim the 2021 Recovery Rebate Credit. You must file a 2021 Tax Return even if you DO NOT USUALLY FILE TAXES.

So folks, there you have it. If you have not gotten any of your stimulus checks, this may be your last chance. Even if you think you did not get ALL three STIMULUS PAYMENT, then we are here to help get you your money.

Home Office Deduction Self-Employed

The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business.

Here are some details about this deduction to help taxpayers determine if they can claim it:

  • Employees are not eligible to claim the home office deduction.  
  • The home office deduction, calculated on Form 8829, is available to both homeowners and renters.  
  • There are certain expenses taxpayers can deduct. These may include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent.  
  • Taxpayers must meet specific requirements to claim home expenses as a deduction. Even then, the deductible amount of these types of expenses may be limited.  
  • The term “home” for purposes of this deduction:  
    • Includes a house, apartment, condominium, mobile home, boat or similar property.
    • Also includes structures on the property. These are places like an unattached garage, studio, barn or greenhouse.
    • Doesn’t include any part of the taxpayer’s property used exclusively as a hotel, motel, inn or similar business.
       
  • Generally, there are two basic requirements for the taxpayer’s home to qualify as a deduction:  
    • There generally must be exclusive use of a portion of the home for conducting business on a regular basis. For example, a taxpayer who uses an extra room to run their business can take a home office deduction only for that extra room so long as it is used both regularly and exclusively in the business.
    • The home must generally be the taxpayer’s principal place of business. A taxpayer can also meet this requirement if administrative or management activities are conducted at the home and there is no other location to perform these duties. Therefore, someone who conducts business outside of their home but also uses their home to conduct business may still qualify for a home office deduction.  
  • Expenses that relate to a separate structure not attached to the home may qualify for a home office deduction. They will qualify only if the structure is used exclusively and regularly for business.  
  • Taxpayers who qualify may choose one of two methods to calculate their home office expense deduction:  
    • The simplified option has a rate of $5 a square foot for business use of the home. The maximum size for this option is 300 square feet. The maximum deduction under this method is $1,500.
    • When using the regular method, deductions for a home office are based on the percentage of the home devoted to business use. Taxpayers who use a whole room or part of a room for conducting their business need to figure out the percentage of the home used for business activities to deduct indirect expenses. Direct expenses are deducted in full.


Share this tip on social media — #IRSTaxTip: How small business owners can deduct their home office from their taxes. https://go.usa.gov/xtbkP

Who Should File A Tax Return

The Internal Revenue Service (IRS) Publication 17 spells out the requirements for filing. Generally, if

you are a U.S. citizen or resident, whether you must file a return depends on three factors.

  1. Your gross income.
  2. Your filing status.
  3. Your age.

To find out whether you must file, see Table 1-1Table 1-2, and Table 1-3. Even if no table shows that you must file, you may need to file to get money back. See Who Should File, later.

Gross income.

This includes all income you receive in the form of money, goods, property, and services that isn’t exempt from tax. It also includes income from sources outside the United States or from the sale of your main home (even if you can exclude all or part of it). Include part of your social security benefits if:

  1. You were married, filing a separate return, and you lived with your spouse at any time during 2021; or
  2. Half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly).

If either (1) or (2) applies, see the Instructions for Form 1040 or Pub. 915, Social Security and Equivalent Railroad Retirement Benefits, to figure the social security benefits you must include in gross income.

Common types of income are discussed in Part Two of this publication.

Community property states.

Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. If you and your spouse lived in a community property state, you must usually follow state law to determine what is community property and what is separate income. For details, see Form 8958 and Pub. 555.

Nevada, Washington, and California domestic partners.

A registered domestic partner in Nevada, Washington, or California must generally report half the combined community income of the individual and his or her domestic partner. See Pub. 555.

Self-employed individuals.

If you are self-employed, your gross income includes the amount on line 7 of Schedule C (Form 1040), Profit or Loss From Business; and line 9 of Schedule F (Form 1040), Profit or Loss From Farming. See Self-Employed Persons, later, for more information about your filing requirements.

.This is an Image: caution.gifIf you don’t report all of your self-employment income, your social security benefits may be lower when you retire..

Filing status.

Your filing status depends on whether you are single or married and on your family situation. Your filing status is determined on the last day of your tax year, which is December 31 for most taxpayers. See chapter 2 for an explanation of each filing status.

Age.

If you are 65 or older at the end of the year, you can generally have a higher amount of gross income than other taxpayers before you must file. See Table 1-1. You are considered 65 on the day before your 65th birthday. For example, if your 65th birthday is on January 1, 2022, you are considered 65 for 2021.

Table 1-1. 2021 Filing Requirements for Most Taxpayers INDIVIDUALS
IF your filing status is…AND at the end of 2021 you
were…*
THEN file a return if
your gross income
was at least…**
Singleunder 65$12,550 
 65 or older$14,250 
Married filing jointly***under 65 (both spouses)$25,100 
 65 or older (one spouse)$26,450 
 65 or older (both spouses)$27,800 
Married filing separatelyany age$5 
Head of householdunder 65$18,800 
 65 or older$20,500 
Qualifying widow(er)under 65$25,100 
65 or older$26,450 

Source: IRS Publication 17

Ways To File | Why File With Us

There are hundred of ways to file your tax returns. You can file with a CPA. You can have a Tax Accountant or have a Tax Preparer file your tax return. You could also file your taxes online (DO IT YOURSELF option) with a tax software vendor such TurbotaxTaxActH & R BlockTaxSlayer, Jackson Hewitt or even Liberty Tax. Then there is the FREE FILING options. Your options are humongous. Both H & R Block and Jackson Hewitt offer in-person store service. That’s all good.

Here is why you should file with us

  1. We promise to diligently handle your tax return with CARE as if it is OURS.
  2. We promise to Get You Maximum Refund Possible – To do this, we will fight to get you ever deductions and credits you deserve
  3. 100% Accurate Calculations – Our calculations are 100% accurate on your tax return, or we’ll pay any IRS penalties.
  4. Optional: We may require a Zoom Meeting, Google Meets or a Microsoft Teams meeting to verify and complete your tax return.

IRS Contact Numbers

Like everyone else, contacting the IRS is in itself a daunting task.

First, just getting through is a challenge, Second, you get frustrated because you are unable to get live support.

Third, if your call get through, you most likely will be talking to a recorded message.

This can be frustrating. We know. We are compiling a list of IRS numbers for taxpayers to call. The list in itself is not thoroughly vetted as the IRS numbers changed. However, this is a WORK IN PROGRESS so that you have something to go by. Call these numbers until you get a live IRS representative to speak to. Ideally, you want to call your local IRS OFFICE.

NumberOptions
Extension
Description
1-800-829-1040Options 2 or 4 Individual
1-800-829-4933 Business Specialty Tax DepartmentBusiness
1-800-829-44771- General Tax
2- Specific tax
3- Amended Return
Refund Status
1-800-829-1954English option 1
Spanish option 2
Refund Status
1-844-545-5640 Taxpayer Assistance Centers (TACs
1-866-681-4271Innocent Spouse Relief
1-800-829-4933Self-Employed (Business)
1-800-908-4490Identity Theft victims; get a new IP PIN
1-800-829-1954Questions about refunds and offsets to IRS liabilities
1-800-919-9835STIMULUSEconomic Impact Payment | Recovery Rebate Credit
1-800-829-0582Extension 332
Extension 653
Extension 652
Amended
Live Human Possible
1-866-682-7451extension 568
extension 633
Reconciliation Form 1095A
Amended Return
1-866-682-7451extension 733Direct Deposit Issues
1-800-829-0922Amended Return
1-800-829-0922Appointments-
Schedule Locally
1-877-829-5500 Non-Profit Taxes
1-866-699-4083Estate and gift taxes
1-866-699-4096 Excise Taxes
1-877-777-4778Taxpayer Advocate Service
1-800-304-3107IRS Treasury Offsets (Child Support, Student Loans, Non-tax Debt)
1-800-830-5084ID VERIFY
IRS Letter 5071C | 6331C | 4883C |
ID Veriffication HotLine

Friendly Tax Services

Friendly Tax Services is the premier income tax preparation firm for individuals, families, small business owners and the self-employed; Uber, Lyft, Taxi, and Limousine drivers; Actors, Independent Contractors and Entrepreneurs. We have empathy and understand the toll driving takes on Uber, Lyft, Taxi, and Truck drivers. That driving is time consuming. Uber drivers just don’t have the time it takes time to keep track of those business-related expenses.


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