February 2024
As we move into the tax season and many of you are already receiving your completed tax returns, I am pleased to announce that I am now accepting payments through Zelle with no additional processing charges. Please feel free to pay your invoice via your bank by using Zelle with payments to "bjlaac@optonline.net" that is linked to the Zelle network.
January 2024
I hope everyone had Happy Holidays! My annual mailing will be sent in mid-January as I once again offer my services for the upcomming tax filing season. You can also go to the Tax Planner tab and download a copy of the annual letter and/or a generic copy of a Tax Planner.
Anyone making estimated payments, please note the January due date is Tuesday, January 16th, 2024.
I hope everyone had Happy Holidays! My annual mailing will be sent in mid-January as I once again offer my services for the upcomming tax filing season. Anyone making estimated payments, please note the January due date is Tuesday, January 17th, 2023.
October 2022
A generic organizer for 2022 is now available by following the organizer tab for anyone wishing to get a head start for the 2023 tax filing season. Customized organizers will be mailed in January 2023 for those that have used them in the past.
June 2022
Just like the rest of you, I have struggled with inflation over the past few years and as a result of continued rising costs I have no alternative but to adjust my rate schedule for the first time since 2017. Those that have been with me for a long time know I only do so when absolutely necessary. You can find my current fees on the Rate List tab. In general, you should expect an increase between $25 and $50 for most returns.
December 2021
As the holidays approach I want to wish everyone a happy holiday and new year. Before you know it, tax filiing season will be upon us. You should start to gather your information and look for my letter in January 2022 and tax planner that will be mailed to past users.
March 2021
The current Covid relief bill recently signed into law has resulted in another round of stimulous payments. In additional, several tax laws were passed retroactive to all of 2020. The main highlight of that bill is the elimination of the first $10,200 of unemployment payments from your taxable income if your income is below $150,000. The $10,200 is available to each individual making the deduction up to $20,200 for married couples. In addition, the filing deadline for the filing of your federal income tax is now May 17th, 2021 which also includes any payments due on your tax return. Unfortunately, the first quarterly estimated payment due date remains April 15, 2021, at this time.
Most States have followed along with the IRS regarding the due date change and the taxability of Unemployment Benefits, however not all have. The following link will take you to a list of due dates for individual States by clicking here.
As you are all fully aware, Covid 19 changed many things in our lives, including some income tax options for many Ameircans under the CARES Act passed last Spring. I'd like to point out some of them here as I may need additional information from you:
a) Some couples and individuals were entitled to $1,200 per adult and $600 for each qualifying child. If you did not receive any of these payments please let me know as some taxpayers may be able to get these credits when filing their 2020 tax return if their AGI is below $198,000 ($99,000 for Individuals)
b) The minimum age for required distributions from retirement plans such as 401k or IRA has been extended from 70 1/2 to age 72.
c) If you took a related retirement distribution in 2020 there may be some tax options if
1) You must take the withdrawal by the end of 2020 and by not more than $100,000
2) You also must meet one of the following test
a) Had Sars or Covid 19 verified by a test approved by the CDC
b) Had a spouse diagnosed with the disease
c) Had adverse financial consequences as a result of being quarantined, unable to work for lack of child care, being furloughed or laid off, having hours reduced because of the disease, delayed or rescinded new job offer.
If you met those criteria
a) You are not subject to the 10% early withdrawal penalty if you are under age 59 and 1/2
b) You may elect to pay the income tax on the withdrawal over a three year period
c) Return the withdrawal within three years from the withdrawal date resulting in a rollover allowing you to recover any taxes paid via amended returns.
June 2020
We are a month away from the July 15th deadline for filing your 2019 income tax returns. I urge you not to wait until the last minute as these are uncharted waters and I want to be sure you meet the required deadlines. If you need extra time please contact my office for fling an extension until October 15th, however, any amounts due must be paid by July 15th to avoid penalties and interest.
I also want to take this opportunity to remind you that the April 15th and June 15th estimated payments are due on July15th, there are no further extensions for those payments.
March 2020
Filing Deadline Update:
The IRS has announced that the filing deadline has been changed to July 15, 2020 That announcement can be seen at this web address www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020. Some States have also extended the time to pay, State guidlines can be found on a list compiled by the AICPA by clicking here
My office remains open however I urge you to either mail your documents directly to me or avail yourself of the locked mailbox on my fence. As always I look forward to assisting you,
Please be safe!
January 2020
The tax filing season officially opens in January. While returns can be filed before then, the IRS will not begin processing the returns until after that date. You should also note, returns with tax credits and refunds are expected to take until mid to late February before being processed.
The 1040 form has been completely revised and eliminates the 1040E-Z and 1040A forms completely. Any returns that would have been filed on forms 1040E-Z or 1040A in past years will be billed at rates comparable to 1040E-Z and 1040A rates, but on the new 1040 form.
I urge you to send your tax documents to me as soon as possible as there are many tax law changes that took effect in 2019 and there may be longer review times on my part to ensure your return reflects the current tax laws.
December 2019
As the holidays approach I want to wish everyone a happy holiday and new year. Before you know it, tax filiing season will be upon us. You should start to gather your information and look for my tax planner in January 2020 that will be mailed to past users. If you want a head start, a generic planner is available, just click the organizer link above or below to get to the PDF.
Partnership returns are due March 15th and those on extension by September 15th, a month before personal returns.
The official government web site to purchase health insurance under the affordable Care Act is healthcare.gov. A third party site with general information and insurance links can be found at healthcare.com General information and requirements regarding the Affordable Care Act (ACA) from the IRS can be found here in Publication 5187
Finally, be sure to consider the year end reminders below.
Year End Reminders
1) If you are making estimated payments for State income taxes in January 2019, consider making those payments in 2017 and they may become Schedule A deductions for 2018 as long as State income and Real Estate taxes don't exceed $10,000.
2) Consider paying real estate taxes due in January 2019, in December 2018, they may become Schedule A deductions in 2018 as long as State income and Real Estate taxes don't exceed $10,000.
3) If you have significant capital gains, consider selling any stock that has long lost its value, to offset some of those gains.
4) Likewise, If you have capital losses or carry forward losses, consider selling stock that has significantly appreciated before the end of the year to take advantage of those losses.
As always, if you have any questions please feel free to contact me.
Year End Reminders
1) If you are making estimated payments for State income taxes in January 2019, consider making those payments in 2017 and they may become Schedule A deductions for 2018 as long as State income and Real Estate taxes don't exceed $10,000.
2) Consider paying real estate taxes due in January 2019, in December 2018, they may become Schedule A deductions in 2018 as long as State income and Real Estate taxes don't exceed $10,000.
3) If you have significant capital gains, consider selling any stock that has long lost its value, to offset some of those gains.
4) Likewise, If you have capital losses or carry forward losses, consider selling stock that has significantly appreciated before the end of the year to take advantage of those losses.
As always, if you have any questions please feel free to contact me.
The US Government has changed their form and method of how individuals with Foreign bank accounts must be reported. If you formerlly filed Form TD F 90-22.1 in the past or have acquired Foreign financial accounts you are now required to file an informational return with the Finacial Crimes Enforcement Network. Since this is a web base filing, it must be done electronically. Go to my Tax Laws and Reporting Tab for more information and a link to the filing site.
This filing is now due April 15th instead of June 30th as in past years.