About Tax

Good News about Unemployment Income. The IRS has stated an amended return is not necessary for returns already filed. The IRS will make the adjustments and send the refund if due. Those that have not file and have unemployment income, will be able to deduct up to $10,200. Check back for more updates. We can process your tax papers now.

"News Similar to the federal tax filing and payment deadline extension, California will also extend the state tax filing and payment deadline for individuals to May 17th, 2021. The extension does not apply to estimated tax payments due on April 15, 2021"

IRS is urging tax filers to wait to file amendments for filed returns affected by the American Rescue Plan Act. As you know, the American Rescue Plan Act passed 3/10/21. The most notable change for tax purposes makes the first $10,200 of unemployment relief received in 2020 exempt from tax for households with up to $150,000 of income. Please be advised that it is unclear how the IRS or the states will handle this change in treatment of unemployment compensation for taxpayers ...who have already filed their 2020 returns. We'll update as we receive more information. We recommend not filing amendments as it pertains to this new law yet. NOTE: This new reduction in unemployment income from total gross income may provide more refunds or lessen taxes owed. However each individual tax filer's situation is different. Call us for more info.

IR-2021-59, March 17, 2021 WASHINGTON- The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. The IRS will be providing formal guidance in the coming days. However, IRS Commissioner Chuck Retting urges people to consider filing as soon as possible as it may help some taxpayers more quickly receive any remaining stimulu...s payments and refunds. In addition individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021 to May 17, 2021. Penalties, interest and additions to tax will accrue after May 17, 2021. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until October 15 by filing form 4868. STATE TAX RETURNS The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax payments. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. For Californians check at ......https://www.ftb.ca.gov/

Hello to all taxpayers, We are excited to get this tax season started! The IRS announce that the nation's tax season will start on Friday, February 12, 2021, to accept and process 2020 tax year returns. Despite the IRS late filing date, our office is currently open for tax preparations. With this said, if you received your tax documents, you can come by we are open 7 days a week. Monday - Saturday 9am-7pm ... Sunday - 9am-5pm Walk-ins accepted but preferably appointments will be more convenient. We are following COVID-19 protocols and requires masks and social distancing. We will do our due diligence to protect you and your loved ones health. See you soon, 916-849-2380 916-952-0542

SSI recipients will receive their stimulus payment automatically. If you have children under age 17, you will have to take additional step to claim the additional $500.00 for your qualifying dependent. 916-849-2380

Who should use the Non-Filers tool? This new tool is designed for people who did not file a tax return for 2018 or 2019 and who don't receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits. Others who should consider the Non-Filers tool as an option, include: Lower income: Among those who could use Non-Filers: Enter Payment Info tool are those who haven't filed a 2018 or 2019 return because they are under the normal income ...limits for filing a tax return. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019. Veterans beneficiaries and Supplemental Security Income (SSI) recipients: The IRS continues to explore ways to see if Economic Impact Payments can be made automatically to SSI recipients and those who receive veterans disability compensation, pension or survivor benefits from the Department of Veterans Affairs and who did not file a tax return for the 2018 or 2019 tax years. People in these groups can either use Non-Filers: Enter Payment Info option now or wait as the IRS continues to review automatic payment options to simplify delivery for these groups. Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents: These groups will automatically receive $1,200 Economic Impact Payments. People in this group who have qualifying children under age 17 may use Non-Filers: Enter Payment Info to claim the $500 payment per child. Students and others: If someone else claimed you on their tax return, you will not be eligible for the Economic Impact Payment or using the Non-Filer tool.

April 2, 2020 Dear Clients, The Coronavirus has infected our life in many ways. Family and friends are sick, quarantined or under a stay-in-place order. The stock market has crashed. The kids are out of school. Restaurants and shopping malls are closed. More than three million unemployment claims were filed in one week. Enough of the cable news . . . If you are laid off or you have closed your business, you know the details....Continue reading

Note: Per Treasury Secretary Steven Mnuchin Tax Filing for 2019 deadline and payments has been extended to July 15, 2020. We at About Tax are hopeful that the worldwide spread of the novel coronavirus known as SARS-VOV-2 and resultant disease COVID-19 will run its course with minimal loss of life. While we continue to follow all directives issued by the CDC, as well as our state, county and local governments, our office will remain open via appointments only. Thank you for untrusting in us as we all take this time to protect our families, love ones, neighbors and our communities. Please call 916-849-2380 to set up an appointment.

The main factors that determine when a taxpayer may receive their return include: 1. How early they file 2. If the taxpayer is claiming certain credits (especially EITC and CTC) 3. Whether the return is e-filed or sent by mail... 4. Whether the taxpayer has existing debts to the federal government The IRS will once again delay processing by 2-3 weeks tax returns that claim the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC), since these credits are the most abused. The additional time allows the IRS to verify that taxpayers qualify for the credits.

Here are the things that you need to bring with you when you come see us, to make sure your tax return is prepared correctly. 1. Social Security cards, a Social Security number verification letter, or other U.S. government document verification for all persons you may list on the return. 2.Birth dates for all persons you may list on return. Copies of last year's federal and state returns, if you have them.... 3. All income statements: Forms W-2 and 1099, Social Security, unemployment and other statements, such as pensions, stocks, interest and any documents showing taxes withheld. If you own or run a business or farm, collect records of all your income. 4. All records of expenses, such as tuition, mortgage interest, or real estate taxes. If you own or run a business or farm, collect records of all your expenses. All information reporting forms such as the 1095-A, 1095-B or 1095-C. 5. Bank routing numbers and account numbers to direct deposit any refund. 6. Dependent child care information: name and address of paid caretakers and either their Social Security number or other tax identification number. 6. Proof of residency for your dependent(s). (school documents, medical documents, court documents, etc.) See more

Hello to our loyal clients and new tax payers. It is that time of the year for us to help you maximize your refunds and minimize your taxes if owe. Our office is open 7 days a week starting today 01/20/2020 from 9am to 7pm. Just keep in mind that the Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The IRS set the January 27 opening date to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns. Our office is open for those of you that wants to come in early. Give us a call 916-849-2380 if you have any questions. See everyone soon!