Pennies Add Up 1, 2, 3,

BOI going into effect Jan 1, 2024

TikTok · Pennies Add Up 1, 2, 3, Check out Pennies Add Up 1, 2, 3,'s video.

On Today's J.C. Cooley Foundation Presents It's Your Life: "Demystifying taxes with a former revenue officer" with the special guest Tara Monangai hosted by Dr. James Cooley and Dr. Michelle Cooley.
Live at 12 PM PST | 3 PM EST
Friday, October 27, 2023

Tara is a former IRS Revenue Officer, and has been professionally preparing income taxes, both personal and businesses, for nearly 3 decades. In that time she has seen how misinformation has cost many not only financially, but caused heartache. Finances, especially taxes, are a big industry where there are a lot of options to choose from which can lead to information overload. Tara personally really enjoys all things taxes and believes that in a perfect world everyone would have access to the resources needed to file their taxes without feeling like they have little to no choice or are being overcharged. Tara started a company called Pennies Add Up where she will offer targeted tax advice and services to both businesses and individuals to help empower individuals to make the most informed decisions when it comes to their business or family taxes.

I will be featured this Friday Oct 27th live at 12PM PST/ 2PM CST/ 3PM MST on the podcast show “It’s Your Life Radio” with Dr. James Cooley. Below is the youtube link, hope you can join us live.

https://www.youtube.com/channel/UCjZpqUgF0FP5knp6NkZD1IA

The countdown has begun, don’t procrastinate!!
Make sure you are prepared to send out your W-2s and 1099s!!!!

Not sure if you need to file them, what to do or how to do them?

Don’t fret help is just a message away. Reply to this post of send a message on Messenger.

What’s the rule to claiming exempt on your W-4?

Per the IRS there are 2 requirements you must meet in order to file exempt:

1 - You had no federal income tax liability in 2022
AND

2 - You expect to have no federal income tax liability in 2023

(taken from the W-4 instructions)

Q&A:

Are there ways around the 2 options, and if so are there penalties if you file exempt and don’t meet the 2 requirements?

Of course there are ways around it!!!! You don’t get penalized just for filing exempt, there are circumstances that can effect whether or not you get penalized.

There are various types of tax return preparers, including Certified Public Accountants (CPAs), Enrolled Agents (EA), attorneys, and many others who don't have a professional credential.

Here is a list of of tips and reminders to help you choose a tax preparer:

- Check the preparer's qualifications.

- Check the preparer's history.

- Ask about service fees.

- Ask to e-file, almost all reputable preparers can e-file.

- Make sure the preparer is available to answer your questions and meet with you.

- A quality tax preparer should ask you to provide records and receipts.

- Remember to never sign a blank return.

- Review all documents and forms before signing.

- Review details about any refund, be sure to ask all your questions.

- Ensure the preparer signs the return and includes their PTIN.

- if you have a bad experience remember to report abusive tax preparers to the IRS.

To all U.S. Expats living abroad, even those with dual citizenship!!!!!
As we approach the last 3 months of 2023, I want to remind you that tax season will soon be upon us. Regardless of what country you’re living in, if you’re a U.S. citizen or have dual U.S. citizenship you are required to file a U.S. income tax return if your total income (wages, unearned income, and tips) meets the filing requirements (US and foreign). If your only source of income is SS it is not taxable (you don’t have to file a tax return)

So this means even if you are not working in the U.S. and are only working in the country you live in, earning a foreign currency you still have to file a U.S. tax return. Additionally, current tax law states that if you have a foreign bank account where you have transferred $10,000 USD or more or your foreign account balance reaches $10,000 USD or more it must be reported!!

As we’re making the choice to live abroad we have to make sure we are aware of the United States’s requirentes of its citizens.

Reporting foreign income and filing a tax return when living abroad | Internal Revenue Service Tax Tip 2023-36, March 21, 2023 — U.S. citizen and resident aliens living abroad should know their tax obligations. Their worldwide income -- including wages, unearned income and tips -- is subject to U.S. income tax, regardless of where they live or where they earn their income.

Business write-off stitch from Steve Harvey Show, all information is not correct information

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Businesses need to classify their employees correctly

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Expats living abroad

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Working adults with no children and no filing requirements

TikTok · Pennies Add Up 1, 2, 3, Check out Pennies Add Up 1, 2, 3,'s video.