Grace S. Clark, CPA Accounting & Tax Services

TAX HISTORY LESSON Tax Day Used to Be in March. Federal tax returns were not always due April 15. In 1913, March 1 was the big day; in 1918 it was moved to March 15; and finally in 1954 the current Tax Day was established. www.gracesclarkcpa.com

We're counting, that's who! File your taxes, or file an extension to avoid non-filing penalty fees. However, keep in mind that filing an extension when you owe taxes only gives you more time to file, not more time to payyour payment is still due at the tax filing deadline. Schedule an appointment with Grace S. Clark CPA today: (951) 399-2675... www.gracesclarkcpa.com See more

Did you know that the May 17th filing extension only applies to personal tax returns? Grace will explain. 951-399-2675 www.gracesclarkcpa.com

What Is a Tax Identification Number (TIN)? A Tax Identification Number (TIN) is a nine-digit unique number used as a tracking number by the Internal Revenue Service (IRS). It identifies individuals, corporations, and other entities such as nonprofit organizations (NPOs). Each person or entity must apply for a TIN. The social security number (SSN) is the most common tax identification number. SSNs are issued to individualsU.S. citizens, permanent residents, and certain temporary residentsby the Social Security Administration. LEARN MORE:

TAX PREP TIME ADDS UP How long should it take you to prepare your tax return? Like with most things tax, it depends. The IRS says that the average taxpayer spends 13 hours preparing their tax return. But it can take far longer for taxpayers with more complex returns.... Grace S. Clark CPA to the rescue. Give our office a call while there's still time. (951) 399-2675 www.gracesclarkcpa.com

Stimulus checks are not taxable; however, your unemployment checks may be taxable. Schedule your appointment or consultation today. We will do our best to work with your schedule to answer all of your accounting and tax related questions. 951.399.2675 www.gracesclarkcpa.com

#TGIGF Have a safe and blessed weekend celebrating the holiday with your family and friends. ~Grace S. Clark CPA

GOT STIMULUS PAYMENT? Most taxpayers got two economic-impact payments in Round 1 and Round 2. If you’re eligibleand either didn’t receive a payment or think you qualify for more than you gotyou can claim a Recovery Rebate Credit on your 2020 tax return. For example, if your income was lower in 2020 than 2019, you may be owed a partial credit. Or, if you were claimed as a dependent on someone else’s tax return in 2018 or 2019 but won’t be for 2020, you may be eligible for the credit. Talk with your CPA or schedule an appointment with our office to learn more. www.gracesclarkcpa.com

QUESTION: Is there an age limit on claiming my child as a dependent? ANSWER: To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test: To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.... There's no age limit if your child is "permanently and totally disabled" or meets the qualifying relative test. In addition to meeting the qualifying child or qualifying relative test, you can claim that person as a dependent only if these three tests are met: Dependent taxpayer test Citizen or resident test, and Joint return test (irs.gov/faqs) 951-399-2675 400 S. Ramona Ave Ste 106, Corona www.gracesclarkcpa.com See more

HISTORY LESSON In November 1789, Franklin wrote French scientist Jean-Baptiste Le Roy, concerned that he hadn’t heard from Le Roy since the start of the French Revolution. Franklin wrote in French and the letter was later translated for the 1817 printing of his private correspondence. After asking about Le Roy’s health and events in Paris for the past year, Franklin gives a quick update about the major event in the United States: the Constitution’s ratification a year before ...and the start of a new government under it. Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes," Franklin said. www.gracesclarkcpa.com See more