WELCOME TO HASTY TAX SERVICES
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Hasty Tax Services has always provided our clients in the greater Detroit area with first-class money services. We take care of all of your tax needs so you don't have to. We work diligently to ensure we apply appropriate deductions, credits and adjustments so that our clients do not pay more than necessary and that all returns are maximized.
OUR WAY
With our certified training and expansive financial knowledge, we are equipped to handle all of your accounting needs, no matter how complex. Whether you require assistance at the corporate or personal level, we are ready to serve as your tax planners and accounting advisors.
OUR SERVICES
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TAX CONSULTATION
We stay up-to-date on all the regulatory and legislative developments so you don’t waste time and energy trying to make sense of all the accounting complexities. Contact us today and see how we can help you.
PERSONAL TAX PREPARATION
Our advisors provide individualized services to help alleviate your financial uncertainty and stress. With many years of experience, our experts have the knowledge and expertise to handle any situation.
MISSION AND VALUES
Trusted Service, Impeccable Results
HastyTax Services is committed to delivering personalized accounting services and solutions to our clients. We apply our expertise to each of our client’s unique situations, and offer individualized attention to help achieve their financial goals. We are a group of professional individuals who take your accounting needs seriously.
EXPLORE OUR NEWS AND MEDIA CENTER
2 NEW REGULATORY LAW CHANGES YOU SHOULD KNOW
Change #1: Non-Itemized $300 Charitable Deduction
This first change can help you to receive a more significant refund. The CARES Act included financial incentives for charitable giving. This was intended to help charitable organizations make it through the pandemic and to help people in need.
The IRS Commissioner noted that, “Our nation’s charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get.” This deduction is one of the more generous tax law changes in 2021.
Typically, charitable donations can only be written off if you itemize the deductions. Most people do not include this type of itemized write-off on their taxes.
In tax year 2020, the IRS is allowing taxpayers to deduct up to $300 in non-itemized charitable donations. You are eligible for this write-off even if you take the standard deduction.
If you choose to take this deduction, it is very important to keep good records. Most organizations will provide you with a letter of acknowledgment or receipt for your contribution.
Qualifying donations include ones made with cash, credit card, check, or debit card. Donations to most charitable organizations count toward this deduction. However, some do not.
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Change #2: No Tax Increase, But Some Bracket Adjustments
The good news is that the tax law changes in 2021 do not include a tax increase. Typically, income tax brackets adjust with inflation each year. This causes them to rise over time.
However, the U.S. tax brackets have risen this year. As a result, you may end up paying more in taxes, even without a change to your income.
For those filing as a single individual, the U.S. tax brackets are:
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The first $9,875 is taxed at 10%
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Incomes between $9,875 and $40,125 are taxed at 12%
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Incomes between $40,126 and $85,525 are taxed at 22%
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Incomes between $85,526 and $163,300 are taxed at 24%
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Incomes between $163,301 and $207,350 are taxed at 32%
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Incomes between $207,351 and $518,400 are taxed at 35%
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All incomes of $518,401 or more are taxed at a rate of 37%
For married people filing joint returns, the federal tax brackets are:
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The first $19,750 is taxed at a rate of 10%
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Incomes between $19,751 and $80,250 are taxed at 12%
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Incomes between $80,251 and $171,050 are taxed at 22%
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Incomes between $171,051 and $326,000 are taxed at 24%
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Incomes between $326,001 and $414,700 are taxed at 32%
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Incomes between $414,701 and $622,050 are taxed at 35%
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All incomes of $622,051 or more are taxed at 37%
If you owe more than you did in the previous year despite a stable income, consider investing into a health savings account (HSA). Contributions to your HSA will lower the amount of your income that is subject to taxes. If you have a high-deductible healthcare plan, you may qualify for an HSA.
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Windroot Team. (2021, December 3). New Tax Laws in 2021: 5 changes that taxpayers should know about. Windroot Business Services. Retrieved August 12, 2022, from https://windrootcorp.com/insights/new-tax-laws-in-2021-5-changes-that-taxpayers-should-know-about/
TIPS TO HELP TAX PAYERS REDUCE TAX- TIME STRESS
Each tax season comes with unique challenges and 2022 is no exception. The IRS wants taxpayers to get the information they need as quickly as possible. Taxpayers should keep these tips in mind when they get ready to file. Following them will help get this year's taxes done accurately and refunds issued timely.
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Avoid errors. Taxpayers should review their tax return so they can file a complete and accurate return and avoid refund delays. Filing electronically is the most accurate way to file. Taxpayers should check all names and double check all Social Security numbers, bank account and routing numbers.
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Gather records. Good recordkeeping makes preparing a tax return easier. It can also ensure taxpayers do not overlook deductions and credits.
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Use online tools. IRS.gov has many useful online tools. The Interactive Tax Assistant provides answers to many tax questions specific to an individual's circumstances. It gives the same answers that an IRS representative would give over the phone.
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Report all income. Taxpayers must report their taxable income from all sources, including the gig economy, Forms W-2, Wage and Tax Statements, and Forms 1099. Other income may be taxable, even if the taxpayer does not receive a statement.
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Report unemployment benefits. Taxpayers who received unemployment benefits in 2021, must report the amount as taxable income on their tax return.
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Access online account or review IRS letters. This year, people must have the total amounts of their advance child tax credit payments and their Economic Impact Payments on hand when filing. They can check online account or review Letter 6419, 2021 Total Advance Child Tax Credit Payments, and Letter 6475, Your 2021 Economic Impact Payment, for their total payment amounts to help them file an accurate return.
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Choose direct deposit. Filing electronically and choosing direct deposit is the safest and easiest way to file an accurate tax return and the fastest way to get a refund. IRS. (n.d.). Tips to help taxpayers reduce tax-time stress. Internal Revenue Service. Retrieved August 12, 2022, from https://www.irs.gov/newsroom/tips-to-help-taxpayers-reduce-tax-time-stress
THE HELP CENTER
WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, AND A CPA?
An accountant is a person whose job is to keep financial accounts. A Certified Public Accountant (CPA) is an accountant who has met state licensing requirements.
HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?
According to the IRS, Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.