Resources – Bonita Valley Tax & Bookkeeping

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IMPORTANT TAX DATES

January 31^st – Postmark Deadline for Official Tax Documents

March 15^th – Calendar Year Corporate & Partnership Filing Deadline

April 15^th – Tax Return or Extension Filing Deadline

April 15^th – Estimated Payment #1 Due (aka Quarterly Estimates)

June 15^th – Estimated Payment #2 Due (aka Quarterly Estimates)

September 15^th – Estimated Payment #3 Due (aka Quarterly Estimates)

September 15^th – Extension deadline for Calendar Year Partnerships & Corporations

October 15^th –Extension Deadline for Personal Income Tax

January 15^th – Estimated Payment #4 Due (aka Quarterly Estimates)

WORKSHEETS

TAX SCAMS AND CONSUMER ALERTS

According to the IRS, thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.

The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam.

Keep an eye out for anything similar to the following in your inbox & REPORT IMMEDIATELY to the IRS:

Subject: “Update Your Tax Return”

“Dear Tax payer,
Due to the recent oncoming Tax refund year we oblige you to update your Tax return by Downloading Tax Return Validation to enter the following, sign in to activate your Tax Benefit Service, failure to update will require a permanent closure of your tax return.”

For the latest information on Tax Scams and Consumer Alerts, click here to visit the IRS website.

HELPFUL TIPS & REMINDERS

Cancellation of Debt (COD)

Whether it’s tied to a mortgage, credit card, or anything in between, be aware that it is considered ordinary income, and must be reported as such.

LENDERS

Lenders have up to 4 years to finalize COD/Foreclosure situations.

BUSINESS MILEAGE

Thanks to the world of apps, it is now easier than ever to keep track of your business mileage!

Online Purchases

You must keep track of and pay sales/use tax not charged to you, when you make online purchases. *This has always been a requirement, but IRS has been tracking closely in recent years.

Medical Expenses Deduction

IF your medical expenses are at least 7.5% of your total household AGI, you may be eligible to receive a medical expenses deduction.

College Tuition

College tuition expenses & related fees are a great tax break, BUT cannot be deducted when the student has a conviction on record.

Important Documents

You should retain all paperwork for any real estate purchases or sales for at least five years after selling, losing, or abandoning a property. You should keep your tax returns for a minimum of three years.

Rental & Business Owners

If you have paid $600 or more to an independent contractor or small business for services at your business or rental property, they you are required to issue a 1099-Misc by January 31^st. Be sure to get the name, address, and SSN/EIN to make your cost an eligible deduction.

Major Life Changes

You should come to see us in the off-season when big changes or difficult situations arise. This allows you to plan accordingly & hopefully avoid tax-related surprises. Example: marriage/divorce, birth/death, promotions/retirement, home sale/purchase, etc.

Phone

(619) 470-9293

Email

reception@bonitavalleytax.com

Address

180 Otay Lakes Road
Suite 106 Bonita, CA 91902