Melissa A Schiff CPA PC

?? Did the IRS send you $28,678—and you have no idea why? Tempting as it may be, DO NOT CASH IT! ?? Sometimes, the IRS mistakenly sends fraudsters’ checks to the actual taxpayer. ?? ?? What to do: 1?? Contact a tax professional ASAP. 2?? Or call the IRS directly to report it. 3?? Return the check—it’s not yours. ?? Protect yourself and your finances. Ignoring this could lead to bigger problems! #TaxFraud #UnexpectedIRSCheck #TaxTips #IdentityTheft #IRSHelp #TaxSeason2025

Real-Life Tax Fraud Story: A small business owner thought they could cut corners by underreporting income. ?? Fast forward to an audit, fines, and a tarnished reputation. Moral of the story? Honesty is the best policy when it comes to taxes! ?? Need help navigating tax season? Let’s chat. #TaxFraudPrevention #SmallBusinessTips #TaxSeason2025 #BusinessSuccess #HonestBusiness

?? Tax Extension Alert! ?? When you extend your individual tax return, it's not just the return itself that gets more time. Here's what you need to know: Filing Deadline: The deadline for submitting your return is pushed to October 15. ? Important: Payments are still due by April 15. The extension is for filing, not paying! Make sure to pay any taxes owed by this date to avoid penalties and interest. IRA Contributions: You still have until April 15 to make contributions for the previous year. Amended Refunds: If things change, you have additional time to file for amended refunds. Extensions give you more flexibility to adjust your return if needed. Recharacterization of IRA Contributions: If you need to recharacterize your IRA contributions, the extension gives you more time to make these changes. Removal of Excess Contributions: You also have more time to remove any excess contributions to retirement funds without incurring penalties. Stay informed and plan accordingly! #TaxExtension #April15 #TaxTips

Your rental expenses checklist is your best friend during tax season! One client unlocked $16k in savings after a thorough review. Have you checked yours? Don't forget the interest on your HELOC! #ChecklistChallenge #TaxRelief #TaxTips #SavingsUnlocked #TaxSavings #ReceiptReview #SmartFinance #HiddenDeductions #MaximizeYourRefund #TaxTimeTips #FinancialWisdom #TaxSeasonSuccess #BudgetSmart #UnlockSavings

?? Tax Identity Theft Alert! ?? Do you know what to do if you’re a victim of tax identity theft? Here are the MUST-KNOW steps: 1?? Form 14039 is your best friend! Use it to report identity theft to the IRS. 2?? Received a 5071C letter from the IRS? It’s real—don’t ignore it! ?? 3?? Got an unexpected check from the IRS? DO NOT CASH IT! Fraudsters might have used your info, and the check needs to go back. ?? Stay alert and protect your identity. If you’re unsure, reach out to a tax professional for help! #TaxIdentityTheft #IRSScams #StaySafe #IdentityTheftAwareness #TaxSeasonTips #ProtectYourIdentity

Tax Fraud is on the rise. Here's a clip from our an article in our community: ?? Tax Fraud: A Growing Threat to Individuals and Business Owners ?? Tax fraud is on the rise, and it’s a risk that affects both individuals and businesses alike. Whether you’re managing your personal finances or running a company, understanding how fraud happens and how to protect yourself is critical. At Elevate Business Mastery Community, we’re all about empowering individuals and business owners with the knowledge they need to succeed—not just in business, but in life. And while tax fraud might not seem like a traditional business topic, the risks it poses to your focus, finances, and peace of mind make it a must-know issue for everyone. What Data Do Fraudsters Need? Fraudsters only need three pieces of information to file a fake tax return in your name: - Your Name - Your Social Security Number - Your Date of Birth How Do They Get Your Data? In January 2024, the Mother of All Breaches (MOAB) exposed the personal data of 26 billion people. Yes, billion. This breach targeted major platforms and sources, including: - Medical Records Databases: Hospital systems, insurance providers, and electronic health record platforms. - Social Media Platforms: Facebook, LinkedIn, Instagram, and Twitter. - Financial Institutions: Banks, credit card companies, and payment services like PayPal. - Government Databases: DMV records, Social Security Administration, and voter registration systems. - Retail and E-commerce Platforms: Amazon, Target, and Etsy. - Cloud Storage Services: Dropbox, Google Drive, and OneDrive. For business owners, the stakes are even higher, as you’re often managing sensitive data for both your personal life and your business. How Do They Commit Tax Fraud? Here’s how it works: - Fraudsters use your stolen information to?file a fake tax return. - They fabricate income levels to qualify for?refundable tax credits. - They provide?their own bank account information?to collect the fraudulent refund. Why This Matters to Business Owners For business owners, tax fraud isn’t just a personal issue—it can disrupt your focus, tie up your finances, and even impact your ability to lead effectively. Protecting your identity is just as important as protecting your business. At Elevate Business Mastery Community, we believe that empowering business owners means addressing the risks that could derail your success. We’re On Your Team Tax fraud is a serious and growing threat, but you don’t have to face it alone. By staying informed and taking proactive steps, you can protect yourself and your business from unnecessary disruptions. At Elevate Business Mastery Community, we’re here to equip you with the tools, knowledge, and resources to navigate challenges like this. Together, we’ll rise above the risks and stay focused on what matters most: building the life and business you deserve. #taxfraud #databreach

Tax Tip Tuesday! ???? Mileage matters! A client discovered extra deductions by connecting their receipts to travel miles. How much could you save? #TaxHacks #DriveYourSavings #TaxTips #SavingsUnlocked #TaxSavings #ReceiptReview #SmartFinance #HiddenDeductions #MaximizeYourRefund #TaxTimeTips #FinancialWisdom #TaxSeasonSuccess #BudgetSmart #UnlockSavings

Receipts are gold! ?? A client thought they were done, but a second look revealed $16,000 more in deductions. Are you maximizing your tax savings? ---- Don't forget supplies, including curtains and towels! #ReceiptReview #TaxWin #TaxTips #SavingsUnlocked #TaxSavings #ReceiptReview #SmartFinance #HiddenDeductions #MaximizeYourRefund #TaxTimeTips #FinancialWisdom #TaxSeasonSuccess #BudgetSmart #UnlockSavings

?? Unlock Your Business Potential! ?? Are you ready to elevate your business to new heights? Join us at Elevate, Business Mastery Community and discover the secrets to increasing your bottom line! ?? ?? Connect with like-minded entrepreneurs ?? Gain exclusive insights on revenue growth and cost-cutting strategies ?? Master the art of balancing work and life To be real, the correct answer is doing both! Ready to transform your business? Join us today! ??? https://lnkd.in/gKhtUV-P #BusinessMastery #EntrepreneurLife #ElevateYourBusiness

?? Unlock Savings with the Daycare Tax Credit! - even if you don't use day care?!?? Did you know that certain daycare expenses can help you save on taxes? Here are some examples of qualifying expenses: - Daycare Fees: Payments made to daycare centers for child care. - Babysitter Costs: Payments to a babysitter for work-related child care. - Before & After School Programs: Costs for programs that provide care before and after school hours. - Preschool Expenses: Costs associated with preschool programs. and the one everyone forgets...... - Camps: Expenses for youth sports, music, dance, and other specialized camps. Remember, these expenses can make a significant difference in your tax return. Make sure to keep all receipts and documentation! ???? #DaycareTaxCredit #TaxSavings #ParentingTips #ChildCareExpenses #YouthCamps #AfterSchoolPrograms