Category Archives: Tax Tips

Tax Tips from the IRS

Form 1095 for Healthcare

Form 1095 for Healthcare We started asking for this form from everyone, before finalizing tax return completion, because in the past: 1. a couple of clients signed off on our Tax Organizer that they had healthcare coverage when they didn’t, … Continue reading

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More on extending the Extenders (Bipartisan Budget Act of 2018)

Bipartisan Budget Act of 2018 Source: TheTaxBook News – Release Date: 2/12/2018 Cross References: H.R. 1892  On February 9, 2018, the President signed into law H.R. 1892, the Bipartisan Budget Act of 2018, which extends federal funding for the government. … Continue reading

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Extenders: What if you already filed your 1040, and these “renewed” extender items affect you?

What if you already filed your 1040, and these “renewed” extender items affect you? Give us a call.   Feb. 9, 2018 The IRS is reviewing the legislation signed Feb. 9 that retroactively extended and modified numerous tax provisions covering … Continue reading

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For those who need an auto diary, take advantage of our MileIQ promo code

To take advantage of our MileIQ promo code: SCLO715A   How to: Redeem your Promo Code   IMPORTANT: Promo codes are currently only redeemable from the MileIQ website. (Unfortunately, promo codes cannot be entered in the mobile app, and as such, … Continue reading

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IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017

IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017 IR-2017-210, Dec. 27, 2017 WASHINGTON – The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real … Continue reading

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PA 529 College Plan – (800) 440-4000

For your PA 529 College Plan, we’ve been asking for your year-end statement showing the calendar year contributions. Apparently, that statement only shows your contributions for the last quarter of the calendar year.   You can get the info that we need … Continue reading

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Auto log/diary

IRS requires this, to document your auto / mileage expenses. pro-auto-mileage  

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The Tax Organizers Are Coming Next Week – Get out your Driver’s License!

Your Tax Refund May Take Longer, But at Least You’ll Get It More security to combat increased identity theft threatens to delay processing this year. Last year’s income tax season was marked by an explosion of refund theft. Will this … Continue reading

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Year-End Form 1099-MISC

This announcement is meant for all of our self-employed clients (Schedule C), and all of our landlord clients (Schedule E). There are penalties for not filing form 1099 to the government and to your subcontractors who are not incorporated, regarding your … Continue reading

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Twins Born In Different Years Deliver Quirky Tax Result for Parents

Maribel Valencia, 22, and her husband, Luis, became parents in 2015. And again in 2016. Maribel Valencia delivered twin babies at San Diego Kaiser Permanente Zion Medical Center over the weekend but the twins have different birthdays. Jaelyn, a girl, was delivered … Continue reading

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How Far Back Can the IRS Audit?

  There are two basic statutes of limitation.   First is the statute of limitations, which provides that the IRS has three years to assess an additional tax due. For example, for a taxpayer who filed a 2012 tax return … Continue reading

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