Mintax, Inc.

Happy March! Only two more weeks until the Partnership and S Corp deadline. Don't forget to file your 7004 if you're worried about meeting it.

The IRS workforce has been reduced by 7%-8% overnight. This action in the heat of tax season, together with the approaching debt ceiling debates and uncertainty at the US Treasury, risks delays in processing returns and refunds. We strongly encourage everyone to file their taxes as early as possible this year, especially if you expect to be owed a refund.

Mintax will be traveling to #NYC from #Florida from January 30-February 1. If you have any questions about reducing your #taxes, make sure to book an in-person appointment with us ASAP!

The #SupremeCourt has lifted the #BOI injunction. Anyone who didn't file timely by December 31, 2024 should be aware that the requirement is now in place, despite the lack of an official ruling. The timeline for the requirement is still unclear, and the filing remains voluntary per the #AICPA. https://lnkd.in/e57Bm2Fn

The #IRS will begin accepting individual #taxreturns next week on Monday, January 27. Get a head start on your tax returns TODAY to get your return sooner! Message us to find out how much you can get back - or to avoid potential penalties.

#Taxpayers with business in #Israel, #Gaza, or the #WestBank have an extension until September 30, 2025 to file and pay 2023 and 2024 #tax returns. https://lnkd.in/euN-F__M

Could #Mississippi join the other seven states with 0% income tax? Mississippi recently passed a vote in its House to gradually eliminate #incometax. Although it would need to be passed by the MS Senate and signed into law by Governor Reeves, Mississippi may see its income tax gradually reduced to 0% by 2036. The initial effect of the bill would reduce income taxes to 4% as of calendar year 2026 immediately and then include annual reductions by three basis points until reaching 0. MS Bill HB-1 includes additional #gas tax and #sales taxes to compensate local jurisdictions that may see reduced income #tax revenue. There is no mention of property taxes in the bill other than taxes on the sale of property. The only thing that is certain if the Bill passes the senate and the governor's desk, is that Mississippi may join the ranks of the other seven zero income tax states by 2036: #Alaska, Florida, #Nevada, #SouthDakota, #Tennessee, Texas, and #Wyoming. However, the eventual overall effect will depend on a myriad of other state and federal policies. https://lnkd.in/erREJrzH https://lnkd.in/ekJAkRrq

With the #CA #wildfires a recent scar on our consciousness, it's important to remember that many parts of the country have suffered immense loss and pain. We have recently posted about some of the support the #IRS has provided to Californian victims of the #Palisade and other wildfires, but it has also provided relief to taxpayers in #Hawaii. If you were affected by the disaster in #HI, check out the link below to review your options for your 2024 #taxes! If you have any questions, we are always here to help. https://lnkd.in/eVNBt-5g

Please remember that businesses are required to provide their employees and their contractors their #tax forms by the end of the month! That includes all #employees who receive wages as well as any #contractor whom your business paid $600 or more over the previous calendar year. If you are missing information on how to deliver these tax forms, please write to us for guidance!

#Taxpayers in AL, FL, GA, NC, SC, and parts of AK, NM, TN, VA, and WV have until May 1 2025 to file their 2023 and 2024 returns. You also qualify for an #extension of 2024 taxes due until May 1. But remember, #payments for 2023 taxes are not subject to the extension, so it's important to take care of that as soon as possible to avoid #underpayment #penalties! https://lnkd.in/euN-F__M