Maria's Tax Service

Tax Day has been extended to May 17th, 2021! We had been anticipating this and have left our self-scheduling system up to that day and a few weeks past that. You are able to self-schedule remote tax appointments as well as amendments online. As always, feel free to reach out to us with any questions.... https://www.irs.gov//tax-day-for-individuals-extended-to-m

WE HAVE GUIDELINES, EVERYONE! We can electronically file your amendments, as well, for the unemployment compensation exclusions for those households with an AGI below $150K. MariasTax.com -> select unemployment amendment

https://www.nytimes.com/live/2021/03/10/us/joe-biden-news Aaaaand here we go! All that's left in the process if for President Biden to sign the bill into law. This means the stimulus payments, increased child tax credit for the 2021 tax year AND the unemployment forgiveness of up to $10,200 per person will begin to take effect.... We’re just waiting on the IRS for guidance on how to process the changes. We will be processing the clients who have already had an existing appointment prior to this bill being signed. For those needing to amend their 2020 tax return for their unemployment received to adjust their amounts by the $10,200, we will be scheduling you as needed for the amendment, as well as adjusting our setmore appointment system for those clients who wish to self-schedule their amendments. There will be a $60 fee charged for amendments and the process is the same as previous year amendments as they will need to be mailed in and can take up to 16 weeks for the IRS to process the new changes. As always, if you have any questions, please feel free to DM us or email [email protected]

Happy Monday! So, here's the scoop on the unemployment tax relief. It has not passed as a law yet, but the bill aims to exclude $10,200 from unemployment received in 2020. News sources are suggesting to wait to file to see if the bill will be passed as a law - if you've already filed - this could lower your tax bill or increase a refund but an amendment will need to be filed. Again, this has yet to become law and we are putting this out for informational purposes. Check out t...he article below for more information. https://www.cnbc.com//covid-bill-provides-tax-waiver-on-up

Second post: Increased CTC - child tax credit. The child tax credit has increased to $3,600 and will last through April of 2021. This provision will increase the CTC from $2k to $3k or $3,600 - depending on the child's age. The $3,600 credit is for children age 6 and under while the $3k is for dependents 16 to age 7. Their credit for dependents age 17 and older is $500 but they will not be count out for this round of stimulus payments, meaning that those claiming a dependent ...age 17 will receive the $1,400 stimulus payment. The way the provision works is by issuing half of the credit in monthly payments beginning in July and going through December. The rest of the credit will be claimed at the end of the year during the next tax season, 2021. There is no way to claim it when filing your 2020 tax return as per the current guidelines. The same thresholds apply for the credit cutoffs/phaseouts as the previous post we made. There is a catch - when you file your 2021 taxes next tax season and you report an income of over $80k for single filers, over $100k for head of household, or over $120k for a married filing joint return - you WILL have to pay the credit back. https://www.kiplinger.com//senate-passes-3000-child-tax-cr

Hi all, In light of the recent news on the national emergency declared for the corona virus, we here at Maria's Tax Service are doing our part and ensuring sanitary measures are being taken in both the office and our staff. We understand the concerns and empathize with our patrons regarding the situation at hand and are extending our assistance by allowing our clients to do remote visits. We ask that if you are not feeling well and have an appointment with us to give us a c...all so that we are able to prepare your returns remotely; the most important thing, if you are not feeling well, is to stay home to help stop the transmission of any germs. We wish everyone the best during these times.Please do not hesitate to contact us with any concerns. -Maria

Happy New Year to all! We know you've been eagerly awaiting this coming tax season and we are now scheduling appointments. There are some new document requirements that we will be needing for both filing status and to claim the earned income tax credit (EIC). ... FOR HEAD OF HOUSEHOLD FILING STATUS: We need a utility bill or rental agreement that has both name and address matching information on the 1040 tax form. FOR EIC: We need school/medical records for the dependent being used that has matching address on your tax form. If there are any questions at all, please feel free to contact us.

Hello all, We’ve been hard at work analyzing and studying the new tax laws for both CA and the United States. We want to explicitly mention CA AB 5 and how it will affect independent contractors. This bill impacts truck drivers and will determine how companies will be hiring and determining W2 employees from contractors such as truck drivers... Also AB 414. This bill states that California residents without healthcare coverage will have a fine that will be imposed during the tax season. For ITIN, the numbers ending in 83-87, will need renewal this upcoming tax year. If you have any questions, please feel free to call or message us.

Make sure to be part of the public comment on this May 31st. Your voice matters as long as you use it.

The California Franchise Tax Board says a technical glitch error resulted in thousands of possibly incorrect refunds.

As the first federal returns for 2018 come in, some taxpayers are discovering an unpleasant surprise: Their refunds are smaller than expected - down by about 8 percent from the same time last year, according to the IRS.

It's almost that time of year again, folks! We'll start scheduling appointments again after the holidays but for now, here is a "paycheck checkup" that the IRS national convention has advised us to share with our clients. There is a penalty that will be issued to ding you for not withholding enough from your paychecks. With all the major changes from the Tax Cuts and Jobs Act, you need to be sure you're withholding enough from your paychecks. It's also a neat tool to also ch...eck if you are withholding TOO MUCH (which is never a bad thing). Here's the link to the IRS's calculator that'll check to ensure you're withholding enough: https://www.irs.gov/paycheck-checkup EVERYONE, and we mean EVERYONE, SHOULD CHECK THEIR WITHHOLDING.

Hello all, We're at the 2018 Tax Forum learning about all of the exciting tax changes going on and getting ready for the upcoming tax season. We'll be posting important tax info on here that will help ease your tax situation for 2018. First bit of info is:... We are advising for people not to go exempt at all on your paychecks. If there is not enough withheld from your paychecks, there will be a penalty and interest charged. Stay smart on your withholding and you won't have to give Uncle Sam more than you need to.

Our registered therapy service dog and mascot, Lola is always in our office to make you smile and receive lots of pets. Don’t be afraid of her appearance, she is a gentle and loving older sweetheart. Her vest indicates she is on duty and ready to do her job- melt your heart and lower your anxiety.

Many taxpayers have encountered individuals impersonating IRS officials in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is truly from an IRS employee. The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.

Good, quick, easy to understand read about the new tax law changes. It doesn’t cover everything. But, it goes over the big changes that will affect most people. Alicia Pelayo JoAnna Pounds Jess Paredes https://gerberkawasaki.com//the-pros-and-cons-of-the-newly