Tax and Accounting Blog, San Diego

30 08, 2023

September 2023 Individual Due Dates and Information

By |2023-08-30T23:45:16-07:00August 30th, 2023|Categories: Uncategorized|Comments Off on September 2023 Individual Due Dates and Information

September 1 - 2023 Fall and 2024Tax Planning Contact this office to schedule a consultation appointment.September 11 - Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than [...]

9 08, 2023

Tax Breaks for Grandparents

By |2023-08-30T23:47:46-07:00August 9th, 2023|Categories: Uncategorized|Comments Off on Tax Breaks for Grandparents

Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild’s education credits Medical and dental expenses More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States [...]

7 08, 2023

Mid-Year Tax Planning Checklist

By |2023-08-07T22:28:45-07:00August 7th, 2023|Categories: Uncategorized|Comments Off on Mid-Year Tax Planning Checklist

Mid-Year Tax Planning Checklist Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The [...]

7 08, 2023

Taxation and Sales of Inherited Property Get Beneficial Treatment

By |2023-08-07T22:21:22-07:00August 7th, 2023|Categories: Uncategorized|Comments Off on Taxation and Sales of Inherited Property Get Beneficial Treatment

Article Highlights: Taxation of Inherited Property Inherited Basis Date of Death Value Alternate Valuation Date Joint Tenants Married Gain or Loss on Sale Certified Appraisals Deducting Loss on Sale of Inherited Home If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, [...]

7 08, 2023

Tax Implications of Student Loan Forgiveness

By |2023-08-07T22:16:43-07:00August 7th, 2023|Categories: Uncategorized|Comments Off on Tax Implications of Student Loan Forgiveness

Article Highlights: Background Court Battle Forgiveness Under Income-Driven Repayment (IDR) Plans Debt Relief Income American Rescue Plan Act General Welfare Exception Insolvent Taxpayer Exclusion Employer-Provided Educational Assistance Sec 529 Plans Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals.  The program would [...]

24 07, 2023

August 2023 Individual Due Dates

By |2023-07-24T22:24:27-07:00July 24th, 2023|Categories: Uncategorized|Comments Off on August 2023 Individual Due Dates

August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and income tax withholding [...]

24 07, 2023

Why It’s Never Too Early to Start a Savings Account for Your Children

By |2023-07-24T22:16:57-07:00July 24th, 2023|Categories: Uncategorized|Comments Off on Why It’s Never Too Early to Start a Savings Account for Your Children

Parents - especially new ones - are always looking for new ways to improve the lives of their children. Surprisingly, one of the most effective opportunities that people also often overlook has to do with starting a savings account for that child as early as they're capable of doing so. On the one hand, no [...]

5 07, 2023

Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time

By |2023-07-05T23:03:14-07:00July 5th, 2023|Categories: Uncategorized|Comments Off on Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time

Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable Care Act Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions [...]

5 07, 2023

Have You Gotten Bad Tax Advice?

By |2023-07-05T22:45:28-07:00July 5th, 2023|Categories: Uncategorized|Comments Off on Have You Gotten Bad Tax Advice?

Article Highlights: Divorce or Separation Agreements Can Specify Who Claims a Child. If You Pay Child Support, You Claim the Child as a Dependent. Avoiding Payroll Taxes by Treating an Employee’s Compensation as a Gift. Only Medical Expenses for Taxpayer, Spouse, and Dependents Are Deductible. Donation of the Use of a Time-Share Week Is a Charitable [...]

28 06, 2023

6 Common Tax Mistakes That Can Land You in Trouble with the IRS

By |2023-06-28T22:20:03-07:00June 28th, 2023|Categories: Uncategorized|Comments Off on 6 Common Tax Mistakes That Can Land You in Trouble with the IRS

You'd be hard-pressed to find someone out there willing to argue against the idea that taxes are complicated. There's a reason why most people dread it on some level every time April rolls around. Making mistakes is commonplace, yes - but it's also critical to understand that not all issues are created equally. In fact, [...]

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