The news regarding COVID-19 is forever changing. I will do my best to keep you updated with information pertaining to tax filings, payments and a few other interesting financial news. As of today, March 20, 2020 the IRS and CA Franchise Tax Board have both changed their tax filing AND payments deadline to July 15, […]
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Tax Extension Due to COVID19 – Is a PAYMENTS Extension Not a FILING Extension
I hope you are staying safe during these unprecedented times of the COVID-19 Coronavirus shelter-in-place mandate. Many of you may have heard the Trump Administration’s announcement concerning tax payment extensions. What this means is if you OWE IRS taxes on your 2019 income, that payment date is postponed from April 15, 2020, to July 15, […]
I Have Business Expenses – What Do I Need to Write Them Off?
Alright my lovely business owner, freelancer, independent contractor, gig-worker, side hustler, solopreneur … You get the picture. You’ve been spending money working one your business, and you want to know how you can use those business expenses as a deduction against your income. There are so many details I can and should share with you […]
High-Income Late Tax Filers – The IRS is Coming
According to IRS, they’ve hired some more agents so they can come get’cha. IRS Newsroom publication IR-2020-34 published February 19, 2020 says this: “Following the recent and ongoing hiring of additional enforcement personnel, IRS revenue officers across the country will increase face-to-face visits with high-income taxpayers who haven’t filed tax returns in 2018 or previous […]
It’s Tax Time – What Do I Need???
The 2019 Tax Season officially began on January 27th . So if you haven’t started getting ready for it… IT’S TIME! Here are the things you may need to gather so you’ll be ready for tax preparation services: IF you worked, received social security or retirement income, received a settlement payment, received Unemployment Insurance payments, […]
Am I Required To Include My Discharged Student Loan In My Taxable Income?
Usually… Yes. However, let’s see what the IRS has to say right now on this subject. I will highlight a few points below; but, you’ll have to read the Forbes article IRS Issues Tax Guidance On Discharged Student Loans (Jan 15, 2020) for the details. You should not report the amount of the discharged loan […]
No More Deduction for Job Expenses, Including Home Office
Back in the day folks could use certain out-of-pocket employment expenses as a tax write-off; but as 2018 things have changed. Now, remember… I’m talking about potential w2 employment expenses, NOT self-employment expenses. Here are some examples of job expenses that were deductible for tax years 2017 and before, but are now not deductible for […]
I Provide Professional Services! Do I Qualify for the QBI or not?
This is by far one of the most bizarre tax code complications I’ve seen this year. So if I’m confused, I’m sure you are too. But, finally the IRS has decided to clarify who is, and is not included on the specified service trades or businesses (SSTB) list, and therefore disqualified to receive the Qualified […]
IRS Hit A Self-Employed Individual for $7k in Back Taxes!
My sole proprietor clients think I’m hard on them. They wish I’d leave them alone about maintaining a separate bank account for their business. They don’t want to hear me go on and on about not co-mingling funds, depositing and reporting every dollar made in business, and not over-stating expenses. There are several reasons I […]
Do You Make Charitable Contributions From Your Business???
So you enjoy giving money to charitable organizations, do you??? Yes! I knew you did. You love to give to great causes and so do I. So give and don’t stop. In addition to the good feeling of giving, it’s also kinda nice knowing you can write those donation off on your taxes. Right??? Well.. […]