Premiere Tax Service

We want to encourage struggling businesses out there. Almost every successful business owner we know has crashed and burned at least once in their career. Entrepreneurs know that hard work and a great idea don't guarantee success. In this season, but really in every season. Keep going. Try again.

This is your final reminder to make arrangements for your 2020 taxes, which are due next Monday, May 17. We can help you with that, or at least get an extension filed on your behalf. Reach out for help if you need it.

Lest you think we just sip margaritas by the pool all day after tax season... What we really spend a lot of time doing in the summer is sitting down with families and business owners to carefully analyze their tax situation -- BEFORE the winter strikes and the moves become much more limited. This is called "tax planning," an essential move to get the maximum tax savings possible. And with what *might* be coming down the pike from Congress, wisdom says it’s time to get your du...cks in a row and plan for what lies ahead. If you’re ready for some tax planning tips, let’s chat.

If you're a parent, this is for you. The IRS recently announced that they'll begin sending advance Child Tax Credit payments starting July 15. Not sure how much you'll receive? This article has a helpful tax calculator to figure that out. If your information is on file, you can expect yours via direct deposit. If not, the IRS will send you a good old-fashioned paper check or (possibly) a debit card.... If you have personal life changes impacting your eligibility (another bundle of joy?) or you want to opt-out of these monthly advance payments and opt for the full balance coming with your 2022 returns, the online portals open July 1 to make changes.

Beware of anybody promising that your tax debt can be settled for some fixed percentage of the debt. That’s not the way it works and never has. Anybody trying to sell you on that idea is selling you beachfront property in Kansas, and you should seek assistance elsewhere.

Don't forget to celebrate mom this weekend (Sunday is Mother's day). Here are a few discounts available to help make it special and take a few things off her to-do list. Happy Mother's Day!

Memorial Day is a good reminder for all of us: Our current struggles can be overcome. And we believe they will.

A 2008 study found that 40% of people have experienced some sort of financial loss due to procrastination. - Putting off that call to your mortgage broker can mean paying higher mortgage payments for the life of your home loan. - Failing to make that 60-second call to HR could mean missing out on the 50% company match into your 401k. - Delaying that call to your tax professional could mean paying penalties to the IRS (ahem...).... Do just about anything late with regards to the IRS, and you will most certainly take a financial hit in the form of penalties, accumulated interest, lost tax credits, etc. If you're procrastinating on dealing with any tax matters in particular, take the bull by the horns right this second -- yes, right now -- and schedule a meeting with us to get things taken care of.

If you received any unemployment compensation in 2020, you should have received a Form 1099-G to report this income. The IRS wants us to remind you to double check that form and make sure it's correct, as there have been some issues in this arena. On the flip side, if you did not receive unemployment in 2020 but received a 1099-G from the state for it, that's also a problem. Unfortunately, there has been a high level of unemployment fraud in the past year because of the increased benefit payments. You're definitely going to want to contact the state unemployment insurance office to get this corrected.

The IRS has apparently caught up on processing their backlogged mail that stacked up during COVID closures. Or, good enough, they say. They are now resuming the mailings of tax-due notices to taxpayers with outstanding tax bills. If you receive one of these notices, give us a call immediately.

Keeping personal and business separate is extremely important for your taxes. While there is some room for dual purpose expenses, far-reaching claims are easy pickings for IRS auditors.

"Hope someone can use some of these baseballs in the batting cages. I found them cleaning my garage. I pitched them to my son and grandson for countless rounds. My son is now 46 y/o and my grandson is 23 y/o. I am 72 and what I won't give to pitch a couple of buckets to them. They have both moved away. If you are a father cherish these times. You won't believe how quickly they will be gone. God bless P.S. Give them a hug and tell them you love them every chance you get."

A new QR code feature aims to help you access your taxpayer account info easier when receiving an overdue tax notice from the IRS. If you just need help setting up logistics to pay your bill, this will help you. But if you do not agree with their numbers or you can't pay, you will still want professional assistance.

There's lots of tax talk in this election season, as in every other, as both candidates are making promises about their tax policies. The BEST advice we can give about what to do for your individual and business tax plan right now is: wait and see. If new tax legislation is passed in 2021, it probably won't be effective until 2022. Congress very rarely makes tax changes that are retroactive. So ... wait and see. Then, we will listen together to see what whichever President we have says about their tax plans ... and react accordingly.

Organizing your financial world can feel like a daunting task, but some SIMPLE steps will go a long way. Watch our video -- doesn't this seem really doable?

Well, with yesterday's extended tax deadline behind us, one crazy and wild and completely unprecedented tax season comes to a close. Thank you for entrusting us with something as close to you as your finances -- we know how important each dollar is to each of you, and we're committed to helping you keep as many of them as you legally can. (And now, it's time for a very long nap this weekend, before we gear up for next year.)

The day has come. All 2019 returns that were given an extension to file are due to be submitted today, which means our most recent marathon is coming to an end. Next tax season is now not so very far away (along with the tax ramifications of what THIS tax season delivered). Are you ready for that? You will be ... with our help.

We've been telling you about some tax professional rumors circulating about "automatic forgiveness" for PPP loans under $150K. Well, they did it! Except it is for even smaller loans (under $50K). And it's not "automatic", but it is very, very easy. Here is the simplified application if your loan falls in that category. https://bit.ly/318OOYh

Nine Crucial Questions To Prepare Palmdale Taxpayers For Their 2020 Taxes https://bit.ly/31nE7kX

Here are some questions to consider for your 2020 taxes that will set you up for long-term success. We're here to help you walk through these answers and how to affect your tax status in a positive way. 1) Have you had a significant change in your wage income this year? 2) Have you taken capital gains or losses this year? Are you planning to? 3) Did you start or sell a business this year?... 4) Did you purchase real estate? 5) Did you make your full contributions to retirement accounts? 6) Have you considered a Roth IRA? 7) Did you withdraw from retirement accounts, and for what purpose? See more

Extension deadline is on THURSDAY, folks. Filing a tax return late (without reasonable cause) results in a 5% late FILING penalty (on whatever it is that you owe -- and the IRS will figure it for you if you don't), and an additional 5% for every month you wait to file. PLUS there is an additional 0.5% to 1% late PAYMENT penalty (per month) on whatever it is you owe. NOTE: this is ON TOP of late filing penalties. Then (yikes), interest accrues on both the late tax filing penal...ties AND the late payment penalties. That's a lot of penalty. And at least the first one is completely avoidable. If you can't pay the tax due on October 15, still file ... and talk to us about helping you set up an installment agreement or working out an offer in compromise to cover what you owe.

Another PPP loan update for businesses: If your PPP loan was less than $50K, a couple of time-consuming requirements have been removed from the forgiveness application, making the process *a little bit* less complicated. Automatic forgiveness for certain loans, while still being discussed, is not yet available.