Paulson and Paulson Bookkeeping and Tax Services

Deadline Approaching: Claim Your 2020 IRS Refund Now! Attention taxpayers! If you missed filing your federal return for 2020, it's not too late to claim what's yours. The IRS has announced that the deadline to file your 2020 return and claim any refunds is rapidly approaching: May 17, 2024. Why file now? Filing your 2020 return can make you eligible for credits you might not have claimed before, such as the Earned Income Tax Credit (EITC) and Recovery Rebate Credit. It’s important to remember that unclaimed IRS refunds result from various reasons, including outdated contact details or simply forgetting to file. There's a three-year window to claim these refunds; unclaimed funds revert to the U.S. Treasury after this deadline. Don’t leave money on the table. Ensure your mailing address and contact information are updated, and file your 2020 return before the deadline. Missing out could mean missing money that belongs to you!

Tax Refund Myths and Realities – Did You Know? Taxpayers who are owed a 2023 tax refund naturally want to know how quickly that refund will come. Unfortunately, many myths and half-truths about IRS refunds circulate online, giving people false expectations or leading them to waste time on unnecessary steps. You need to know two key facts to avoid falling for the rumors. - Calling the IRS will generally not yield more information about your refund. You can get the most up-to-date information about your refund status nearly around the clock by using the online Where's My Refund tool (link below) or by calling the automated refund hotline at 800-829-1954. - The Where's My Refund Tool cannot always give a refund date. Some taxpayers may believe something is wrong if this tool does not display a mailing or deposit date for their refunds. Although the IRS issues many refunds within 21 days, some returns take longer to process. You will get a refund date once the IRS finishes reviewing your return. IRS Where's My Refund tool: https://lnkd.in/eUYwfxR

Are you a small business owner juggling multiple roles, including managing your finances? Let Paulson & Paulson take the reins of your bookkeeping needs so you can focus on what you do best—running your business. ?? With over 46 years of experience, we understand small businesses' unique challenges. Our expert team provides dependable bookkeeping services that ensure accuracy and compliance, helping you avoid costly financial errors and IRS issues. Our transparent pricing means no surprises—just peace of mind knowing your finances are in expert hands. Partner with us and experience the ease of having a dedicated team as invested in your business's success as yours. Connect with us today at PaulsonandPaulson.net to learn how our personalized bookkeeping solutions can help streamline your operations and boost your bottom line. ??

Tax Debt Settlement Scams – Did You Know? When taxpayers owe more tax than they can pay without extreme hardship, the IRS sometimes accepts an offer-in-compromise (OIC). Under an OIC agreement, taxpayers may settle their tax debt for less than the total amount owed. However, the IRS warns taxpayers to watch out for "OIC mills," agencies that churn out stacks of OIC applications, costing the taxpayers they supposedly represent thousands of dollars. Many of these agencies make unrealistic claims in radio, TV, and internet ads about settling tax debts for "pennies on the dollar." Often, a taxpayer gets talked into paying an OIC mill to file an application the agency knows will be rejected because the taxpayer does not qualify for the OIC program. Even when the IRS accepts an application from an OIC mill, the excessive fees charged by the agency may still cause the taxpayer financial harm. Do not believe the hype if you are considering an OIC to settle your tax bills. The link below lets you check your eligibility using the IRS' Offer In Compromise Pre-Qualifier tool. Working with a trusted tax professional can also determine whether you qualify for the OIC program and help you prepare an application with a better chance of acceptance. Offer In Compromise Pre-Qualifier tool: https://lnkd.in/gXdsesw