Across All 50 States
Since 1989
Since 1989
Magid Financial Services
Expert Solutions for Your Payroll and Tax Needs—Maximizing Your Success, Minimizing Your Stress
Your Trusted Partner for Payroll and Tax Services
ABOUT US
With a commitment to excellence, we help individuals and businesses navigate their financial challenges.
We specialize in providing comprehensive financial solutions tailored to your needs.
Our Key Services:
SERVICES
Payroll Support
Tax Accounting
Tax Planning
Tax Problem Consulting
New Business Tax Consulting
Local Tax Return Preparation
IRS Audit Representation
Income Tax Return Preparation
Tax Preparation
Loan Modifications
Tax Preparation Service
Debt Settlement
FAQ
To ensure a smooth tax preparation process, please provide the following documents:
- W-2 forms from your employers
- 1099 forms for any freelance or contract work
- Records of other income (e.g., rental income, dividends)
- Receipts for deductible expenses (e.g., medical expenses, charity donations)
- Last year’s tax return (if applicable)
- Any relevant tax documents related to investments or business income
- Social Security numbers for you and any dependents
- Form 1095-A: Related to health insurance coverage through the Marketplace; important for claiming the Premium Tax Credit.
- Form 1098-E: Related to student loan interest; important for claiming a deduction on student loan interest paid.
Getting started is easy! You can either give us a call to discuss your needs directly or fill out our contact form on the website. Once we receive your information, a member of our team will reach out to you promptly to guide you through the next steps.
Yes, your personal information is safe with us. We prioritize your privacy and use secure methods to protect your data. Our team adheres to strict confidentiality policies and complies with all relevant regulations to ensure your information remains secure.
BLOG
In recent months, various states and the federal government have proposed or enacted changes in tax legislation aimed at providing relief to taxpayers and businesses. These changes often include adjustments to income tax rates, deductions, and credits. For instance, some states have implemented temporary tax cuts or rebates in response to inflationary pressures, which can affect overall tax planning strategies for individuals and businesses alike.
The IRS continues its efforts to modernize its systems and improve taxpayer services. Recent initiatives focus on enhancing online services, streamlining the filing process, and reducing processing times for tax returns. Taxpayers can now access more resources online, including the ability to track their refund status and obtain tax transcripts electronically.
With the increase in remote work, many employees and employers are navigating new tax implications. States are revisiting tax policies regarding where income is taxed, especially if employees are working from different states than where their employer is based. This shift has led to discussions about nexus and the need for clear guidelines on withholding taxes for remote employees.
Changes in Tax Legislation
IRS Modernization Efforts
Remote Work Tax Implications
The Social Security wage base limit has increased for the 2024 tax year, impacting payroll calculations for employers and employees. Employers should be aware of these changes to ensure accurate payroll processing and compliance. Additionally, the IRS has announced updates to the Federal Insurance Contributions Act (FICA) tax rates, which could influence payroll costs.
The Child Tax Credit (CTC) remains a hot topic as discussions continue about its long-term structure and benefits. Recent proposals in Congress seek to make the expanded CTC permanent, which would significantly impact families and their tax obligations. Tax professionals should stay updated on these developments to provide accurate guidance to clients.
The IRS has introduced new measures to provide penalty relief for taxpayers who may have missed deadlines due to the pandemic. Taxpayers can request relief for certain penalties, and the IRS has also expanded its criteria for eligibility. This is an important opportunity for taxpayers to rectify their compliance issues without incurring additional penalties.
Payroll Tax Updates
Child Tax Credit Developments
Tax Compliance and Penalty Relief
