TaxPro Consulting Inc

03/05/2024

📍IRS and CA State granted new 2023 tax filing and paying deadline for San Diego County! - June 17th!
Affected Individuals and Businesses located in San Diego County!

CA-2024-02, Feb. 27, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. 21, 2024. These taxpayers now have until June 17, 2024, to file various federal individual and busines...

12/06/2023

Attention to U.S. business owners!🇺🇲
CTA with BOI reporting is here! 📢Starting January 1, 2024 any LLC, Corporation, Partnership will be required to report information to the FinCEN about who ultimately owns and controls them.

Do not miss your deadline!

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them.

06/10/2023

The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes
https://www.irs.gov/newsroom/irs-statement-on-california-mailing-of-balance-due-notices?fbclid=IwAR2bD_SVvJUoB59VrIJcw5jE_gOZYjS5PWAtuHhI19THRA7X6PSxLxe872I_aem_th_ASbsUMOeva6VYMGMt3Bkherlfkkz1Oo4NWdT81dlrvkmq03rzNqcVLN0VjtMBBcokaVZZmBZbELkfSKxfTw8PDWO

June 7, 2023 — The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes for those covered by disaster declarations in the state.

01/12/2023

2022 Tax Filing will start soon! Are you ready?!

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

11/10/2021

Be ready for the tax filing!

IR-2021-217, November 8, 2021 — The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help them file their federal tax returns in 2022.

03/14/2021

The official payment date for third stimulus check is March 17, the IRS said.
In fact, the payments have already arrived for some people just one day after President Joe Biden signed the legislation into law.
The payments would amount to $1,400 for a single person or $2,800 for a married couple filing jointly, plus an additional $1,400 for each dependent child. Individuals earning up to $75,000 would get the full payments, as would married couples with incomes up to $150,000. Payments would decline for incomes above those thresholds, phasing out above $80,000 for individuals and $160,000 for married couples.

The third stimulus payment isn’t restricted to children under 17 like the first two rounds. Eligible families will get a $1,400 payment per qualifying dependent claimed on their tax return, including college students, adults with disabilities, parents and grandparents.

01/16/2021

If you never got the first-round stimulus check or didn't receive the full amount you're entitled to, here's how to claim the Recovery Rebate Credit when you file your 2020 tax return.

Find out if you missed any first- or second-round economic stimulus payments and how to get a rebate credit when you file your federal income tax form.

12/29/2020

The House passed a bill that would increase the stimulus checks to $2,000 per person.

The vote was 275-134 (231 Dems and 44 Republicans voting yes and 130 Republicans, two independents, and two Democrats voting no).

It's now up to the Senate.

12/28/2020

https://www.google.com/amp/s/www.cnbc.com/amp/2020/12/27/trump-signs-covid-relief-bill-600-stimulus-checks-go-out-this-week-.html

President Donald Trump signs a coronavirus relief and government funding package into law, which includes $600 stimulus check payments to Americans.

12/05/2020

When the IRS audits the tax return?
The IRS generally has three years from the due date of your return to initiate an audit.
I am against subterfuge. But I'm also against paying more than you owe. As you walk the line this tax season, here are some of the biggest red flags likely to land you in the IRS audit:
☑Don’t make mistakes. This applies to everyone who must file taxes. Don’t accidentally write a 3 instead of an 8. Don’t get distracted and forget to include that final zero. Mistakes happen, but make sure you double- and triple-check your numbers if you’re doing your own taxes.
☑ IRS gets copies of all 1099s and W2s you receive, so be sure you report all required income on your tax return. If you don’t report all the income or report it incorrectly it may cause a red flag of exam.
☑Overly rounded numbers on the tax return. A certain amount of rounded numbers is acceptable but experts generally suggest going for the nearest dollar, rather then ten or hundred.
☑Losses on Schedule C, the IRS can consider that as a hobby and it will cause an audit.
☑Home office deductions. It may be tempting to give yourself undeserved deductions for expenses that don’t technically qualify. The IRS narrowly defines the home office deduction as reserved for people who use part of their home “exclusively and regularly for your trade or business.” That means a home office can qualify if you use it for work and work only. Occasionally answering emails on your laptop in front of your 72-inch flat screen TV probably doesn’t qualify your living room as a deductible office space.
☑Big meal expense. From all the millions of tax returns the IRS receives they have pretty good sense of what types of businesses spend on meals. So claiming outsized expense will draw their eye.
☑Some of us know that charitable contributions are a great write off and help you feel warm and fuzzy inside. However, if your charitable contributions disproportionately large compared with your income it raises a chance for exam.