Governor Brown recently signed into law the state’s first ever EITC to help California’s poorest working families. The California EITC complements the federal EITC by providing a refundable tax credit for the lowest income California households. The credit will be
Category: Tax Update
Consumer Alert: Affordable Care Act Tax Returns
Affordable Care Act Consumer Alert: Choose Your Tax Preparer Wisely The IRS urges taxpayers to choose their tax professional carefully as reports are coming in from around the country describing unscrupulous preparers who instruct their clients to make individual shared
Penalty Relief for the Repayment of the Advanced Premium Tax Credit
The IRS recently issued Notice 2015-9, providing limited penalty relief for qualified tax returns which have a repayment of the advanced premium tax credit. Generally, taxpayers who do not pay their entire tax liability by the return due date would
IRS Cutbacks and What it Means for You this Tax Season
With a couple of days to go before tax season opens, taxpayers were already bracing for a potentially “miserable” filing season. It turns out that it could live up to the hype. Internal Revenue Service (IRS) Commissioner Koskinen has advised
4th Quarter 2014 Estimated Taxes Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, make sure your 4th quarter 2014 estimated tax payment is postmarked by January 15, 2015. What are the filing dates for federal quarterly estimated
Tax Season Starts January 20th 2015
The Internal Revenue Service announced that it anticipates opening the 2015 tax filing season as scheduled on January 20th 2015. Keep in mind, even if you want to file on January 20, you might not be ready. Employers have until the
Make An IRA Transfer to Charity for 2014
The Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax free distributions to charity. The extension applies for the 2014 tax year. This means if the law applies to you, the deadline to complete
Tax Increase Prevention Act of 2014
Congress has passed the Tax Increase Prevention Act of 2014 which includes more than 50 tax breaks (tax extenders) that were set to expire December 31, 2013 but have been extended temporarily and retroactively. So what exactly are tax extenders, anyway? Tax
2015 Standard Mileage Rates
The optional standard mileage rates for employees, self-employed individuals, or other taxpayers are used in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. Beginning on Jan. 1, 2015, the standard mileage rates
Apply for 2015 Health Coverage
The Healthcare.gov Marketplace open enrollment for 2015 starts November 15, 2014. Get ready to apply for affordable care act (ACA) insurance now: Check your state for plans and prices Apply and Enroll for health coverage – Starts Nov. 15, 2014