New Mileage Rate…With a Twist
The IRS recently announced that, beginning July 1st, the mileage rates for business travel, as well as deductible medical/moving travel has increased…
Repayment of RMD Distributions Related to Covid-19
If you received a retirement distribution due to coronavirus-related early distribution in 2020 on account of hardship, you may choose to repay any…
2022 Required Minimum Distributions (RMD’s) & Life Expectancy Table
There is a major change in RMD’s for tax year 2022; most notably the new Life Expectancy Table. For individuals receiving RMD’s, your minimum…
Virtual Currency
As much as we wanted to bury our heads in the sand and act like this trend was a flash in the pan, we have realized it is here to stay. So has the…
Child Tax & Dependent Care Credit
If this applies to you, you probably have already seen the payments deposited into your account each month on the 15th. The government has made a…
Threatening IRS Letters & Processing Delays
IRS Letters and Processing Delays In the past year, many of our clients have received letters and notices from the IRS. Many of these letters are a…
February Update
STIMULUS PAYMENTS & CHARITABLE CONTRIBUTION DEDUCTION We wrote and attached to our website in November what is new with your taxes this…
Helpful Resources
Lewis Financial Tax Service, LLC encourages the use of these helpful links for common requests from federal and state revenue cabinets. If you have…
Tax Deductions for Landlords
The quickest way to reduce your tax owed is to own and operate rental property. Every dollar you spend on the property, whether it is mortgage…
IRS Scam
Scammers have been perfecting the art of fraud for years. We at Lewis Financial Tax Service, LLC will be doing our best to stay abreast of the newest…
Tax Law Changes for 2020
2020 has been a one-of-a-kind year. Everyone has been affected in some way or another. No matter how this year ends, or if he just morphs into next…
What Does the Tax Cuts and Jobs Act (TCJA) Mean For Landlords?
In 2018, the TCJA was passed with mixed reviews. It benefited some, while others thought it would cause their refund to shrink. (For the most part,…
Saving for College
SAVING FOR COLLEGE For school year 2019-2020, the average price PER YEAR for college was $21K for an in-state student at a state school. For private…