Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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It's been an interesting year with important tax changes that will impact you. Here are some of the changes and issues you need to know about. Tax return due dates: • Individuals must file returns by April 18, 2022, for the 2021 tax year; • Partnerships must file returns by the 15th day of the third month following the close of the taxable year (March 15 for calendar-year taxpayers); • C corporation returns are generally due by the 15th day of the fourth month following the close of the taxab...
Do I need to file a tax return? The answer depends on your filing status, your age and the type of income you earn. Each person is allowed to earn a certain amount of income before they are required to file a tax return. For 2020 tax returns, individuals are not allowed a personal exemption deduction, but are still entitled to a standard deduction of $12,400 for a single filer. Hence, an individual can have $12,400 of taxable income before being taxed if under age 65. If age 65 or over, an...
Foreign Bank Account Traps – If you have any bank account, retirement account, investment account and/or business ownership interest with a value of $10,000 or more in a foreign country, you must advise us since special reporting rules now apply. Failure to disclose this on your tax return could result in severe penalties, as well as additional fees in representing you in any dispute with the Internal Revenue Service. The United States has negotiated agreements with foreign countries to r...
What a year we had! The surging pandemic, confusion over who gets a stimulus payment and an overwhelmed IRS workforce still trying to catch up on last year's delayed tax season. The tax season can be frustrating under normal circumstances especially if you're trying to reach the IRS spokesman. This year may prove to be an extreme exercise in patience. We are going into an unprecedented tax season with a bevy of changes as a result of the novel Coronavirus. This is not the year to procrastinate....
The answer depends on your filing status, your age and the type of income you earn. Each person is allowed to earn a certain amount of income before they are required to file a tax return. Each individual is allowed a personal exemption of $4,050 and a standard deduction of $6,350 for 2017. Hence an individual can have $10,400 of taxable income before being taxed if under age 65. If age 65 or over, an additional $1,550 standard deduction is allowed, so the filing threshold increases to $11,950...
Health Insurance Some of you will receive a Form 1095 (do not throw this away, we will need the information to prepare your 2017 federal tax return). If you have not received a Form 1095, we are required to ask you several questions about your health care coverage to help you avoid penalties and comply with the federal requirements. If you received a reduction in your health insurance premiums based on information you furnished Covered California, the IRS will match your income and household...
Trusts have been used as an integral part of sophisticated tax and financial arrangements for centuries. Exactly how they are used depends on a person’s particular goals, current tax rules, and other factors. Hopefully this article helps you to understand some ways a trust may help you. A trust is an arrangement in which title to property is held by someone for another’s benefit. The trust can be established to benefit the person creating it (the grantor), or to benefit another (the beneficiary). Trusts can operate during the grantor’s life,...
