Tax season is at the corner and many taxpayers across the country will start experiencing low to high fever about the tax issue this year. Well, if you are self-employed and you don’t have a good accountant like Mr. Peter Deng of Peter Deng Tax Service then your fever could even go higher, and it is understandable.
Everything is fun in America, but taxes are not fun to deal with, during the tax time many taxpayers who haven’t paid their good share of taxes during the year ended up paying big to Uncle Sam and State department of taxes during tax time. Business People end up paying millions of dollars back to the IRS and State department of taxes and even the local taxes. Homeowners also pay for their property taxes and so on.
Despite the fact that tax time is not fun, and it is a season that is not celebrated by everyone, well there is still one group of people that look forward to the tax season knocking at their doors. The low-Income American group is the one being favored by the tax system. Low-income American families takes home every tax season millions of dollars in tax refund. The family of 5 members earning yearly wages of $18,000 to $25,000 could take home a refund amount of over $10,000 which is almost half their yearly income. This group is expected to get a big refund this tax season compared to last year.
Last year’s tax season was the worst tax season ever with the families not getting full child tax credit refunds due to the advance payment that was made out to them during the year by the IRS. Families who used to rely on their tax refund to survive were affected so badly for something that was poorly planned by people in power that changed tax rules. This coming tax season is different because no child tax credit payments were made in advance like last year, and so families with less income are expected to get a big refund this year.
It is going to be a big tax season for families with children and who make less income at the same time.
The side effect of the advance Child Tax Credit payment
As the Coronavirus hits the universe, the world leaders and normal citizens scramble in circles not knowing what to do or where to go just like a poor fly in the closed bottle. Companies begin to shut their doors, people start quitting their jobs or being let go by the employers for the fear of catching Covid-19. People stayed home more and that meant more food was consumed. As people began consuming more food, the savings account began to run out of money especially in America. People begin to leave from hand to mouth. To make the matter worse, American people are not good at saving and therefore, were hit harder by the Covid-19. The citizens didn’t know where to begin, the only way out was to start yelling at the government for help not knowing that their government is still in debt with the Chinese government. But, nevertheless, the government issued three stimulus checks to the people. Thanks to former President Donald Trump who put people and small businesses first.
One would think that three stimulus checks were enough for people, well it wasn’t. It in fact activated what I called the mentality of wanting free money while using covid-19 as the reason for wanting more money. The demand for needing more and more money on a monthly basis grew and the best thing the government could do was to fool the taxpayers by paying the Child Tax Credit in advance instead of waiting until the tax file time. Smart technique, I call it. The families have been happily collecting their Child Tax Credit advance payment without thinking that they are eating into their tax refund in advance. This is something hard for the taxpayers to understand right now because their government plays a smart game on them but will all surely understand in this upcoming tax season.
This Child Tax Credit advance payments that taxpayers have been collecting is going to affect the refund amount families with children usually expect or supposed to get during the tax file season. The government is way smarter than you “taxpayer” and knows what is in the cup. Instead of giving you free money like what other governments in developed countries have been doing for their citizens, the U.S. government decided to pay you your tax refund in advance to make you feel that your government cares about you. For sure the government cares about you but the bottom line is that you are not going to be super happy in the upcoming tax season. But don’t worry if you live in Vermont, Peter Deng Tax Service has already figured out everything for you and is ready to get you your big refund as usual.
Now that you know you have been eating and continue to eat into your future tax refund you may need to plan carefully especially if you don’t have access to Peter Deng Tax Service or any other good tax service. The good news is Peter Deng Tax Service’s office can help you still get your normal refund or even bigger refund if you live in Vermont where Peter Deng Tax Service office is located or you are able to connect with us at www. peterdeng.com or Stop by at 139 Elmwood Ave, Burlington, VT 05401 or call 802-393-9507. Come back again for articles related to tax and finance.
Your future depends on what you do today. It doesn’t depend on what you will do tomorrow. Making an investment is not an easy task, it takes time, energy and off course the little money that you would like to grow to make more out of it.
Before you get in the game of making an investment, investing in companies you got to study thoroughly who you are and why you are a person that people see and know by a given name. Focus on changing your money handling habit and learn to be open and honest to those who lent you their hard-earned dollars. The number one major problem as to why many failed in making an effective investment is all due to the lack of self-train plus poor money habits.
Many people failed to invest before they even open their wallets, why? Simply, they fear losing not knowing that fear of losing is the number one thing that is keeping millions of people around the world in poverty line.
Good habits to start investing now and earn much later are:
Spend from what you have not what you don’t:- When your goal is to save enough to generate enough for the future, you must learn how to spend money wisely. Let’s say, you get paid $10 per hour and you work 40 hours a week. That meant $400 a week before taxes, social security and Medicaid is taken out. Let’s keep it simple by saying that, all these deductions will take $100 leaving you with $300 which is not bad at all but you are basically a survivor. Question everyone struggle within this situation is. How can we start saving giving this small amount? A well, Praise George the author of the book “Mastering Money” stated well “Start with what you have from where you are.” One doesn’t need to earn more to start investing. With the $300 left in hand before food kick in. You can spend $50 on food and invest $50 in what I call smart technique. You can start investing your money by lending to friends who have jobs but happen to have unplanned visitors show up for a visit. Have the friends return the money with $10 on top after two weeks or $20 on top after one month. This is what I call a simple smart investment technique that works very well. It worked in developing countries so well, so I don’t see the reason why it wouldn’t work in America. Stop eating outside a lot. Buy and make your own dish. This will save you more money.
Fix investment amount: – have a fixed amount that you want to invest on weekly basis, put away that amount and never be tempted to touch, even if you have nothing to eat, find the other ways to get something to eat.
Befriend with successful folks: – avoid wasting your time with unsuccessful people or else you will end up like them. Change your life slowly by associating yourself with doers
Article by Tax and business Expert Peter Deng, MSA, MBA
Yes it is tax time already and we at PDG Tax Services understand that feeling. Worry that you may owe IRS big money and not to mention the state. It is a stressful feeling but we are here to erase off that feeling of stress. We are not experts in Agriculture or food but we are experts in Accounting, Taxes and finance. No one likes to deal with income taxes other than us. crunching numbers is in our DNA. As our founder stated “I love dealing with accounting and finance numbers more than anyone that I know. Dealing with numbers makes me feel good and most importantly when the customer leaves my office with that big smile. That one alone means the entire world to me.” When tax season comes we find ourselves in the world of confusion with so many people saying they are good at doing income tax returns, others acting as middlemen plus the big tax companies that are there to make a profit off taxpayers.
It even gets harder when you don’t have a good experience to choose the right tax preparer. Often people ended up making bad choices by going to the big tax companies that charge too much or go to people who are less experienced in the tax accounting field. But when we take our time, make right decision and go to our own community professional tax preparer such as Mr. Peter Deng of Amaga Group & PeterDeng Tax Service, we save money and time not like H & R block that charged too much. In addition to all of that, Amaga Group & PeterDeng Tax service office is open 24/7 during tax season and even after tax season. So make right decision this year and let Amaga Group & PeterDeng Tax Service handle your tax preparation. Don’t go to those less experienced guys with only few weeks of tax training or big giant tax preparation companies. Why waste your time and money when Peter Deng of Amaga Group & PeterDeng Tax Service is right here for you 24/7?
Here are two good things as to why you should do your tax this year with Peter Deng of Amaga Group and Peter Deng Express. PeterDeng Tax Service/Amaga Group is the only tax service in the area that provides customers with 2 to 3 options to choose from
A) Have him come over to your home and get your tax done at your own comfort.
B) Come to his office and get your tax done.
C) Third option, you can make an appointment any time of the day or night. And yes Peter means it, any time of the day or night. For the busy individuals, Peter Deng is a perfect tax preparer for them. Example, let say you are only available at 12 middle through 3:00am and you would like to make an appointment for 2:00am to get your tax done. It is guaranteed Peter will get your tax done at that time. Imagine, calling one of the big tax companies or those who say they know how to do tax and ask them to give you appointment for 2:00am and see what they are going to say back to you. Their responses will shock you.
Now you know. What’s the problem, Amaga Group is here! Let Amaga Group & PeterDeng Tax Service take away the tax stress from you this tax season and be stress-free.
Amaga Group, the company with tax preparers you can trust. Consider it Done.Build Wealth.See You Smiling