B&L Accounting Services, LLC

ECONOMIC RELIEF FOR BUSINESSES IMPACTED BY CORONAVIRUS (COVID-19) In response to the Coronavirus (COVID-19) outbreak, the federal government and many states have approved an economic relief for small businesses thru an SBA loan. This is a great opportunity for business in San Diego to apply for an Economic Injury Disaster Loan (EID Loan) available for qualifying businesses that have suffered economic injury as a result of the epidemic. Small business owners in San Diego are ...currently eligible to apply for a long-term, low-interest loan due to Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. If you want to apply for an EID loan, you can submit an online or paper application (paper applications might take longer to be processed). Please contact us if you need help applying for an Economic Injury Disaster Loan. Luis 619-587-0015 Frank 619-587-3972

https://fox5sandiego.com//congress-agrees-on-covid-19-st/

IRS kicks off income-tax season, tax payers will have refund delays for some popular credits. Whats new: - The season for filing income tax returns starts Jan. 23, and April 18 marks the regular deadline:... The federal filing deadline this year will be delayed until April 18, three days later than normal. Taxpayers will have the extra days because April 15 and 16 fall on a weekend and because April 17 is the Emancipation Day holiday in Washington, D.C. Taxpayers who need extra time can receive automatic six-month filing extensions to Oct. 16. - The IRS warns that refunds will be delayed on returns claiming two popular tax credits: The IRS will begin accepting electronically but the agency won't begin issuing refunds until the week of Feb. 15 on returns claiming the earned income tax credit or the additional child tax credit. The delay is designed to deter fraud associated with those credits. Refunds probably won't become available until the week of Feb. 27, potentially affecting more than 30 million returns, said IRS Commissioner John Koskinen in a media briefing. Still, he advised taxpayers to file as early as they can. - If you try to find answers regarding these changes, you can try first irs.gov website as telephone waits could be lengthy.

The wait is over... Yes, the wait is finally over! The IRS will begin processing returns and refunds tomorrow. E-FILE today with B&L Accounting Services and be the first in line to get your guaranteed maximum refund! Please contact Frank at 619-587-3972 or Luis at 619-587-0015 so we can help you maximize your refund and you could have your max refund as soon as early February!

Tax season 2016 is expected to start very soon. We look forward to help you prepare your income tax return on time, April 18 is the filing deadline to submit your 2015 tax return. Please visit us in our new office located at 9765 Marconi dr ste 106, San Diego, CA 92154 near the Otay Mesa Border. Our phone number is 619-735-7623.

The Internal Revenue Service requires all taxpayers, regardless of age, to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. This requirement extends to the children you claim as dependents. However, unlike adult taxpayers, children have more flexibility in choosing how to comply. You must ensure that your child is eligible to be your dependent; otherwise, their obligation to file a tax return is the same as adults. Th...e tax rules allow you to claim a dependency exemption for a child if they reside with you for more than half the year, don’t provide more than half of their own financial support, and are under the age of 19 at all times during the tax year, or under 24 if a full-time student. If your adult child lives outside of the home because of educational obligations, you may still claim the exemption even though the child does not physically live with you during the year. Unlike other taxpayers, the IRS treats your child differently depending on whether they earn money from work or through investments. All dependent children who earn more than $6,200 of incomein 2014 must file a personal income tax return and might owe tax to the IRS. Earned income only applies to wages and salaries your child receives as a result of providing services to an employer, even if only through a part-time job. However, even if your child earns less than $6,200 during 2014, it may be a good idea to file a tax return for them, because they could be eligible for a tax refund. Regardless of the amount of income your child earns, their standard deduction is different than yours. It can never exceed the larger of $1,000 or their earned income plus $350, with the maximum equal to $6,200. if you have a dependent that earned income in 2014 might be a good idea to file both, yours and your sependent's tax return at the same time to figure what would be more beneficial. Luis 619-587-0015 Frank 619-587-3972

2015 Tax Season Begins Jan. 20: Have These 4 Things Ready 1. All of the relevant financial information about your job in 2014 A) W-2 B) 1099 misc... C) Cash Earned 2. Investment income information a) interest earned b) dividends from stocks or funds, this information generally is included in form 1099int 3. Records on deductions and credits Many taxpayers simply takes the standard deduction but they also can itemize deductions such as: a) mortgage interest b) student loan interest c) sales tax paid d) propery taxes paid and many more. 4. Bank account information for direct-depositing your refund Call us to setup an appointment to go over all options availabe for you. We will do our best to get you the highest income tax refund. Luis 619-587-0015 Frank 619-587-3972

Tax Season is around the corner....contact us to setup an appointment. Luis 619-587-0015 Frank 619-587-3972

The fee for not having coverage in 2014 If you didn’t have coverage in 2014, you’ll pay the higher of these two amounts when you file your 2014 federal tax return: 1% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan.... $95 per person for the year ($47.50 per child under 18). The maximum penalty per family using this method is $285.

Happy New Year! For a limited time, B&L is offering 20% discount to our new customers. Please like our page and call us today to receive your discount. Luis Lopez 619-587-0015 Frank Beals 619-587-3972

We can start sending your tax return to IRS this Friday January 31, 2014. Please call us for a free consultation Luis Lopez 619-587-0015... Frank Beals 619-587-3972

HOW MUCH WILL THE HEALTH INSURANCE PENALTY COST YOU? We are well aware of the rocky start of the HealthCare.gov website, the confusion and inconvenience surrounding health insurance enrollment and the reluctance of many to accept the premise of "health care coverage for all." If you have decided not to purchase a health insurance plan, you should learn the specifics of the penalty, formally referred to as the individual shared responsibility payment, so that you aren't surpri...sed when you're hit with a monetary fine. Many Tax payers do not have to worry about the penalty. If you have health insurance coverage through your employer, are covered by Medicaid or Medicare, or you have already purchased your own insurance through a private provider, you have no reason to worry. There is no failure-to-insure fine in your future. If you can't afford health insurance, you don't have to pay the penalty either. The Affordable Care Act allows an exclusion if the lowest-priced coverage available will cost you more than 8 percent of your household income. Additional hardship exemptions are also available and include events such as filing for bankruptcy or being evicted in the past six months. However, if you can afford health insurance and still decline to buy it, you will be responsible not only for the payment of any health care expenses that arise, but also owe a penalty to the Internal Revenue Service. FINES: The penalty will be $95 per year, $47.50 per child with a maximum of $285.00 per household or 1% of income whichever is greater. For a family, the usual penalty will be $285 per year or, for affected families earning more $28,500, 1 percent of income. The income calculation is based on 1 percent of your adjusted gross income that exceeds your personal exemption and standard deduction. For example, if you are married, filing jointly and your AGI is $50,000, less the standard deduction of $20,000, the penalty would be assessed on $30,000. So a 1 percent penalty would equal $300. When the clock starts ticking. Open enrollment through the state government exchanges closes on March 31, 2014. After that deadline, you won't be able to get health coverage through the marketplace until the next open enrollment period (which, by the way, will be shorter next year -- Nov. 15, 2014 through Jan. 15, 2015). Exceptions are allowed for "qualifying life events," including moving to a new area that offers different plan options, an abrupt change in household income that affects eligibility for tax credits or changes in family size due yo marriage or the birth of a child. So you have until March 31, 2014 to determine if you should get insured. Please contact us if you have any questions. Luis Lopez 619-587-0015 Frank Beals 619-587-0015