Estrada & Associates, LLC

We don’t know either, but we’re not off work today. If YOU are, it’d be a great time to get those taxes out of the way! Call 1-800-816-6121 or send a request to [email protected].

Get a return on your love! One of the greatest proclamations of love can be found in IRS Tax Code sections 2523 and 2056 allowing spouses to make unlimited gifts to each other during life and death and generally without gift tax imposed. Love also allows married couples filing jointly to only fill out a single tax return instead of two. Be sure to think of the Tax Code today as you celebrate love with your additional standard deduction. Nothing is more romantic than filing taxes, so call us at 1-800-816-6121 to schedule your date!

Weekends only special:

Missouri just made history by joining the majority of other states legalizing medical marijuana! With great risk comes great reward! We want to help address the risks: -New cannabis businesses should PLAN to be audited by the IRS. 16% of ALL cannabis businesses are audited yearly, compared to only 1% of other industries. -Cannabis businesses are paying a tax rate of approximately 3.5% HIGHER than other industries. -90% of cannabis businesses are incorrectly performing the CR...UCIAL cost accounting and IRS Code Sections 280E/471. -Faulty tax compliance and poor accounting are what sent Al Capone to Alcatraz! We can help! We have done our due diligence to gain the expertise needed to keep YOUR cannabis business compliant with the IRS and navigate the convoluted tax codes. Christopher Estrada is a member of a network of national cannabis advisors and thoroughly educated on IRS Codes 280E and 471. Call us today and spread the word, 1-800-816-6121, for your free consultation and access to our cannabis webinars! We will help you take this amazing opportunity in Missouri’s history to be an industry trailblazer and not a statistic. Call today! 1-800-816-6121

We’re sending out our tax organizer packets this week to our clients to simplify gathering information and important tax documents for their 2020 taxes. To request your free tax organizer, call 1-800-816-6121 or email [email protected].

STIMULUS UPDATE: Yesterday the House Ways and Means Committee advanced legislation by approving measures that will provide $593.5 billion in benefits. Multiple House committees plan to complete work today, with the full House voting on the overall package the week of February 22. What is included so far: ... -Additional $1,400 stimulus checks the IRS plans to send quickly once legislation is signed into law; -Expanded tax credits for low-income workers and families paying for the care of adults and children; -Child tax credit in the form of $300 monthly PAYMENTS for children five and under and a $250 monthly PAYMENT for children six and older, beginning in July. Currently, households receive this tax break in the form of a tax refund and not a monthly payment; -A bail-out of multi-employer pension plans trying to distribute promised retirement benefits to employees will come in the form of giving loans to insolvent plans; -Additional aid to single-employer pensions by allowing more time to make up losses and giving more favorable rules to calculate liabilities. We will keep you posted on new developments as they occur in the coming weeks. Enjoy your cold weekend here in the Midwest! We’ll be warm inside working on your taxes! < < < #estradataxfirm #stimuluspackage #taxseason2021 #coronavirusrelief #stimuluscheck

Day 8 of Tax Season 2021 update:

Some good news for businesses: The U.S. Internal Revenue Service will allow businesses who received their Paycheck Protection Program (PPP) loans forgiven to now write off expenses paid for with that money, shifting their policy after Congress passed new legislation last month. On Wednesday, the IRS issued guidance to override the previous rules that said recipients of PPP loans that had been forgiven could NOT claim deductions for the wages, rent, utilities and other expens...es covered by their loans. The IRS change followed the bipartisan move in Congress, clarifying business owners should be eligible for those tax breaks. Lawmakers and the IRS agreed that allowing these deductions was necessary to keep businesses afloat during this economic crisis. This is great news for many of our clients who have been affected by pandemic shutdowns. More good news is, another round of PPP loans will soon be available and we’re working hard to get our clients ready.

Did you know we can help with your cannabis accounting needs? Starting a new cannabis business comes with risks, but with great risk comes great reward! We can help address the risks: -New cannabis businesses should PLAN to be audited by the IRS. 16% of ALL cannabis businesses are audited yearly, compared to only 1% of other industries. -Cannabis businesses are paying a tax rate of approximately 3.5% HIGHER than other industries. -90% of cannabis businesses are incorrectly p...erforming the CRUCIAL cost accounting and IRS Code Sections 280E/471. -Faulty tax compliance and poor accounting are what sent Al Capone to Alcatraz! We can help! We have done our due diligence to gain the expertise needed to keep YOUR cannabis business compliant with the IRS and navigate the convoluted tax codes. Christopher Estrada is a member of a network of national cannabis advisors and thoroughly educated on IRS Codes 280E and 471. Call us today and spread the word, 1-800-816-6121, for your free consultation and access to our cannabis webinars! We will help you take this amazing opportunity in Missouri’s history to be an industry trailblazer and not a statistic. Call today! 1-800-816-6121 or email [email protected]

Tax season chalk art is limited, but I think we nailed it.

The Super Bowl is over and so are its commercials. Nothing gets REAL CPAs as fired up as those misleading big box tax prep Super Bowl commercials! DO NOT BE FOOLED BY THEIR FREE OFFERS! What WE offer compared to big box tax preparers like Turbo Tax, H&R Block, and Liberty: -Comparable price, (ours is a FLAT FEE for one W2, including one state AND no dependents) -NO hidden fees -NO face-to-face appointment or consultation required... -PROFESSIONAL tax preparation performed by a CPA, NOT an employee who completes a 13-WEEK in-house training CRASH COURSE -You will pay EXTRA for that CPA they CLAIM is doing your taxes on their commercials! It’s not included! Everything is an extra hidden fee! -ALWAYS open to immediately answer questions honestly without playing the game of luring you in for an appointment or free consultation -We email a link to create and set up YOUR own private and personal tax drawer from the comfort and warmth of YOUR home -NO dancing cartoon characters will beg you to honk outside our office if you do choose to schedule an in-office appointment! DO NOT BE FOOLED BY BIG BOX TAX PREP!!! Call US instead at 1-800-816-6121 to get a REAL CPA ALL THE TIME!

STIMULUS UPDATE, SATURDAY, JANUARY 2, 2021: As we know, the Senate adjourned Friday night without securing the proposed$2,000 stimulus checks, leaving hopes for another round of payments in the hands of the new Congress, being sworn in tomorrow, Sunday, January 3. For now, here is the latest on when to expect your $600 stimulus check:... -The U.S. Department of the Treasury sped up the process and began depositing the $600 last Tuesday, nine days after President Trump signed the bill into law. -Taxpayers with their direct deposit information on file with the IRS will receive their payments by direct deposit, some already have. -The IRS began direct deposit stimulus payments last Tuesday and will continue to send those through next week. -The rest of eligible Americans and resident aliens will receive their checks by mail. -Paper checks started being mailed out last Wednesday, but it’s unclear how long paper checks will take to arrive. The approved bill also brings back weekly enhanced federal unemployment benefits of an additional $300 per week, on top of state benefits, for up to 11 weeks for the more than 19 million Americans out of work. We will do an additional update on how the new stimulus package will help businesses and what to do next.