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What's New or Extended for the 2024 Tax Season?
The Tax Season starts January 22, 2024 and ends April 15, 2024
Under the Tax Cuts and Jobs Act (TCJA) the maximum child credit is $2,000.00 per child and $500.00 for other dependents. The personal exemption deduction was eliminated but the standard deduction has nearly double for all filers.
Education Tax Breaks: Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next few years for a tax credit, the American Opportunity Credit, to pay for college expenses has been made permanent.
2023 Standard Mileage Rates for Business, Medical, Charity and Moving If you use your car for business, charity, medical or moving purposes, you may be able to take a deduction based on the mileage used for that purpose..
Beginning on Jan. 1, 2023, the standard mileage rates for the use of a car will be:
Self-employed and business: 65.5 cents/mile
Charities: 14 cents/mile
Medical: 22 cents/mile
Moving (military only): 22 cents/mile
Answers to Frequently Asked Questions for Individuals of the Same Sex Who Are Married Under State LawThe following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the holdings in Revenue Ruling 2013-17 in 2013-38 IRB 201. Click the link.
**The above articles have been compiled from the IRS website.
Basic Tips in filing your tax return:
We always recommend my clients to get a manila envelope or a shoebox or any small box, and write the tax year at the beginning of each year. Then throughout the year place all of your receipts, whether they are doctors receipts or gasoline receipts (if you are self-employed and/or use your vehicle for business purposes) or any receipt or paper containing any information you may think it could be tax deductible, inside this box. This makes it easier for you at the end of the year to separate the different expenses you had, and have it ready in writing for your tax preparer. Remember most tax preparers are not accountants - who charge you a monthly fee or extra fee to maintain or prepare your accounting plus a fee to prepare your taxes- and you need to provide them with accurate information. Any item you are not sure your tax preparer can tell you if it is tax deductible or not.
ITIN/SS Numbers: If you, your spouse or any of your dependents do not have a valid social security card and can't obtain one, you can file income tax returns and/or claim your dependent. Tell your tax preparer and he/she will prepare the W-7 form along with your tax return requesting an ITIN (Individual Taxpayer Identification Number) for tax purposes. Provide your tax preparer the following documentation of the person or persons including children that are applying for the ITIN:
Certified Copy of their Birth Certificate
A valid Driver License or Identification Card (if adult)
Copies of their school records for the tax year (if a child)
Copy of their Vaccination Record (if non-school aged child)
After your return is filed and you have not received your refund if any: To find out where is your refund from the IRS- click the link below and follow the instructions.
Where's My Refund? Get the lowdown on your refund now. Secure access anytime from anywhere. What a deal!
Have a Happy 2024 Tax Season!
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Income Taxes
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**Fully Bonded
CTEC Registered Tax Preparer
AFSP Tax Preparer
**Very Important!
More ITINs Expired
If your ITIN wasn't included on a U.S. federal tax return at least once for tax years 2020, 2021, and 2022, your ITIN will expire on December 31, 2023. ITINs with middle digits (the fourth and fifth positions) "70," "71," "72," "73," "74," "75," "76," "77," "78," "79," "80," "81," "82," "83," "84," "85," "86," "87," or "88" have expired. In addition, ITINs with middle digits "90," "91," "92," "94," "95," "96," "97," "98," or "99," IF assigned before 2013, have expired.
All Form W-7 applications, including renewals, must include a U.S. federal tax return unless you meet an exception to the filing requirement.
Tax Return Tips:
The IRS urges all taxpayers to make sure they have all their year-end statements in hand before filing their tax returns, including your 2023 Forms W-2 from employers, Forms 1099 from banks and other payers, Form 1095-B, and also Form 1095-A from the Marketplace for those claiming the premium tax credit.
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS anticipates issuing more than nine out of 10 refunds in less than 21 days.
The IRS also reminds taxpayers that a trusted tax professional can provide helpful information and advice about the ever-changing tax code.
OFFICE HOURS:During this tax season, our office will be opened Monday, Tuesday, Wednesday, Friday & Saturdays from 10:00 AM to 5:00 PM, and Thursdays (with appointments) from 10:00 AM to 7:00 PM.
We thank all of our loyal clients for their support and we welcome the new ones!
You are able to have your Income Tax Declaration prepared from as low as $55.00 dollars depending on your deductions including the electronic filing fee. The State of California (Franchise Tax Board) and the IRS, require your tax preparer to file your income tax declaration electronically.
With the Electronic Filing Service you receive your Tax Refund in 2 to 3 weeks instead of 8 weeks. This service is offered with or without direct deposit at no extra charge (your refund is deposited directly into your checking or savings account).
To our loyal clients, for our 2024 tax season, you should check your mail starting the second week of December 2023 for our $5.00 coupon flyer toward your tax preparation. And don't forget to bring it with you in order to get the discount!
If you have not yet prepared your tax return for this year or prior years, we can help you.
Call us today (714) 835-5844 and get an appointment immediately.
Walk-ins Welcome!!
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We accept major credit cards & debit cards |
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