Taxtipse

08/09/2024

https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2024-20-san-diego-county-disaster-notice-assistance.html

State of California

02/05/2024

Tax Tip:
RE: disaster-related expenses.

If your insurance doesn’t cover damage from the recent storms, make sure to keep a record of how much you spent for the repairs.

Right now, CA is in a state of emergency, which could qualify CA taxpayers to write off these expenses on their state tax return.

Also, if the President declares a state of emergency too, you might also qualify for the tax deduction on your federal tax return.

Check with your tax professional for specific scenarios.

WHAT YOU NEED TO KNOW: Governor Newsom proclaimed a state of emergency for several counties in Southern California to support storm response and recovery efforts. SACRAMENTO – Today…

01/29/2024

06/27/2023

REAL ESTATE + TAX TIP!

Here's the updated 1-page publication on home improvements and how it can benefit you on your tax return:

06/12/2023

TAXtipse news:
For those in CA who already filed their tax return and received a bill in the mail for your balance due, you still have until October to make your payment without penalty. IRS published a news release late last week. Link below:

June 7, 2023 — The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes for those covered by disaster declarations in the state.

03/07/2023

Sometimes it's too good to be true. Be vigilant. The newest scam seems to be claiming the ERC when you're not eligible. Make sure you don't fall victim to this. The IRS is ACTIVELY auditing these claims.

Most importantly,
"Eligible employers cannot claim the ERC on wages that were reported as payroll costs in obtaining PPP loan forgiveness or that were used to claim certain other tax credits."

AKA if you got the PPP and your loans were forgiven, you can't qualify for ERC using those same wages that qualified you for the PPP loan forgiveness.

IR-2023-40, March 7, 2023 — The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.

01/11/2023

And in TAX news,
CA individuals (and businesses) have until May 15 to file/pay for almost ALL types of federal tax returns (including income tax and quarterly/annual payroll tax returns and estimated taxes) AND an extension for 2022 IRA contributions due to the State of Emergency. Specific counties and dates are below.

https://www.irs.gov/newsroom/irs-california-storm-victims-qualify-for-tax-relief-april-18-deadline-other-dates-extended-to-may-15

Send a message to learn more

01/04/2023

Also in tax news (regarding the 1099-K):

TL;DR You'll only get the 1099-K (for 2022) if you received more than $20,000 from over 200 transactions on 3rd party settlement services and/or payment platforms like Venmo/Paypal.

The new law would have changed the threshold down to $600 from ANY number of transactions.

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.