California Tax Boutique

Is my home sale taxable? The answer - it depends! If you sold your primary home this year, especially with the killer market, you probably made some money on the sale of your home. ... But, will you owe any taxes? First, you must have lived in the home at least 2 out of the 5 years prior to sale. Next, if you’re single, you get to exclude a $250,000 GAIN on the sale. If you’re married, you get to exclude a $500,000 GAIN on the sale. When determining the gain, you get to deduct the original purchase price of the home, capital improvements and closing costs. After all that is deducted, if the gain is under the exclusion amount, no additional taxes will be due. Also, if you sold your home for over $250,000 as single or over $500,000 as married, you will receive a 1099-S that is reported to the IRS. You must give this form to your tax pro to file on your return. If you don’t, chances are that you’ll receive a scary notice saying you owe taxes at the full sales price. Yikes! So, don’t forget to give those forms to your tax pro!! Disclaimer - there are additional rules and exclusions that apply to the above. Contact a tax pro for more info! #HomeSale #RealEstate #Taxes #PrimaryResidence #HomeSeller #HomeBuyer #TaxPro #EnrolledAgent

If you are working from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news: If you’re working from home for an employer, you normally can’t deduct your home office expenses. Get reimbursed by your company.... There's no question you are picking up some of the expense of your home office with added electrical, heating, telephone, internet and other expenses. One way companies are solving this is by allowing employees to submit valid expense reports to cover some of these extra costs. They do this by setting up an accountable plan. With financial pressures on businesses, this might be a tough subject to broach, but if the system is already in place you may be able to find a way to get some of your home office expense reimbursed. So if you're stuck working as a W-2 employee, look into whether your employer offers reimbursement for home office expenses. *Note - you can deduct unreimbursed employee expenses on your California return (not federal), but you have to be itemizing AND have to exceed a 2% of your CA adjusted gross income.

Tax Season is quickly approaching! If you plan on working with us this year, our schedules are open and ready for booking! Please keep in mind that we book up extremely fast, so it’s better to get on the books sooner than later! #Tax #Taxes #TaxSeason #TaxProfessional #Schedule #SmallBusiness #Individuals #Entrepreneur #Stylist #Artist #SelfEmployed

We’ve started sending out our annual email about scheduling your appointment for tax season. We are already booking, so if you are working with us this tax season, better get on the books sooner than later! www.doesmytaxes.com

If you filed an extension for your personal taxes (or if you file as a small business/independent contractor), your time to file without a late filing penalty is coming up quickly! If you haven’t filed already and still need help, we are still accepting new clients. We have our prices and scheduling available on our website at www.doesmytaxes.com! #tax #taxes #extension #personal #business #smallbusiness #selfempolyed #artist #stylist #realestate #contractor #attorney #goalgetter #sacramento

Tax Season is quickly approaching!!

We are still up and operating during the shutdown. We are offering 100% remote appointments! If you’re a small business or sole prop looking to applying for t...he PPP loan, you’ll want your profit and loss statement ready! We can help! #SmallBusiness #PPPLoan #SBALoan #Taxes #SoleProp #Sacramento See more

Californians!! Don’t forget to include your itemized deductions when submitting your taxes to your preparer! Mortgage Interest, real estate taxes, personal prop...erty taxes, donations, unreimbursed employee expenses, tax prep fees! Don’t let the Franchise Tax Board keep any more money than they are entitled to keep!

INDEPENDENT CONTRACTORS: GET YOUR SHARE OF THE PIE! April 10th, you can start applying for the SBA loan with the $10,000 grant. If you are my client please email me questions: [email protected], most of you will not pay an additional fee for questions. But if I feel like you need more than a 5 min conversation and some handholding a fee will be charged.... If you are NOT my client please go to: www.doesmytaxes.com, book an appointment to speak with me: $225 consult fee, paid in advance. Look for CARES ACT BUSINESS CONSULT. If you need bookkeeping done for income/expenses that is a separate engagement. I will tell you how to do it free yourself, if you can't then we charge $300 - $3000 depending on the work involved. If you need help actually filing the SBA Paycheck Protection we are charging a flat fee of $250. (You can do it yourself for FREE)

STIMULUS CHECKS AND TAX FILINGS - https://mailchi.mp/d/stimulus-checks-and-tax-filings-635756

STIMULUS CHECKS AND TAX FILINGS - https://mailchi.mp/a6937fbe/stimulus-checks-and-tax-filings

President Trump signed CARES Act!! Here are some of the points that may affect you! 1) Businesses can get SBA loans that might not have to be repaid. Free money. Payroll - Apply online. You'll need past tax returns, and potentially an up to date profit and loss. But not 100% sure yet. I haven't heard about credit scores, try anyway.... 2) Individuals get free money. - IRS will announce how/when soon. 3) Businesses get free money to give their employees sick time off. 4) Self-employed individuals now qualify for unemployment benefits. - Apply with EDD now! 5) Self-employed individuals now will get a credit for sick time off. -No idea how this works yet. 6) Up to $100k can be taken penalty free from a retirement account. -Don't be stupid and take money you do NOT need. You still have to pay taxes. 7) RMDs can be deferred. - Try not to sell investments to lock in any losses, if you do not have to. 8 ) Federally backed mortgage payments can be deferred. -Defer for living costs, pay off high interest credit cards... 9) Businesses can defer paying payroll taxes. - More to come. 10) Employers can lay up to $5,250 in student loans for employees and it’s a deduction to business and NOT taxable to employees. - WOW! Some employers will take advantage of this.

Want the latest information regarding the Stimulus checks: Go to the source: As of 3.27.20, there is nothing saying how checks will be delivered, how they will get paid and when they will get paid. Everything is speculation, until the IRS accouches it.

Dear valued and respected clients, We were just advised that a Shelter in Place has been issued for Sacramento, which is legally enforceable until April 7th. Due to this restriction, we will be unable to come into the office, all staff will be off, and all scheduled appointments will be suspended. If you have already uploaded your documents and we have completed your return, we may still be able to keep your scheduled appointment for call or video chat. However, this will... be on a case by case basis. We will reach out to you directly if we can keep your appointment time. If you are due a refund, we would like to work on your returns ASAP as we know may of you are not working during this time and need the money. We ask those of you that KNOW you are going to owe to file an extension to allow us time to prepare returns for those who are in desperate need for their refunds as soon as possible. While the IRS and FTB has extended the deadlines to "pay your taxes, they have not extended the time file. At least at this time, they have not extended the time to file. Due to this extension to pay, we will be offering free extensions for all clients. If you would like us to file an extension for you, please click the link at the bottom of this email. The IRS has extended the time to pay taxes to July 15th and the FTB (California) has extended the time to pay to June 15th. If you would prefer an in-office appointment after the Shelter in Place has been lifted, we are shooting to start accepting in office appointments starting on April 15th. Please let us know if you would like to be rescheduled to a time after April 15th. We will still be working during this time from home. However, due to no daycare, we will be limited for calls and video chats. We will likely be working odd hours. Please try to be as patient as possible as we are trying our hardest to complete everyone’s taxes!! We hope that everyone is staying safe and sane during this time! Thank you, California Tax Boutique Tracie, Tiffany and Staff

Just announced at White House news conference that individual taxpayers that owe up to $1 Million can defer paying tax due up to 90 days interest and penalty FREE!! Please ask us for an extension!!

Ready to book your tax appointment with Peter, Jesus or Rowena?Ready to book your tax appointment with Peter, Jesus or Rowena?

Hate coming into the office to have your taxes done? Are you traveling during tax season? Did you move to a new area, but still want us to prepare your taxes?... . We can help! . We offer remote preparation just for clients like you! You are able to fill out your intake information, upload your documents, review and e-sign through our secure client portal. . You don’t have to take one step into our office. See more

Meet our Office Manager, Kira J. Murdock. She has been with California Tax Boutique for 2 years and an integral part of our business. Kira handles client relations, office management, bookkeeping & payroll for clients, and is also licensed to prepare taxes.