McCracken Accounting and Tax

I am unable to take any NEW clients this coming tax season.  

If you are like many Americans coming out of this pandemic, your life may be different in many ways. One way is that you may have found yourself earning income in a way you never have before.  With so many people exploring alternate income avenues, now is a good time to talk with a tax expert about ways to make sure you don't end up with a huge tax bill in April.   I've put together some simple and highly effective gems that can help you save on your taxes, and maybe even help you build some savings and/or wealth.   The first thing to remember about taxes is that there is a distinct difference between evasion and avoidance. Avoidance is not going to land you in a prison cell.  Avoidance is what good tax professionals are skilled at helping taxpayers accomplish.   Before we explore strategies, it is important for me to mention to all of you out there earning gig income selling goods and services online is that the IRS will know about it whether you report it or not.  All banking

I wanted to share with you a life hack that I've used for decades.  Life is complicated, and every year has new things that come up.  This is how I make sure I have all of my documents in order when it comes time to do my taxes.  I make an envelop for the year and I hang it on the wall near my desk.  I add to the list if there's a job change, or if I take on an extra income gig that might generate a 1099. I also add receipts for things I might use if I itemize my deductions, or any 1098s I expect to receive for deductible interest like student loans or mortgage.  Remember, there are some things that can be deducted from your income even if you go with the standard deduction.  As things come in, I throw them in the envelop, and check them off the list.  That's how I know I've gathered all of my documents, and since they are all in the envelop I don't have to hunt them down when I'm ready to do my taxes. 

 Tax Time is here!  To help you get yourself ready, here is a checklist of the things I will need to complete your tax return.... Copies of your and your spouse’s ID - drivers license Social security numbers for everyone in your household that you plan to list on your tax return. All W-2 statements All 1099 statements received.  May be 1099NEC, 1099Misc, 1099R, 1099SSA Any 1098 statements received, ie mortgage interest statements, student loan interest Any financial (cash/check) charitable contributions made.  If you have 1099NEC or own a small business that does not require a separate tax return…. A list of income and expenses for the entire year A list of the value of any assets belonging to the business (furniture/equipment/cash on hand at the end of the year) If you use your vehicle for work, a mileage chart along with the year, make, model, and date the vehicle was put in service. If you purchased health insurance, the amount you paid for the year (year end statement or form 1095)

Ok I'm making this post, more like thread, a place for you to get information on what to expect in the coming months regarding the Economic Stimulus package.  It's a very complicated procedure to issue stimulus checks to every taxpaying american citizen.  That said, don't expect a check to come super quickly.  As the powers that be figure out how and when all of this will go down, I will try to supply you with the relevant information. First, this is to give you an idea of what to expect as of right now.... https://www.npr.org/2020/03/26/822224393/show-me-the-relief-money-no-promises-on-when-coronavirus-checks-are-coming

This post is for anyone who is confused, or unsure how to use MyTaxPortal to securely communicate, and upload documents to me.  Don't worry, if this doesn't work for you, I have other ways... Invitation to join MyTaxPortal: How to review your return: How to sign your return: