Taxpayer Advocate reports that too many taxpayers who file legitimate returns are being harmed because the IRS's anti-fraud filters unnecessarily flag their returns and delay their refunds for weeks or months. During the 2019 filing season, the IRS used a new refund fraud filter (known as "Filter X") that ultimately flagged and stopped the processing [...]
As we start the new year 2020, think about a few things and plan accordingly. First, how are your finances? I think majority of Americans can say they could use some work in this department. Start a list of things you want to see regarding your finances this year. Changes you would like to make. [...]
The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 [...]
Every year we see new laws that go in to effect January 1st. Here are some of the new laws that may affect taxpayers and business owners: AB 5 - Gig worker law The landmark labor law reclassifies some independent contractors as employees. It aims to provide new protections for so-called gig economy workers such [...]
In September of 2019, Governor Newsom signed Assembly Bill (AB) 5 into law. The new law addresses the “employment status” of workers when they are claimed to be an independent contractor and not an employee. Effective date: January 1, 2020. 1. Q. What is AB 5 and what does it do? A. AB 5 is a [...]
Gather your records. Develop a record keeping system - electronic or paper - that keeps important information in one place. Add tax records to the files as you receive them. Having all the needed documents on hand before you start to prepare your return helps you file a complete and accurate tax return. This includes [...]
Just two more days until Christmas and this will be our last blog until after Christmas so we wanted to wish all our blog readers a very Merry Christmas and hope that your holiday is magical, peaceful, and happy. From our family to yours, Merry Christmas.
Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2019 is Wednesday, Jan. 15, 2020. Income taxes are pay-as-you-go. This means that by law, taxpayers [...]
As we get closer to the end of the year, many taxpayers will be making donations not only as a tax write off, but to also help the organization. Even though the standard deductions for filing taxes has doubled from the previous year and increased this year from 2018 tax filing, charitable donations may not [...]
As tax filing season approaches, taxpayers should remember there are things they can do before the end of the year. Doing these will help people get ready for the upcoming tax filing season. Here are a few things taxpayers still have time to do this year: Donate to charity For those who plan to itemize [...]