YEAR END TAX MOVES
As we come close to year end, pay attention to any tax moves you may want to make in your Personal Finances or Business situation. A common tax tip for a business owner is “buy equipment.” But before you do that, here are two things to keep in mind: If you actually NEED that equipment, it serves a valid business purpose, and […]
PLAN AHEAD FOR TAXES!
Plan ahead for next year’s taxes! Even with the year partially over, it’s not too late. We’ve had a rough few tax years with ever-changing and late/retroactive legislation, as well as IRS processing delays. Let’s get ahead of this for next year. Here are a few tips to help you make next year’s tax season […]
IRS FILING UPDATE
Did you know that the #IRS stops accepting e-filed returns at a certain point each year?#taxtrivia below!Every November, the IRS takes its e-file system offline to ready their systems to accept the upcoming new year’s tax returns. This year that is happening on Saturday 11/26. It will reopen again sometime in January or February. https://www.eitc.irs.gov/mef-status So, if you […]
GAS TAX REFUND
California taxpayers, have you received a debit card like the picture below in the mail, or a direct deposit with “FTB MCT REFUND” in the bank detail? Don’t throw the debit card away thinking it’s spam like so many people did with the stimulus payments! This is the “gas tax refund” (officially the Middle Class Tax Refund) that was authorized […]
WHAT TO DO WITH A CHILD TAX CREDIT LETTER
Did you get a tax letter like this from the IRS in the mail? First off, it’s not a scam, this letter is accurate and it is from the IRS. However, if you *filed* your 2021 taxes, you can likely ignore it (my clients can definitely ignore it). These credits are computed and considered by most tax software by […]
THE IRS IS NOT COMING FOR YOUR VENMO/PAYPAL/CASHAPP INCOME
I saw a BusinessWeek headline trending on Twitter, and thought it warranted a video for all you #smallbusiness #selfemployed #smallbiz taxpayers they are preying upon with clickbait scare tactics. #tax If you need some tax planning help getting organized and ready for tax season, you can book a tax planning appointment on my website at https://go.oncehub.com/KarlStrubeCPA
I GOT A CP-14 LETTER FROM THE IRS! WHAT DO I DO?
Help!I got a letter from the IRS! It says “CP14” at the top. What do I do? Is this a scam?Let’s start off with a disclaimer: If you get a call from someone claiming to be at the IRS, it is 99% likely to be a scam, so hang up. Communication with the IRS will […]
“I HAVEN’T FILED TAXES IN YEARS, WHAT SHOULD I DO?”
Some people do the unthinkable. They don’t file their tax returns each year. They know they should. But they are so afraid of the unknowns that they get paralyzed and don’t do anything. They may start getting letters from the IRS or state taxing authority. First, it’s a request (later a demand) for the return to […]
STOP SPENDING JUST FOR TAXES!
“But it saves me on taxes!” Sometimes, we get TOO focused on the tax consequences of a financial decision. For example, we take on a mortgage ignoring all the interest that we’ll be paying to the bank…because at least the interest is tax-deductible. Right? Now, I appreciate that mortgage interest is tax deductible, but I don’t carry a […]