Central Valley Tax Services

Reminder: 3rd Qtr Estimated Tax Payments due Sept 15, 2020

Hobby or Business?

The IRS recently announced it will reopen the registration period for SSA, RRB, and VA beneficiaries who did not receive $500 per child payments earlier this year. Eligible recipients can file from August 15 through September 30 using the IRS’ online Non-Filers tool at https://www.irs.gov/coro/non-filers-enter-payment-info-here

Unemployment benefits are taxable by IRS.

Form 1040X for Amended Returns can now be filed electronically for the tax year 2019!

New for tax year 2020 Partial Above-the-Line Charitable Contribution Deduction A charitable contribution not in excess of $300 made in taxable years beginning in 2020 is allowed to taxpayers who do not itemize. The contribution must be made in cash to a qualified charitable organization or a new or existing donor advised fund.

If a taxpayer mailed a check (either with or without a tax return), it may still be unopened in the backlog of mail the IRS is processing due to COVID-19, said the IRS.

Employees working from home can not take the home office deduction.

The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam.