Maureen Weinstein, CPA

Tax Season Tip Did you know that California did not conform to the new Federal tax regulations in most respects? Although you may be using the standard deduction on your federal return, the best solution for California may be to continue to itemize.

Quarterly Estimated Tax Payments - Reminder If you are making quarterly estimated tax payments to the IRS, the due date for the September 1st - December 31st quarter of the year is January 15th. For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.... If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

FSA Grace Period or $500 Carryover Did You Know? If you are having difficulty using up the funds in your medical flexible spending account (FSA) before the end of the year, your employer might offer you relief from the use it or lose it rule through a grace period or carryover. Under IRS regulations, employers that offer FSA plans can offer one (not both) of the following options for unused FSA funds:... A 2.5-month grace period, which means you will have until March 15, 2019 to use up your 2018 FSA funds. OR A carryover of up to $500 of your 2018 FSA funds into your 2019 FSA. The carried over amount will not count toward your maximum allowed contribution for 2019, and can be spent anytime during 2019. Although the law does not require employers to offer either option, most employers do offer one or the other. Check with your employer's benefits expert to find out if an FSA grace period or carryover is available to you.

2019 Mileage Rate Increase Starting on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: - 58 cents for every mile of business travel driven, an increase of 3.5 cents from the rate for 2018.... - 20 cents per mile driven for medical or moving purposes, an increase of 2 cents from the rate for 2018. - 14 cents per mile driven in service of charitable organizations. You also have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates.