Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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Donations of money or non-cash items to a charity (church or non-profit organization) are tax deductible if you itemize deductions on your tax returns and you comply with acknowledgement/substantiation rules to claim your deduction. Those who do not itemize and use the standard deduction, $300 for single filers and $600 for married filing jointly filers, of qualified charitable cash contributions are deductible on line 12b of Form 1040. As many of you will be filing tax returns shortly to claim...
"And let us not be weary in well doing: for in due season we shall reap, if we faint not." – Galatians 6:9 If you have a friend who is tough on the outside but soft on the inside, treasure them. Gene Dallachie is one of those folks you want to keep and treasure. A former Marine, he may be gruff around the edges but he is a teddy bear inside. Gene has a heart of gold and a willing spirit. He is always ready to be there for others. Strong and secure within himself, Gene shows up with genuine s...
Child Tax Credit The Child Tax Credit is increased and made fully refundable but ONLY for the 2021 tax year. The IRS has: • Increased the amount of the credit from $2,000 to $3,000 per child ($3,600 for a child under age 6) for filers under specific AGI thresholds; • Made the credit fully refundable (typically, only $1,400 is refundable); • Repealed the requirement that taxpayers must have earned income of at least $2,500 in order to qualify for a refund of the credit; • Allowed for advance...
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...
The Tuesday after Thanksgiving has become known as Giving Tuesday, when people are encouraged to donate to charitable organizations. If you'd like to take part in this special day, you'll want to maximize the effectiveness and benefits of your charitable gifts. So, consider these questions: • Is the charity reputable? Does it use its resources wisely? Most charitable organizations are honest and dedicated to helping their specific causes. But sometimes there are a few "bad apples" in the b...
Business Corporations A business corporation is an entity created by the person or persons who organize it. This legal entity may own property, enter into contracts, sue and be sued. Because it is a person, it is subject to taxation. Its owners, called shareholders, also pay tax on certain distributions made to them, such as cash dividends. This is often referred to as double taxation. Shareholders are protected from liability and their loss is limited to the amount of money they invest in the...
Extensions Whether you file a tax return by the April due date, May due date for 2020, or obtain an extension to file, filing an annual tax return is mandatory if your income is above a certain level, which will vary depending upon your filing status. Filing an extension will grant you another six months for individuals and corporations (five month extension for partnerships, LLCs, estates and trusts) to file the tax return. Filing an extension, however, will not allow you to delay payment on...
Tax-related identity theft occurs when someone uses a taxpayer's stolen Social Security number and name to file a tax return to claim a fraudulent refund. Often the taxpayer doesn't know this has occurred until they try to file a legitimate tax return and have their return rejected with an error code stating that a return has already been filed using that name and Social Security number. This article discusses the steps to take when a taxpayer's identity has been stolen, along with helpful...
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....
Did you know that there is more to getting good fuel economy than just watching how hard your right foot presses the go-pedal? Automobiles are a system, not just a bunch of parts thrown together. Each subsystem must be functioning at its peak in order to maintain the vehicle’s overall peak performance. Some components have large effects, such as the engine and transmission, while others contribute less, such as tires. Regardless of how much the component system contributes does not matter if you are looking at saving every drop of that p...
Panda Express hiring for Tehachapi Location Panda Express, a subsidiary of Panda Restaurant Group will held a hiring event on Friday, October 30 for their Tehachapi location set to open within the next few months. Construction on the project started mid-summer and the new location on Tucker Road is moving briskly through the construction process and now staffing the new restaurant is becoming a priority. Panda Restaurant Group hosted a "Virtual Interview Day" for their nearly 40 positions that...
Do you need (or want) a new Windows computer but don't want to spend a bunch of money? If you mostly use your computer to check email, do some shopping and stream videos, you don't need a whiz-bang computer that's capable of landing a man on the moon. Mainstream computer manufacturers like Dell, HP, ASUS, Acer and the rest all make Windows computers for under $500. But what about Chromebooks? You can buy a Chromebook for way less than $500. If you spend all your time online and don't need an...
By now you know that Congress has passed a $2 trillion relief bill to help keep individuals and businesses afloat during these difficult times. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many provisions. Here are five that may benefit you or your business. 1. Recovery Rebates Many Americans will receive a one-time cash payment of $1,200. Each U.S. resident or citizen with an adjusted gross income (AGI) under $75,000 ($112,500 for heads of household and $150,000 for...
Extensions Whether you file a tax return by the April due date, or obtain an extension to file, filing an annual tax return is mandatory if your income is above a certain level, which will vary depending upon your filing status. Filing an extension will grant you another six months for individuals and corporations (five month extension for partnerships, LLC's, estates and trusts) to file the tax return. Filing an extension, however, will not allow you to delay payment on any tax you may owe....
Tax-related identity theft occurs when someone uses a taxpayer's stolen Social Security number and name to file a tax return to claim a fraudulent refund. Often the taxpayer doesn't know this has occurred until they try to file a legitimate tax return and have their return rejected with an error code stating that a return has already been filed using that name and Social Security number. This article discusses the steps to take when a taxpayer's identity has been stolen, along with helpful...
Owners of pass-through entities (e.g. partnerships, S corporations, and sole proprietors) may be entitled to a section 199A deduction for qualified business income ("QBI"). Under section 199A, certain taxpayers may be entitled to a deduction up to 20% of QBI. While this deduction potentially creates a substantial tax benefit for owners, it's complicated. There are complex rules to determine qualification for the deduction. Moats & Hebebrand CPAs are here to help. Foreign Bank Account Traps If yo...
The federal standard deduction for: • Married filing a joint return has increased from $24,000 to $24,400. • Head of Household has increased from $18,000 to $18,350. • Single from $12,000 to $12,200. • Married filing separately from $12,000 to $12,200. Those who have itemized in the past may still have to keep track of deductions for the State of California. Dependent deductions are replaced with credits. Although the deduction for exemptions is repealed, the definition of a dependent is not cha...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. Identity Theft Tax-related identity theft occurs when someone uses a taxpayer's stolen Social Security number and name to file a tax return to claim a fraudulent refund. Often the taxpayer doesn't know this has occurred until they try to file a legitimate tax return and have their return rejected with an error code stating that a return has already been filed...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. Tax Credits and Tax Deductions I have noticed confusion in the people I talk to regarding tax credits and tax deductions. A tax deduction reduces the amount of income that is subject to tax. Examples include the itemized deductions for mortgage interest, real estate taxes, contributions, etc. If you earn $80,000 but have $25,000 in itemized deductions, you pay tax...
Tax season is here and the IRS is now accepting both personal and business returns. If you didn't get a chance to do some planning last year to reduce your income tax liability there are still a few things you can do to minimize the amount you'll owe. There are a lot of changes for 2018 since the passing of the Tax Cuts and Jobs Act. The TCJA is the most comprehensive revision of the tax code in decades and one of the main changes that most people are aware of is the new higher standard...
The Tax Cuts and Job Act (TCJA) is the most sweeping change in federal tax law since 1986. It contains more than 115 new provisions. I will list a few of them now. The federal standard deduction for Married filing a joint return has increased from $12,700 to $24, 000; Head of Household increased from $9,350 to $18,000; Single from $6,350 to $12,000; and married filing separately from $6,350 to $12,000. Those who have itemized in the past may still have to keep track of deductions for the State...
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. As the year winds down, you may want to look ahead to see which areas of your life you can improve in 2019. Perhaps you'll decide to exercise more, eat healthier foods, reconnect with old friends or volunteer at a school or charitable organization. All these goals are certainly worthwhile – but you also may want to add some New Year's financial resolutions to your list. Here are a few ideas to c...
Blocking and reporting spam calls Are you getting tired of getting spam and scam calls on your cell phone? You know; those calls about elections, solar panels, IRS problems, dubious charity donations, energy retrofits, health insurance and all the rest. Current cell phone technology offers ways to block these calls. Of course, the spammers know this and have adapted. Almost all scammers and robocallers use "number spoofing" to make it hard to block them. Just because a number starts with 661,...
Being named as the executor of a family member's estate is generally an honor. It means that person has been chosen to handle the financial affairs of the deceased individual and is trusted to help carry out his or her wishes. Settling an estate, however, can be a difficult and time-consuming job that could take several months to more than a year to complete. Each state has specific laws detailing an executor's responsibilities and timetables for the performance of certain duties. If you are ask...
