Finances Archives - ATS Consulting

6 ways to invest your tax tefunds

Tax season is over, and now it’s time to wait if your paperwork qualifies for a refund. The IRS checks most of the files withing 21 days of e-filling or longer for paper tax returns.

Where’s my refund? is a website offered by the IRS website to check the status of your refund. This site is refreshed daily with notifications of the progress of your case in three stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent.

It may be in the middle of May when you see on your bank account the refund done by one of the official government accounts. This extra income could be used for many expenses or funds you may have. Today we share some ideas of what to do with your refund:

Understanding AB 5

Since its introduction to law in late 2019 and its application in 2020, California Assembly Bill 5 (AB 5) has remained a contentious issue as some industries have struggled to adjust to the sharp change in employee categorization.

AB 5 relies on a 3-pronged test to determine employment that came about through 2018’s court case Dynamex Operations West, Inc. v. Superior Court of Los Angeles. Commonly referred to as the “ABC Test,” it presents that a worker is presumed to be an employee unless the hiring entity demonstrates all three of the following conditions: Read more

October 27, 2022/0 Comments/by ATS Consulting

Accounting, Finances, News, Refunds

Student Loan Relief for Borrowers Earning $125,000 or Less

On August 24^th, 2022, President Joe Biden announced a sweeping plan to cancel up to $20,000 in federal student loan debt and an extension of the repayment freeze until the end of the year. Debt forgiveness applies only to those earning less than $125,000 a year ($250,000 for married couples). The $20,000 available only to those that received a Pell grant in college. Non-Pell borrowers who meet the income requirements qualify for $10,000 of forgiveness from federal loans.

President signs Inflation Reduction Act

The Inflation Reduction Act of 2022, H.R. 5376, was signed into law by President Joe Biden on August 16^th. Targeting health care, taxes and climate change, the $739 billion legislation includes a package for energy and conservation focused tax credits, tax provisions, and increased funding for the IRS.

In terms of energy incentives for individuals and businesses, the bill provides credits generally applicable for post 2022 returns including: Read more

October 25, 2022/0 Comments/by ATS Consulting