1040 Income Tax Service

Hi everyone, ready to file your taxes? Let's talk about the government shutdown and the IRS. The Internal Revenue Service announced that they will process refunds and payments. But their services are limited so this following services are not available: 1- If you need to talk to them, sorry they are not answering phone calls. 2- Planning to file a paper return. Please don't IRS is not processing paper returns. 3- Audits are suspended in this period of time. Before your file p...lease be sure that you have all the appropriate paperwork that you need to file your return. Keep in mind that if you amend your return. The IRS is not processing paper returns. Call for your appointment. 1040 Income Tax Service. See more

Hi everyone are you thinking about making a change. How do you get from where you are now (stuck in a J O B) to where you want to go (the career of your dreams)? Most people think you need to go back to school, take time off to switch careers, move to a new place to start over, or completely overhaul your life and your career. You don't have to. At Primerica, you can get started part-time in a brand new and exciting business opportunity with the largest financial services mar...keting organization in North America, Primerica is a different kind of opportunity with a 39-year track record of proven success, Take a look at your current career and what you get out of it. Does it make sense to find out more about one of the most innovative and exciting financial services companies in North America? Call me at 909-685-7845 and I will happy to tell you how I did it and how you can do it too. Idalia Monroy. Primerica OL 88778. See more

Fourth and last post today. Medical expenses. Taxpayers were previously allowed to deduct out-of-pocket medical expenses that exceed 10 percent of their adjusted gross income or 7.5 percent if they or their spouse were 65 or older. Good news under the new reform medical expenses is lowered to 7.5 percent of a filer’s adjusted gross income. The change applies to taxable years from Dec. 31, 2016 to Jan. 1, 2019.... Just a reminder only people who itemizes (Long form) can deduct medical expenses in their taxes.

Third posting today. How about we address moving expenses. Current law allows taxpayers to deduct moving expenses as long as the distance rule is met. The new tax bill suspends the moving expense deduction through 2025. Until then, taxpayers are not permitted to deduct moving expenses.

This is my second post today. We are getting close to tax season. So we need to address all the remaining changes to the new tax reform. Let's talk about sale of your home. Old tax law allowed homeowners to exclude up to $250,000 (or $500,000, if married filing jointly) of gains made when selling their primary residence, as long as they owned and primarily lived in the home for at least two of the five years before the sale. Under the new reform, homeowners can still exclu...de gains up to $250,000 (or $500,000 if married filing jointly) when they sell their primary residence, but they have to have lived there longer. People who sell their homes after Dec. 31, 2017 now have to use the home as their primary residence for five of the eight years before the sale in order to claim the exclusion. It can only be claimed once in a five-year period. This would slow down the sale of homes. Homeowners will prolonged the sale of their homes and has to stay longer in their homes in order to save money.

I am back again. Lets talk about Alimony this time. Under the old tax law an individual paying alimony or maintenance payments can deduct payments from their income. The person receiving the payments includes them as income. Under the new law the person making alimony or maintenance payments does not get to deduct them, and the recipient does not claim the payments as income. This goes into effect for any divorce or separation agreement signed or modified on or after Jan. 1, 2019.

I am back again, and this time will talk about Deductions that are disappearing While many deductions are remaining under the new tax law, there are several that didn't survive. Casualty and theft losses (except those attributable to a federally declared disaster) Unreimbursed employee expenses... Tax preparation expenses Other miscellaneous deductions previously subject to the 2% AGI cap Moving expenses Employer-subsidized parking and transportation reimbursement. For employees deducting traveling miles from one job to another. This new change to the law is big. They are not longer available to claim this deduction in their taxes. Tax preparation is not deductible and if you suffer a lost or theft you are not able to deduct it in your taxes.

Hi everybody now we are going to talk about, the expanded Child Tax Credit, which is available for qualified children under age 17. Specifically, the bill doubles the credit from $1,000 to $2,000, and also increases the amount of the credit that is refundable to $1,400. That will help out large families that lost the exemptions credits under the new law.

Hi everyone at 1040 we wish you a safe a pleasant Christmas.

Hi everyone. I hope your getting all your information ready to come and prepare your taxes this year. Meanwhile let me address another part of the new tax law for next year. This new law puts a cap in all state and local income taxes, property taxes and sales taxes. The current law has no cap in the deduction of this credit in your schedule A most commonly known as long form. The cap under the new law is $10,000.00 only. With this change many people will not benefit from filing a long form and could be forced to take the standard deduction next year. So don't be surprised next year if it is more beneficial to take the route of a standard deduction over the long form. Idalia Monroy. 1040 Income Tax Service always at your service.

It's time to start talking about the new changes that will take effect in our taxes next year. I will be addressing one change at a time so we can understand better what is coming to us next year. Let me say that these changes will create more problems than benefits to us and we all need to be alert of these changes so the impact in our lives doesn't come by surprise. Standard deduction; The standard deduction has been changed.It Is higher than other years. For a single perso...n it will increase to $12,000.00 and for married couples it will increase to $24,000.00. That sounds great doesn't it. But here it comes, the personal exemptions will be wiped out. What it means for a married couple with four kids in our current tax law. Taxpayers get a credit for $37,0000. Standard deduction for married couple for $12,700 and personal exemption for $4,050 per person. In the new law they are capped with a $24,000.00 credit only to their income. This law is not designed for large families. It is catered for individual Americans. I will keep you updated with all the new changes. Talk to you soon. 1040 Income Tax Service. Always at your service. See more

Our office is giving advances this year if you need extra cash now. Please do not hesitate to call our office. I'll be happy to give you more information. Always taking care of you 1040 Income Tax Service.