Jim Gardner & Co.

Quarterly Estimated Tax Payments - Reminder If you are making quarterly estimated tax payments to the IRS, the due date for the January 1 March 31 quarter of the year is April 15th, 2021. For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.... If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

Taxes can be a tangled mess. They can be daunting, complicated, and downright annoying. Let us help you get your taxes organized, prepped and sent in the RIGHT way. We are tax preparers for all needs - personal, business and tangled up taxes. THIS IS WHAT WE DO! Call us for more information! 951-845-6001 ... JimGardnerCo.com See more

IRS Allows Medical Expense Deduction for COVID PPE Did You Know? If you have bought personal protective equipment (PPE) during the pandemic, you may be able to deduct those expenses on your tax return. Alternatively, you may choose to reimburse yourself with funds from a tax-advantaged medical savings plan. Eligible PPE includes sterile gloves, face masks and shields, and hand sanitizer and sanitizing wipes, as long as these items were purchased primarily to prevent the spr...ead of coronavirus. The IRS recently confirmed that taxpayers who itemize deductions may deduct the cost of COVID-related PPE as a medical expense. For tax year 2020, you may generally only deduct medical expenses that exceed 7.5% of your adjusted gross income (AGI). For example, since 7.5% of $40,000 is $3,000, a couple with an AGI of $40,000 could not deduct their first $3,000 of medical expenses. However, if their unreimbursed medical expenses total $5,000, they can generally claim a $2,000 deduction ($5,000 $3,000) if they itemize. If you do not claim the tax deduction, you may instead use a qualified medical savings plan to reimburse yourself for eligible PPE costs. Qualified plans may include health flexible spending arrangements (FSAs), health savings accounts (HSAs) and Archer MSAs. Just remember that reimbursed medical expenses cannot be claimed as tax deductions. In other words, you may EITHER claim a tax deduction for your coronavirus PPE expenses OR use your qualified medical savings plan to reimburse yourself, but not both. A tax professional can help you determine which tax strategy works out better for you.

It’s time. Time to get those taxes done right. Start by visiting jimgardnerco.com to see our organizers and get your stuff together! Call us at 951-845-6001. #taxprep #taxpreparers #taxreturn #enrolledagent #ntpifellow

Common Tax Filing Errors Did You Know? (3/3) Every year, many taxpayers make mistakes on their returns that cause IRS processing delays. Some common errors can also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment. The following mistakes often cause filers to pay the wrong amount of tax:... Incorrectly Figuring Credits or Deductions: Once you determine that you qualify for a tax deduction or credit, you must carefully compute the amount that you can claim. Many taxpayers fail to take into account income limitations (including the calculations that must be made if your income falls within a phase-out range) and other restrictions. Others claim less than they could, or miss out on deductions and credits entirely by not filing the required forms and schedules. The IRS notes that filing errors are common among taxpayers eligible for the earned income credit (EIC) and/or Child and Dependent Care Credit. Expired ITIN: Those who file their IRS returns using individual tax identification numbers (ITINs) must keep in mind that ITINs periodically expire. Although a return filed with an expired ITIN may be accepted, the IRS generally will not allow any of the exemptions or tax credits claimed. The taxpayer must renew their ITIN in order to obtain the full refund that they are owed. To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

It’s gonna get all mushy and lovey dovey for a moment. Jim s Cindy. Cindy s Jim. These two have always made it work at work. They’re the best partners. And now they’ve even made it work QUARANTINING and ISOLATING together!... Happy to be around each other, we hope your quarantine or business partners bring you the same joy! HAPPY VALENTINE’S DAY! #marriedtotheboss #marriedatwork See more

Tax season starts now! Do you have tax people who you trust with your individual and/or business taxes? Call us for more information, or just visit our website and see our free organizers and get some questions answered! 951-845-6001

How to Set Yourself Up for a Hassle-Free Tax Season (4/4) By taking a few simple steps now, you can greatly reduce uncertainty and stress during the 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises: Start Early!... The IRS opens for tax filing season tomorrow, February 12th. With all the unpredictability of life during a pandemic, staying ahead of the tax game is more important than ever. Assemble your records as soon as possible. If you have any questions, a tax advisor can help you identify and organize the documents you need. Tax professionals will have far greater availability early in the tax season than at the last minute.

Pandemic. Stimulus. Unemployment. Loans. Exemptions. Deductions. Credits. Pivoting. Essential. Benefits. Gigs. Cryptocurrency. It’s been a year of adding a chunk of important new terms to everyone’s regular vocabulary when it comes to finances. Tax filing starts this Friday, February 12 and we are READY! We’ve trained for this, educated ourselves in extra ways this past year and can handle whatever tax situation is thrown our way. What makes us different as tax pros is tha...t we care that you understand your tax situation and teach you about the changes that will make your next year’s tax planning even better! (That’s IF you want to know - some people don’t! Some just want us to take care of it so they don’t have to think more about it, and that’s fine too! But if you’re looking to learn and grow in your tax planning, we are your people.) Call 951-845-6001 or visit our website to make an appointment or ask your questions! You can email [email protected] with questions, too! See more

How to Set Yourself Up for a Hassle-Free Tax Season (3/4) By taking a few simple steps now, you can greatly reduce uncertainty and stress during the 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises: Be Aware of Refund Interest And Stimulus Payments... Because the processing of some tax refunds was delayed in 2020 due to the pandemic, the IRS paid interest to many refund recipients. Unlike refunds themselves, these interest payments are classified as taxable income. If you received a tax refund interest payment, the IRS will send you Form 1099-INT in January, which you will need when preparing your return. Recipients of a 2020 Economic Income Payment (EIP, also called a stimulus payment) should have also received IRS Notice 1444, Your Economic Impact Payment. Make sure to keep this notice handy. If your EIP amount was lower than it should have been, Notice 1444 will give you the information you need to claim a tax refund for the balance owed to you.

How much does it cost to get your taxes prepped? Well, that’s like asking How much is a cart full of groceries? It all depends on what’s in there! Personal and business taxes can be routine and simple OR complicated and time consuming. We don’t know exactly what we’re dealing with until we talk to YOU! What we DO know for sure is that we are GREAT at what we do. We continue to grow and learn. We’ve been doing this for decades and we’ve seen it all. We are ALREADY masters ...at contact-less appointments and continue to utilize our portal for document transfers. Our website is full of info and resources to help you set up an appointment online, or you can always call us at 951-845-6001 to schedule a time with us. Still have questions? Email [email protected] anytime! (Music: Last Summer Musician: @iksonmusic)

Lifetime Learning Credit Did You Know? The IRS Lifetime Learning Credit (LLC) can offer substantial tax savings for students or their parents, especially for students who have previously completed four years of higher education. If you paid tuition and school fees in 2020 for yourself, your spouse or a dependent, you may be able to claim an LLC of up to $2,000 on your 2020 tax return. Generally, you may only claim the credit for one member of your household per year. Studen...ts currently taking post-secondary education classes at eligible higher learning institutions may qualify for this credit by meeting BOTH of the following criteria: - They are or were enrolled in higher (post-secondary) education classes for at least one 2020 academic period. An academic period can be a semester, quarter, trimester, summer session, or any other coursework session defined by the school. - The student is taking these higher education classes in pursuit of a degree or other recognized certification, or to acquire or improve job skills. In addition, the taxpayer claiming the credit (usually the student or the student's parent or guardian) must meet the program's income restrictions. Taxpayers with a modified adjusted gross income (MAGI) of $58,000 or less ($116,000 or less for joint filers) generally qualify to claim the full credit. Taxpayers with a MAGI between $58,000 and $68,000 ($116,000 and $136,000 for joint filers) may receive a reduced credit; those with higher incomes cannot claim the LLC. Although the LLC may only be claimed once per tax return, there is no limit to how many times students can qualify for the credit during their lifetimes. Before claiming the LLC for a student in your household, however, check whether the student qualifies for the American Opportunity Tax Credit (AOTC). The AOTC has higher income limits and a higher maximum credit amount ($2,500). In addition, unlike the LLC, the AOTC may be partially refundable if your tax is reduced to less than zero. For students who do not qualify for either the AOTC or LLC, it may still be possible to claim an above-the-line income deduction for tuition and fees. A professional tax advisor can help you determine your eligibility for these valuable education tax credits and deductions.

IRS Extends Deadline to Register for Stimulus Payments Did You Know? The IRS has extended the deadline for some Americans to register to receive their 2020 coronavirus Economic Impact Payments (EIPs, also called stimulus payments). The new deadline of midnight on November 21, 2020 primarily applies to those who are not required to file federal income tax returns, and also have not yet registered for or received their EIPs. Those who meet these criteria are urged to use the ...IRS online non-filers registration tool (link below) to submit their information and receive their EIPs as soon as possible. Choosing the direct deposit option will speed up the payment process. Generally, those who do not provide banking information for direct deposit will receive their stimulus payments by check. Note that for most people who are required to file a 2019 tax return but requested an extension, the deadline to file remains October 15. Federal return filers who qualify for EIPs generally receive their payments automatically; no separate registration is required. Beginning two weeks after they register to receive a payment, those who qualify for EIPs can track the status of their payments by using the online Get My Payment tool (link below). IRS EIP Registration Tool for Non-Filers: https://www.irs.gov/coro/non-filers-enter-payment-info-here IRS Get My Payment EIP Tracking Tool: https://www.irs.gov/coronavirus/get-my-payment

The deadline to file your 2019 taxes if you requested an extension is almost here - October 15, 2020. Got a giggle from the first few sentences of this article, Look, we get it: 2020 has been stressful. It’s hard to juggle a full schedule of washing your hands, worrying about the presidential election and taking deep breaths when your coworker yet again fumbles the Zoom mute button. Nobody would judge you for forgetting a pesky little thing like your taxes. Except, you know..., the IRS. We love a well-written article.

Did you know there are just 2 days until taxes are due if you asked for an extension (October 15, 2020)? We are obsessed with numbers. Here are a few that may matter to you. #taxdeadline #incometax #smallbusinesstaxprep #taxpros #taxpreparer #enrolledagent #ntpiflow #jimgardnerco #taxes

The deadline to file your 2019 taxes is coming up this Thursday, October 15 if you filed for an extension. Wow, that happened fast. Don’t mess around with something as important as your taxes. When you’re ready to get your taxes done right and done well, let us know!. All of our info is in our bio. We’re always around. #taxextension #taxes #incometaxes #taxreturn #fileyourtaxes #taxprep #taxpreparation #october15

As much as we love warm, tropical weather (the inside of our office is always a tropical paradise) this blanket of fog is welcome to stick around a bit! #foggymorning #fallishere #happyfall #beaumontca #cherryvalley #weloveithere

Would you rather repair a problem or prevent a problem? Tax planning is for EVERYONE - let’s get you on track for the next tax season by preparing and planning. We can do a checkup on your situation and make sure your income tax setup is working for you. Call us for an appointment. 951-845-6001

Extensions and FBAR Deadline - Did You Know? For taxpayers who requested extensions to file various 2019 returns, the filing due date for those returns is October 15, 2020. This deadline applies to multiple filings that were originally due on April 15, 2020. (For most of these forms, the filing due date without an extension was subsequently changed to July 15, 2020 by the IRS due to the COVID-19 pandemic.) The October 15 deadline to file under an extension applies to several ...common returns, including: 2019 INDIVIDUAL INCOME TAXES: Most individual taxpayers who requested an automatic extension to file their 2019 federal tax returns must file by October 15. However, additional extensions may be available to some taxpayers affected by recent disasters, including hurricanes and western wildfires. 2019 CORPORATE INCOME TAXES: The October 15 deadline also applies to C corporations that requested an extension to file their 2019 corporate income tax returns (Form 1120). FOREIGN BANK ACCOUNT REPORT (FBAR): Many U.S. taxpayers, including individuals and businesses, must file an annual report of their foreign bank and other financial accounts, called an FBAR. Typically, filing an FBAR is necessary if the total value of a taxpayer's foreign accounts exceeds $10,000 at any time during the calendar year. However, certain accounts, such as those held within a qualified IRA or other retirement plan, may not need to be reported. Most taxpayers who are required to file a 2019 FBAR and have not yet done so must file by October 15. Remember that in general, an extension to file tax returns is NOT an extension to pay any tax due. Therefore, those who have not yet filed but expect to owe 2019 tax should estimate the amount they owe and pay that amount as soon as possible, even if they will not file their returns until October 15. Immediate payment will minimize any interest charges and late payment penalties. A tax professional can help you determine how much to pay and/or if an FBAR is required.

The deadline to file your taxes is coming up quickly! If you filed an extension, your taxes are due OCTOBER 15! How’s that going? Need help? Call us at 951-845-6001. Still can’t get your taxes filed by the 15th? Don’t worry - you can send them in after that date, but you will incur penalties and fees from the IRS. Let’s get this all finished so that YOU CAN RELAX! ... #taxextension #incometax #smallbusinesstaxprep #individualtaxprep #taxpreparers #taxseason2019 #taxseason2020 #taxseason #getyourtaxesdone #jimgardnerco #inlandempire #thepassarea #beaumontcalifornia

What kind of tax help do you need? We offer so many services, check it out! Head to our website at JimGardnerCo.com for more information. Make an appointment by calling our office at 951-845-6001 or email [email protected]. #taxhelp #taxseason #taxdeduction #incometax #taxpreparation #enrolledagent #ntpifellow #beaumont #beaumontca #cherryvalley #calimesa #oakglen #palmsprings #hemet #sanjacinto #redlands #yucaipa #smallbusinesstaxes #individualtaxes

Hey pumpkin, if you filed an extension, your tax return is due October 15th! If you have no idea what we are talking about and you need your taxes done by PROFESSIONALS, you’d better give us a call! Contact us at 951-845-6001 or email [email protected]. #itstime #taxtime #neverendingtaxseason #taxseason2019 #doyourtaxes #beaumont #beaumontca #october #taxextension #deadline #feesandpenalties #taxpreparer #taxes #incometax #october15th #enrolledagent #ntpifellow #topnotchtaxservice #taxpros

There’s a COIN SHORTAGE!?! Here in America we’re not used to shortages, but this year has brought its fair share of shortages of gatherings, goods and now coins! Rest assured, it’s a circulation problem, not an actual shortage, based on the news articles we found on the subject (shown are articles from the Federal Reserve and Forbes). Has the coin shortage affected you personally at all? #coinshortage #coinshortage2020 #coins #coincollecting #quarters #dimes #nickels #pennies #federalreserve #usmintcoins #keepthechange #changeisgood