Don’t Miss Out on Tax Credits for Children in College
If you’re a parent, you’ve probably been worrying about how you’re going to pay for college tuition from the date of conception. And you’re not alone—college tuition, even for state schools, has skyrocketed over the last few years. Even if your college-aged child is able to get a job to help with costs, you’ll definitely […]
Get Your Taxes Ready to File Before Your Extension is Due!
If you haven’t filed your taxes yet this year, we seriously hope that you were able to file an extension. Otherwise, you’ll be in big trouble with the Franchise Tax Board (read our previous post about this!) and it’s likely you’ll get hit with penalties and other charges when you do get around to filing. […]
The Franchise Tax Board Increases Levies by 75 Percent
As you know, we at Simons Accountancy keep up with the latest changes and updates to the world of taxation, and this blog post is being posted to keep our clients and readers informed. And this could potentially be very damaging to some California taxpayers. It’s no secret that Sacramento’s lawmakers and politicians have had […]
The Tax Return Deadline for 2011 Has Passed. What Now?
The passing of April 17th has marked the end of this year’s tax deadline for most, but that does not mean that steps should not be taken to ease next year’s tax season as well. For those that have missed this year’s deadline and have fallen behind, there are some measures you can take. The […]
How and Why to File an Extension on your Taxes
April 17th is almost upon us. Yes, that’s right. We said April SEVENTEENTH. It’s not a typo—this year April 15th, the usual tax-return deadline, is on a Sunday, and there’s a holiday in the District of Columbia on Monday the 16th. You can thank Emancipation Day for your extra few days to file your taxes. […]
Does Alternative Minimum Tax Apply to Everyone?
When it comes to tax laws, it is very important that you remain up to date on all changes and modifications. If left unchecked, you could end up owing the Internal Revenue Service more than you thought by simply overlooking a recent update. In 2011, the IRS reworked what is known as the Alternative Minimum […]
Are You Confused By Vehicle Tax Deductions?
Many business owners are stumped by the question of how and when to deduct vehicle use from their yearly income, and we know this because it’s one of the questions we hear most. The answer can be quite convoluted and vague when trying to research a solution from the IRS website and forums. The truth […]
Should I Use a Certified Public Accountant or a Tax Preparation Firm?
We’ve already talked about how using tax preparation software can lead to all sorts of problems on your tax return, including a potential audit. Even though the software might be helping you along, it does not have an actual brain to advise you on deductions or expenses. In which case you may be thinking—“You’re right! […]
How Do I File My Taxes with a Short Sale or Foreclosure
Many people have asked me recently: How do I report my property when I’ve had a short sale or foreclosure? There’s no easy answer, even though there’s a lot of information out there, for sure. But even true professionals don’t know how to handle foreclosures in a tax-return situation correctly. For example: I told a […]
Independent Contractor or Employee: How Do You Know?
Last week we discussed how important it is for a business owner to be classifying their workers appropriately or risk increased penalties from the IRS. But how do you know how the IRS classifies an individual working for you? How can a business owner determine the business relationship between themselves and an individual, and how […]