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Mira Mesa Income Tax Services
San Diego California
Call Didi's 1040 and More (858) 549-3434
Offer in Compromise (OIC). An OIC is an offer made by a taxpayer to the IRS to settle a tax liability for less than the full amount owed. Submitting an offer application does not ensure that the IRS will accept a taxpayer's offer. The submission of an OIC begins a process of evaluation and verification by the IRS, taking into consideration any special circumstances that might affect the taxpayers's ability to pay. Generally, the IRS will not accept an offer if the taxpayer can pay the tax debt in full via an installment agreement or a lump sum.
Federal Tax Lien. A legal claim against all of a taxpayer's current and future property, such as a house or car, and rights to property, such as wages and bank accounts. A lien automatically comes into existence if the taxpayer does not pay the amount due after receiving the first tax bill.
Notice of Federal Tax Lien. A Notice of Federal Tax Lien gives public notice to creditors. The IRS files the Notice of Federal Tax Lien to establish the priority of claim versus the claims of other creditors. The Notice of Federal Tax Lien is filed with local or state authorities, such as county registers of deeds or the Secretary of State offices. If a Notice of Federal Tax Lien is filed against a taxpayer, it is often reported by consumer credit reporting agencies. This can have a negative effect on the taxpayer's credit rating and make it difficult to receive credit. Employers, landlords, and others may also use this information and not favorably view the fact that a Notice of Federal Tax Lien has been filed against the taxpayer.
IRS Levy. While a federal tax lien is a legal claim against a taxpayer's property, a levy is a legal seizure that actually takes the property (such as a taxpayer's house or car) or the taxpayer's rights to property (such as a taxpayer's income, bank account, or social security payments) to satisfy a tax debt.
IRS Seizure of Property. If taxes are not paid or arrangements are not made to settle the tax debt, the IRS could seize and sell the taxpayer's property. Examples of property The IRS can seize include: Wages, Salary, or Commissions held by someone else; Bank account; Federal payments; Taxpayer's house and Personal property.
Choosing a Tax Return Preparer. If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what's on their tax return even if it is prepared by someone else. So it is important to choose carefully when hiring an individual or firm to prepare your return. Most tax return preparers are professional, honest and provide excellent service to their clients.
The IRS wants to remind all taxpayers that they should use only preparers who sign the returns they prepare and enter their Preparer Tax Identification Numbers (PTINs).
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TAX FILING 2017 |
IRS Identity Fraud 2017
Identity
theft, fraud and scams are high according to the Internal Revenue Service.
Should you receive notice from IRS or from someone representing they are from
the IRS please DO NOT provide any information to them until you have confirmed
they are legitimate. Remember the IRS does not initiate contact via email or
telephone. Their initial contact is usually a written notice. When in doubt,
ask for assistance.
Standard
Deductions & Exemptions 2017
The Basic standard deduction for 2017 is $12,700 for married persons filing
jointly and qualifying widows/widowers, $9,350 for heads of households, or
$6,350 for single taxpayers or married persons filing separately. The
additional standard deduction for being 65 or older or blind is $1,550. If
married filing jointly, the additional standard deduction is $1,250 if one
spouse is 65 or older or blind. Personal Exemption $4,050 and Kiddie Tax
Exemption $2,100.
Tax Rate Brackets 2017
The 10%, 15%, %25%, 28%, 33%, 35% and 39.6% brackets for 2017 ordinary income
reflect an inflation adjustment. The top bracket of 39.6% applies if taxable
income exceeds $418,400 for single taxpayers, $444,550 for head of households,
$470,700 for married persons filing jointly and qualifying widows/widowers, and
$235,350 for married taxpayers filing separate returns.
Wage Base & Earnings Limits 2017
Social Security Wages $127,200. Medicare Wages (1.45%) unlimited. Additional
Medicare: Wages 0.9% Investment 3.8%. Income over: $200,000 for Single and
$250,000 for Married. Social Security Earnings Limit Before Reductions: Under
retirement age $16,920, Year of retirement age $44,880. Note: Only for months
prior to attaining full retirement ($1 lost for every $2 over). Average Monthly
Social Security Benefits $1,360.
Earned Income Credit (EIC) 2017
For 2017, the maximum credit amount is $3,400 for one qualifying child, $5,616
for two qualifying children, $6,318 for three or more qualifying children, and
$510 for taxpayers who have no qualifying child. The phaseout ranges for the
credit have been adjusted for inflation.
Traditional IRA and Roth IRA Contribution 2017
For 2017, the contribution limit for traditional IRAs and Roth IRAs is
unchanged at $5,500, or $6,500 for those age 50 or older.
Retirement Limits 2017
For 2017, Defined Contribution Plans $54,000. Annual Gift Tax Limit $14,000 and
$28,000 for split gifts. SIMPLE $12,500 or $15,500 for those age 50 or older.
IRS Auto Mileage Rates 2017
The IRS standard business mileage rate for 2017 is 53.5 cents a mile. The rate
for medical care and moving expenses deductions is 17 cents a mile. For
charitable work, the mileage rate is unchanged at 14 cents a mile.
Children Credit 2017
For 2017, Adoption credit $13,570 and Child Tax Credit (CTC) $1,000 (Each).
Refundable CTC up to 15% of income above $3,000.
Section 179 For 2017
For 2017, Annual Expense Limit $510,000 and Property limit prior to phase-out
$2.030 Million.
See IRS publications
for additional information , clarification and confirmation.
Didi's 1040 and More Call Now (858) 549-3434
Tumawag Ngayon Filipino Po Tayo Llamame Ahora
Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage home ownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
Didi's 1040 and More Call Us Today (858) 549-3434
Tumawag Ngayon Llamame Ahora
Mira Mesa Income Tax Enrolled Agent San Diego
Mira Mesa Tax Services Mira Mesa Tax Preparer San Diego
California Electronic Income Tax Filing San Diego
Filing Income Tax with home short sale or home foreclosure San Diego
Mira Mesa Income Tax Preparation Specialists San Diego California
|
TAX FILING 2016 |
Refund Delays 2016
If your 2016 tax return claims an Earned Income Tax Credit or the Additional
Child Tax Credit your refund will be held by IRS until February 15th.
This delay is being mandated by recent tax law changes because of the
proliferation of identity theft and fraudulent tax returns using taxpayer
information. This extra time will be used by the IRS to help prevent revenue
loss due to theft.
Those most impacted by this change are early tax return filers. If you
typically file early, do not delay filing your tax return because of this rule
change. Tax returns can still be processed. Only the refund is being delayed.
Filing early can help you avoid the bottleneck of tax refund processing. On
February 15th you will want to be at the front of the line to
receive your money. If you historically plan on receiving an early refund, you
will now need to plan for this delay.
Tax Filing Date Changes 2016
There are new tax filing deadlines effective for 2016 tax returns. Small
businesses that are organized as a partnership or limited liability companies
filing Form 1065 must file their tax return on or before March 15, 2017. This moves the required filing date
up one month versus last year. Year-end C Corporations filing is a month later.
The old filing date of March 15th is now moved to April 15th.
Annual reporting of foreign bank accounts moves from June 30th to
April 15th. This is FBAR Form 114.
Standard Deductions 2016
The Basic standard deduction for 2016 is $12,600 for married persons filing
jointly and qualifying widows/widowers, $9,300 for heads of households, or
$6,300 for single taxpayers or married persons filing separately. The
additional standard deduction for being 65 or older or blind is $1,550 if
single or head of household ($3,100 if 65 and blind). If married filing
jointly, the additional standard deduction is $1,250 if one spouse is 65 or
older or blind, $2,500 if both spouses are at least 65 (or one is 65 and blind,
or both are blind and under age 65).
Income Brackets For 2016 Tax Rates
The 10%, 15%, %25%, 28%, 33%, 35% and 39.6% brackets for 2016 ordinary income
reflect an inflation adjustment. The top bracket of 39.6% applies if taxable
income exceeds $415,050 for single taxpayers, $441,000 for head of households,
$466,950 for married persons filing jointly and qualifying widows/widowers, and
$233,475 for married taxpayers filing separate returns.
Personal Exemptions Phase-out 2016
Personal exemptions and itemized deductions are subject to a phase-out. Each
$4,050 personal exemption for 2016 is subject to a phase-out if adjusted
gross income (AGI) exceeds $311,300 if married filing jointly or qualifying
widow/widower, $285,350 if head of household, $259,400 if single, and $155,650
if married filing separately.
Mortgage Insurance Premium Deduction 2016
If your are required to pay Mortgage Insurance Premiums you may deduct them on
your 2016 tax return , but not in future years.
Tuition and Fees Deduction 2016
This popular deduction for up to $4,000 of qualified tuition and fees expires
in 2016.
No Taxable Income On Cancellation Of Debt 2016
For years there was an extended tax break for debt forgiveness related to home
mortgages. This program comes to an end in 2016.
IRS Mileage Allowance 2016
The IRS standard business mileage rate for 2016 is 54 cents a mile. The rate
for medical expenses and moving expenses deductions is 19 cents a mile. For
charitable volunteers, the mileage rate is unchanged at 14 cents a mile.
Earned Income Tax Credit 2016
For 2016, the maximum credit amount is $3,373 for one qualifying child, $5,572
for two qualifying children, $6,269 for three or more qualifying children, and
$506 for taxpayers who have no qualifying child. The phase-out ranges for the
credit have been adjusted for inflation.
Identity PIN 2016
Look for your Identity PIN. If you are among the millions who have been
impacted by IRS Identity theft you will receive a PIN from the IRS. This PIN is
your added security to ensure that would be thieves can not successfully
process a tax return using your private information. If you receive this IRS
notice do not throw it out. Last year the IRS mislabeled the form with the
wrong year. Those who accidentally threw it out then faced the hassle of
getting it replaced.
Didi's 1040 and More Call Now (858) 549-3434
Tumawag Ngayon Filipino Po Tayo Llamame Ahora
Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage home ownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
Didi's 1040 and More Call Us Today (858) 549-3434
Tumawag Ngayon Llamame Ahora
Mira Mesa Income Tax Enrolled Agent San Diego
Mira Mesa Tax Services Mira Mesa Tax Preparer San Diego
California Electronic Income Tax Filing San Diego
Filing Income Tax with home short sale or home foreclosure San Diego
Mira Mesa Income Tax Preparation Specialists San Diego California
|
TAX FILING 2015 |
Standard Deductions 2015
The Basic standard deduction for 2015 is $12,600 for married persons filing
jointly and qualifying widows/widowers, $9,250 for heads of households, or
$6,300 for single taxpayers or married persons filing separately. The
additional standard deduction for being 65 or older or blind is $1,550 if
single or head of household ($3,100if 65 and blind). If married filing jointly,
the additional standard deduction is $1,250 if one spouse is 65 or older or
blind, $2,500 if both spouses are at least 65 (or one is 65 and blind, or both
are blind and under age 65).
Tax Rate Brackets 2015
The 10%, 15%, %25%, 28%, 33%, 35% and 39.6% brackets for 2015 ordinary income reflect
an inflation adjustment. The top bracket of 39.6% applies if taxable income
exceeds $413,200 for single taxpayers, $439,000 for head of households,
$464,850 for married persons filing jointly and qualifying widows/widowers, and
$232,425 for married taxpayers filing separate returns.
Individual Health Care Mandate 2015
You are required to have minimum essential health coverage through an employer
plan, a government program, or other plan, or pay a penalty, unless you are exempt
from this requirement. The penalty amount for 2015 is the higher of 2% of
household income above your filing threshold, or $325 per person in your
household ($162.50 per dependent child under age 18), up to a maximum of $975.
Phaseout Of Personal Exemptions 2015
Personal exemptions and itemized deductions are subject to a phaseout. Each
$4,000 personal exemption for 2015 is subject to a phaseout if adjusted gross income (AGI) exceeds
$309,900 if married filing jointly or qualifying widow/widower, $284,050 if
head of household, $258,250 if single, and $154,950 if married filing separately.
Mortgage Interest Limit For Unmarried Co-Owners 2015
An appeals court held that if unmarried individuals co-own a residence, each
co-owner can deduct interest on acquisition debt of up to $1 million and home
equity debt up to $100,000. This decision disagreed with the Tax Court and IRS
view that the $1.1 million debt limit must be divided among the co-owners.
Basis Of Property Reported On Estate Tax Return 2015
Executors filing estate tax returns after July 31, 2015 must report the
date-of-date value of property included in the gross estate to the IRS and to
the heirs. The heirs will be subject to a penalty if on a later sale of the
property, they claim a basis for the property that exceeds the amount that had
been reported to the IRS by the executor.
Self-Employment Tax 2015
For 2015, the tax rate on the employee portion of Social Security is 6.2% on
wages up to $118,500, so Social Security tax withholdings should not exceed
$7,347. Medicare tax of 1.45% is withheld from all wages regardless of amount.
IRA and Roth IRA Contribution 2015
For 2015, the contribution limit for traditional IRAs and Roth IRAs is
unchanged at $5,500, or $6,500 for those age 50 or older.
IRS Mileage Allowance 2015
The IRS standard business mileage rate for 2015is 57.5 cents a mile. The rate
for medical expenses and moving expenses deductions is 23 cents a mile. For
charitable volunteers, the mileage rate is unchanged at 14 cents a mile.
Earned Income Tax Credit 2015
For 2015, the maximum credit amount is $3,359 for one qualifying child, $5,548
for two qualifying children, $6,242 for three or more qualifying children, and
$503 for taxpayers who have no qualifying child. The phaseout ranges for the
credit have been adjusted for inflation.
Didi's 1040 and More Call Now (858) 549-3434
Tumawag Ngayon Filipino Po Tayo Llamame Ahora
Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage home ownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
Didi's 1040 and More Call Us Today (858) 549-3434
Tumawag Ngayon Llamame Ahora
Mira Mesa Income Tax Enrolled Agent San Diego
Mira Mesa Tax Services Mira Mesa Tax Preparer San Diego
California Electronic Income Tax Filing San Diego
Filing Income Tax with home short sale or home foreclosure San Diego
Mira Mesa Income Tax Preparation Specialists San Diego California
|
TAX FILING 2014 |
Federal
Legislative Update 2014:
With only a few exceptions, the Act extends through 2014, only the extender
provisions that had expired after 2013. In total,
55 provisions were extended
and only five were allowed to expire. The key provisions are:
Individual Provisions 2014:
- State and local sales tax deduction
- $250 teachers’ deduction for classroom supplies
- Debt discharge on principal residence
- IRA-to-Charity exclusion
- Increased excludable employer-provided mass transit and parking benefits
- Liberalized rules for qualified conservation contributions
- Above-line deduction for qualified tuition expenses
Individual Provisions 2014:
- Enhanced IRC section 179 with a limit of $500,000
- Fifty percent bonus depreciation(includes $8,000 boost to first-year
depreciation on qualifying vehicles)
- Fifteen-year depreciation on qualified leasehold and retail improvements
and restaurant property
- Seven-year depreciation for motor sport race track facilities
- Five-year period for built-in gains tax
- Exclusion of 100 percent of gain on sale of small business stock
- Expensing election for costs of film and television production
- Classification of certain race horses as three-year property
- Accelerated depreciation for business property on an Indian reservation
- Research Tax Credit
- Work Opportunity Tax Credit
- Enhanced charitable deduction for contribution of food inventory.
Energy Provisions 2014:
- Non-business energy property credit
- New energy efficient home credit
- Energy efficient commercial buildings deduction
- Alternate fuels and mixtures excise tax credit.
Five Provisions Not Extended 2014:
- Health coverage tax credit for displaced workers and retirees
- Plug-in credit for two and three wheeled vehicles
- Energy efficient appliance credit
- New York Liberty Zone tax-exempt bond financing
- Partial expensing of refinery equipment.
California Conformity 2014:
The only provision California conforms to is the IRA-Charity provision. Thus,
California treatment will be the same as federal.
2014 Alimony In The Spotlight:
Alimony payments are deductible by the paying spouse. The receiving spouse must
report alimony as income on his or her tax return.
Unfortunately, in a recent Treasury Department audit of tax returns, 47 percent
of those that claimed to pay alimony did not have a matching tax return from
someone that added the payment back as income. This mismatch of alimony payments
and claimed income is now one of the areas in the spotlight of the IRS.
You May Now Need To File Income Tax Return 2014:
With the new tax laws beginning in 2014, a number of taxpayers who were not
traditionally required to file a tax return may now need to do so. Here are
three new situations in 2014 that may require you to file a tax return.
You Have No Medical Insurance 2014:
Beginning in 2014, if you are not in a
qualified health insurance plan you will need to file a tax return to pay the
tax penalty. As part of Obama-care, there is now a minimum penalty of $95.00
per individual ($285.00 per family) if you do not have health insurance. The maximum
penalty is 1.0 percent of your income.
You Qualify For The New Health Insurance Premium Credit 2014:
If you signed up
for health insurance through the new health insurance exchange, you may be
eligible for a reduction of your insurance premium through a tax credit. You
may have already applied the credit to reduce your monthly insurance bill. In
either case, if this credit applies to you, you must file a tax return.
Alimony or Child Support 2014:
Given the increased attention in this area by the
IRS, if you pay or receive alimony or child support you will want to ensure
your tax return is filed to avoid an automatic mismatch with your ex-spouse’s
tax return.
Didi's 1040 and More Call Now (858) 549-3434
Tumawag Ngayon Filipino Po Tayo Llamame Ahora
Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage home ownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
Didi's 1040 and More Call Us Today (858) 549-3434
Tumawag Ngayon Llamame Ahora
Mira Mesa Income Tax Enrolled Agent San Diego
Mira Mesa Tax Services Mira Mesa Tax Preparer San Diego
California Electronic Income Tax Filing San Diego
Filing Income Tax with home short sale or home foreclosure San Diego
Mira Mesa Income Tax Preparation Specialists San Diego California
|
TAX FILING 2013 |
SHORT
SALES NOT SUBJECT TO STATE OR FEDERAL INCOME TAX
FOR CANCELLATION OF DEBtT 2013
Short
sales in California are
generally not subject to state or federal income tax for cancellation of debt.
The Franchise Tax Board (FTB) issued a letter December 4, 2013 stating
that, as nonrecourse obligations, short sales in California are
not subject to state income tax for cancellation of debt. The FTB's position
conforms with the federal treatment of short sales stated in an IRS letter dated
September 19, 2013 sent
to senator Barbara Boxer’s office. These letters will provide welcome relief
for short sale sellers given that the tax break for a qualified principal
residence under the federal Mortgage Forgiveness Debt Relief Act of 2007 will
expire at the end of this year (2013), and similar protection under California law
already expired in 2012. The FTB letter includes transactions that closed in
2012 but, as always, sellers should consult with their own tax professionals.
According
to the recent FTB letter, “a California
taxpayer would not have cancellation of indebtedness where the taxpayer was
involved in a short sale pursuant to CCP section 580e.” Section 580e of the
California Code of Civil Procedure (CCP) generally protects borrowers from
owing a deficiency after a short sale of a residential property with
one-to-four units, including both first and junior trust deeds. Exceptions
include fraud, waste, cross-collateralized loans, and borrowers that are
corporations, LLCs, or limited partnerships.
As
with the IRS letter, the FTB letter states that even if no cancellation of debt
income is owed, a taxpayer may nevertheless have capital gains to the extent
that the outstanding debt exceeds the tax basis for the property. A principal
residence, however, is generally excluded from capital gains tax up to $250,000
for single taxpayers and $500,000 for married couples filing joint returns
(under 26 U.S.C. § 121).
Tax Rate
Brackets 2013
The 10%, 15%, 25%, 28%, 33%, and 35% brackets for 2013 ordinary income reflect
an inflation adjustment, and there is a new top bracket of 39.6% that applies
if taxable income exceeds $400,000 for single taxpayers, $4254,000 for heads of
households, $450,000 for married persons filing jointly and qualifying
widows/widowers, and $225 for married taxpayers filing separate returns.
Additional Medicare Taxes 2013
Starting in 2013, higher-income taxpayers may be subject to one or both of the
new additional Medicare taxes that are intended to help pay for health care
reform.
Phaseout Of Personal Exemptions 2013
For the first time since 2009, personal exemptions and itemized deductions are
subject to a phaseout. Each $3,900 personal exemption for 2013 is subject to a
phaseout if adjusted gross income(AGI) exceeds $300,000 if married filing
jointly or qualifying widow/widower, $275,000 if head of household, $250,000 if
single, and $150,000 if married filing separately.
Legal Same-Sex Marriages Recognized For Federal Tax Purposes 2013
The IRS implemented the Supreme Court decision that invalidated the federal
definition of marriage in the 1996 Defense of Marriage Act by ruling that it
would recognize legal marriages of same-sex couples. So long as a same-sex
couple is legally married in a jurisdiction that recognizes the marriage, the
IRS will recognize the marriage for all federal income tax purposes, even if
the couple lives in a jurisdiction that does not recognize same-sex marriages.
The IRS ruling does not apply to state-recognized registered domestic partnership,
civil unions, or similar relationships.
Standard Deductions 2013
The standard deduction for 2013 is $12,200 for married persons filing jointly
and qualifying widows/widowers, $8,950 for heads of household or $6,100 for
single taxpayers or married persons filing separately. The additional standard
deductions
for being 65 or older or blind is $1,500 if single or head of household ($3,000
if 65 and blind) If married filing jointly, the additional standard deduction
is $1,200 if one spouse is 65 or older or blind, $2,400 if both spouses are at
least 65 ( or one is 65 and blind).
Deduction Floor For Medical Expenses 2013
Starting in 2013, the floor for deducting medical expenses as an itemized
deduction increases to 10% of adjusted gross income (AGI) if you and your
spouse are under age 65 at the end of the year. If either you and your spouse
is age 65 or older, expenses exceeding 7.5% of AGI may be claimed , as under
pre-2013 rules.
Simplified Method For Home Office Deduction 2013
The IRS has provided a optional safe harbor method for figuring a home office
deduction on Schedule C. For 2013, $5 per square foot may be deducted for up to
300 square feet, a maximum deduction of $1,500.
IRA and Roth IRA
For 2013, the contribution limit for traditional IRAs and Roth IRAs is $5,500,
or $6,500 for those age 50 or older.
IRS Mileage Allowance 2013
The IRS standard business mileage rate for 2013 is 56.5 cents a mile. The rate
for medical expenses and moving expenses deductions is 24 cents a mile. For
charitable volunteers , the mileage rate is 14 cents a mile.
Vehicle Depreciation Limit 2013
If a new car is placed in service in 2013 and used over 50% for business, bonus
depreciation allows an $11, 160 first-year depreciation limit. The limit is
$3,600 if bonus depreciation is not allowed. For a light truck or van, the
limit is $11,360 if bonus depreciation applies and $3,360 without the bonus.
The limits are reduced for personal use.
Foreign Earned Income and Housing Exclusions 2013
The maximum foreign earned income exclusion for 2013 is $97,600. The limit on
housing expenses that may be taken into account in figuring the housing
exclusion is generally $29,280, but the limit is increased by the IRS for high
cost localities.
Report of Foreign Bank and Financial Accounts (FBAR) 2013
After June 30, 2013, FBARs must be electronically filed to the Treasury
Department on FinCEN Form 114.
Annual Exclusion For Gifts 2013
For 2013 gift tax purposes, the per-donee exclusion for gifts of present
interests is $14,000.
Gift Tax and Estate Tax exemption 2013
For 2013 gift tax and estate tax purposes, the basic exemption amount is $5,250,000.
The top tax rate has increased to 40%.
Didi's 1040 and More Call Now (858) 549-3434
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Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage home ownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
Didi's 1040 and More Call Us Today (858) 549-3434
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|
TAX FILING 2012 |
Standard Deductions 2012
The standard deduction for 2012 is $11,900 for married persons filing jointly
or qualifying widow(er)s, $8,700 for heads of households, or $5,950 for single
taxpayers or married filing separately. The additional standard deduction for
being 65 or older or blind is $1,450 if single or head of household (2,900 if
65 and blind). If married filing jointly, the additional standard deduction is
$1,150 if one spouse is 65 or older or blind, $2,300 if both spouses are at
least 65 (or one is 65 and blind).
Self-employment tax and deduction for portion of self-employment tax; Social
Security wage base 2012
For 2012, as for 2011, there is a 2% reduction in the tax rate on the employee
portion of Social Security. The rate is 4.2% on wages up to $110,100, making
the maximum 2012 employee Social Security liability $4,624.20 (4.2% x
$110,100).
Self-employment tax of 13.3% applies to earnings of up to $110,100 after the
earnings are reduced by 7.65% on Schedule SE. The 13.3% rate equals 10.4% for
Social Security (4.2% employee share and 6.2% employer share) plus 2.9% for
Medicare. The 2.9% Medicare rate applies to all taxable earnings exceeding
$110,100.
IRS Mileage Allowance 2012
The IRS standard business mileage rate for 2012 is 55.5 cents a mile. The rate
for medical expense and moving expense deductions is 23 cents a mile. For
charitable volunteers, the mileage rate is 14 cents a mile.
Repayment of First-Time Homebuyer Credit 2012
The first-time homebuyer credit is no longer allowed. However, credits claimed
in 2008 must be repaid under the 15-year schedule that began in 2010. Unless an
exception applies, full repayment of a 2008 credit is required on a 2012 return
if the home for which the credit was claimed was sold in 2012 or the home was
no longer used as a residence. Repayment is also required for credits claimed
after 2008 if the home is not used as a principal residence for at least 36
months.
IRA and Roth IRA Contribution 2012
For 2012, the contribution limit for traditional IRAs and Roth IRAs remains
$5,000, or $6,000 for those age 50 or older.
Vehicle Depreciation Limit 2012
If a new car is placed in service in 2012 and used over 50% for business, bonus
depreciation allows an $11,160 first-year depreciation limit. The limit is
$3,160 if bonus depreciation is not allowed. For a light truck or van, the
limit is $11,360 if bonus depreciation applies and $3,360 without the bonus.
The limits are reduced for personal use.
Material Participation Tests for Limited
Partners 2012
The IRS proposed new rules for determining whether a partner should be treated
as a limited partner for purposes of applying the material participation tests
under the passive loss rules.
Eligibility for Saver’s Credit 2012
The adjusted gross income brackets for the 10%, 20%, and 50% credits are
increased for 2012. No credit is allowed when AGI reaches $28,750 for single
taxpayers, $43,125 for heads of households, and $57,500 for married persons
filing jointly.
Adoption Credit Reduced; No Longer
Refundable 2012
The maximum adoption credit for 2012 is $12,650 (down from $13,360 in 2011) and
is no longer refundable.
Penalties for Not Reporting Offshore
Accounts 2012
Taxpayers with interests in foreign bank accounts or other foreign financial
accounts or assets may have to file Form TD F 90-22.1 (FBAR) or Form 8938, or possibly
even both forms. Substantial penalties may apply if a required form is not
filed.
Annual Exclusion for Gifts 2012
For 2012 gift tax purposes, the per-donee exclusion for gifts of present
interests is unchanged at $13,000.
Estate Tax 2012
For 2012 gift tax and estate tax purposes, the basic exclusion is $5,120,000.
The top tax rate remains 35%. However, less favorable rules will apply after
2012 unless Congress enacts new legislation.
Didi's 1040 and More Call Now (858) 549-3434
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Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage home ownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
Didi's 1040 and More Call Now (858) 549-3434
Tumawag Ngayon Llamame Ahora
Filing Income Tax with home foreclosure or home short sale San Diego California
Mira Mesa Income Tax Preparation Specialists San Diego California
California Electronic Income Tax Filing San Diego
Mira Mesa Tax Preparer Mira Mesa Tax Services San Diego
Mira Mesa Income Tax Enrolled Agent San Diego
|
TAX FILING 2011 |
1. Effective 2011: The 2011 tax year filing deadline is April 17, 2012 due to April 15 falling on a Sunday, and April 16 being the Emancipation Day holiday in the District of Columbia.
2. For the first time in several years Social Security benefits will increase by 3.6 percent.
3. For 2011, the maximum capital gains rate for most people is 15%. For lower-income individuals, the rate maybe 0% on some or all of the net capital gain. To qualify for the zero rate you must have owned the assets over a year and be in the 10% or 15% tax brackets.
4. The energy tax credit for home improvements goes down for 2011: 10% of the cost with a maximum of $500. Water heaters and furnaces; $150: Windows; $200.
5. The American Opportunity Tax Credit was extended for an additional two years through December 2012. Undergraduates get a dollar for dollar tax reduction, upto $2,500 of the first $4,000 of qualifying educational expenses.
6. Employers may deduct the cost of providing cell phones to employees for business-related use without having to satisfy the strict substantiation requirements for listed property.
7. The 2% reduction on employee share of Social Securitytax is extended through February 2012.
8. Approximately 275,000 organizations lost their tax-exempt status in 2011.
9. The Making work pay credit is no longer allowed. This was a refundable tax credit equal to the lesser of 6.2% of earned income or $400 (800 MFJ).
10. Effective 2011, The Self-Employed Health Insurance Deduction is no longer allowed on Schedule SE as a reduction against income subject to self-employment tax. The deduction is still allowed as an above-the-line deduction on form 1040, line 29.
Didi's 1040 and More Call Now (858) 549-3434
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Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage home ownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
Didi's 1040 and More Call Us Today (858) 549-3434
Tumawag Ngayon Llamame Ahora
Mira Mesa Income Tax Enrolled Agent San Diego
Mira Mesa Tax Services Mira Mesa Tax Preparer San Diego
California Electronic Income Tax Filing San Diego
Filing Income Tax with home short sale or home foreclosure San Diego
Mira Mesa Income Tax Preparation Specialists San Diego California
|
TAX FILING 2010 |
Extended provisions 2010
The bill extends these provisions, which had expired on December 31, 2009:
- State and local sales tax deduction;
- Higher education tuition deduction;
- $250 above-the-line teacher’s classroom expense deduction;
- Charitable contributions of IRA; and
- Charitable contributions of appreciated property for conservation purposes.
(Note: the additional standard deduction for property tax was not extended.)
The bill provides an AMT patch. The exemption amounts for 2010 and 2011 are:
|
2010 |
2011 |
Single/Head of Household |
$47,450 |
$48,450 |
Married filing joint/surviving spouse |
$72,450 |
$74,450 |
Married filing separate |
$36,225 |
$37,225 |
In addition, nonrefundable personal credits can be applied against AMT for two more years.
Here is a partial list of extensions of current law (these changes are effective through 2011 unless otherwise noted):
- 2010 individual tax rates (effective through 2012);
- 2010 rates on dividends and capital gains (effective through 2012);
- No phaseout of itemized deductions or personal exemptions;
- Increased standard deduction and 15% bracket for married couples;
- $1,000 Child Tax Credit will continue;
- Earned Income Tax Credit enhancements;
- Maximum expenses for the Child and Dependent Care Credit remain at $3,000/$6,000;
- Deduction of mortgage insurance premiums;
- American Opportunity Tax Credit;
- Exclusion for employer educational assistance;
- Student loan interest deduction;
- Increased contributions to Coverdell Education Savings Accounts; and
- Adoption Credit and exclusion for employer adoption assistance.
Payroll tax cut 2010
The Act reduces the employee-share of the OASDI portion of Social Security tax from 6.2% to 4.2% for wages earned in calendar year 2011, up to the taxable wage base of $106,800. This reduction applies to all wage earners and self-employed individuals with no reduction for income (i.e., no AGI phaseouts).
Business incentives 2010
The Act provides the following business incentives:
- 100% bonus depreciation for investments made after September 8, 2010, and before January 1, 2012;
- The §179 threshold will be $125,000/$500,000 for tax years beginning in 2012 (the limits are set at $500,000/$2 million for 2010 and 2011 under SBJA);
- Extension of the R&D credit;
- Extension of the 100% small business stock exclusion;
- Extension of transit benefits; and
- Extension of a number of business extenders.
Energy incentives 2010
Many business energy incentives were extended, and the individual credit for energy efficiency improvements was also extended. However, the amount allowed returns to the pre-2009 lifetime limit of $500 (rather than the 2009/2010 maximum of $1,500).
Estate taxes 2010
The federal estate tax exemption is increased to $5 million with a maximum rate of 35% for 2011 and 2012. For decedents dying in 2010, the executor may elect to use the $5 million exemption and 35% rate, or the no estate tax and carryover basis provisions under EGTRRA.
This list is not complete but contains the most common provisions and those that affect the most taxpayers.
Didi's 1040 and More Call Now (858) 549-3434
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Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
Thinking About Refinancing Or Buying A Home
Deciding to refinance your home mortgage loan is something that requires some thought. A borrower needs to consider how the transaction will affect their financial situation, not only now, but in the future, should the economy or their circumstances change. Every borrower has their own reason for wanting to refinance their mortgage loan. Sometimes, it is simply to take advantage of a lower interest rate. Other reasons could be more complex. Whatever the reason, borrowers should be well informed, call us now (858) 549-3434.
Make Your Home Work For You
Few People look forward to the beginning of tax season. However, like it or not, we are faced with it every year. There are numerous federal and state tax policies and programs designed to encourage homeownership by providing tax relief. For more information on how your home can save you money you should speak to your accountant or you can call us now (858) 549-3434.
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Tumawag Ngayon Llamame Ahora
Didi's 1040 and More Call Us Today (858) 549-3434
Office Mall Mira Mesa San Diego California
Directions 10717 Camino Ruiz, Suite 101, San Diego, California 92126
Visit www.diditax.com California home foreclosure or short sale Filing Income Tax San Diego, Del Mar, El Cajon, Escondido, Encinitas, Fallbrook, Hillcrest, Imperial Beach, Kearny Mesa, La Jolla, Lakeside, La Mesa, Speak Filipino Tax Services Mira Mesa, Linda Vista, Mission Beach, Lemon Grove, Leucadia, Logan Heights, San Marcos, San Diego Downtown, Elfin Forest, Encanto, Dulzura, East San Diego, Guatay, Jacumba, Jamul, Julian, Kensington, Individual Tax Preparation La Costa, San Diego Middletown, Mission Hills, Miramar, Mount Helix, Mount Laguna ,Mission Valley, Mission Village, Murrieta, National City, Normal Heights, North Park, Ocean Beach, Olivenhain, Speak Filipino Tax Preparer Mira Mesa, Oceanside, Old Town, Pala, Pauma Valley, Pacific Beach, Paradise Hills, Point Loma, Palomar Mountain, Pine Valley, Poway, Potrero, Ramona, Ranchita, Business Tax Preparation Rancho Bernardo, Rancho Penasquitos, Rancho San Diego, Rancho Santa Fe, Santa Luz, Solana Beach, Sabre Springs, San Carlos, San Clemente, San Diego, Serra Mesa, San Luis Rey, Income Tax Preparation San Diego California, San Marcos, San Ysidro, Scripps Ranch, Santee, Clairemont, Campo, Cardiff By the Sea, City Heights, Electronic Income Tax Filing San Diego California, Spring Valley, Santa Ysabel, Talmadge, Tecate, Temecula, Torrey Highlands, Alpine, Aviara, Boulevard, Best Tax Preparation Tierra Santa, University City, University Heights, Valley Center, Vista, Warner Springs,Bonsall, Bonita, Borrego Springs, Bay Park, Carmel Valley, Income Tax Enrolled Agent Mira Mesa, Carmel Mountain Ranch, College Grove, Coronado Cays, Coronado Shores, Coronado Village, Crown Point, Camp Pendleton, Carlsbad, Del Cerro, Descanso, Tawag Na, Pilipino, Tagalog, Ilocano, Ibanag, Chula Vista.
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This list is not complete but contains the most common provisions and those that affect the most taxpayers. |