Apr 17
Due to the IRS computer issues, they are giving us one more day to file taxes. Here at the office we’re actually done with the 2017 tax year and are just hitting refresh and waiting for the acceptance notices to come back.
Here’s hoping the tech support of IRS will have a better day tomorrow.
Apr 17
So the IRS is having a really bad day today. We have received word from our Tax software vendor that the entire efiling is out of commission. They will be accepting our efiling, date stamping them as accepted, but not sending them off to the IRS until they come back online.
Bottom line, we can still get your return officially efiled today but look for headlines and news stories about this issue.
Apr 17
It’s the final day when the IRS gets your hard earned money from you. Even our copier is bleeding today! Seriously a little explosion of Magenta toner occurred with one of our copier machines just a bit ago. Fortunately we have backup copiers and multiple ways to still complete and file your tax return. Interestingly enough the IRS is having a bad day today as well. Their online site for payments is offline right now and we haven’t been given an estimate of when it will be back online. Remember you can always mail your payment in the old fashioned way with a check and a stamp. Or you can do an electronic payment from your bank and that will count as well.
The Franchise tax board webpay site is still operational if you owe State tax. If you want to use a credit card to pay either the federal or state tax due, you can use the site www.officialpayments.com but remember they charge a convenience charge for using credit cards.
For a few more hours a local bank is doing a shredding event to help with identity theft protection. Remember though to NOT shred this year’s information but to keep it for seven years. After seven years you can shred your tax information.
As always thank you to all of our clients as the 2017 tax filing season comes to a close!
Apr 14
If you haven’t yet been in to pick up your tax return never fear, we still have time left for you to pick up your tax return. These days you can do it in person, or as long as we have your email address, we can send you your tax return to be electronically signed.
And of course if you need more time, we can extend your return.
As you pick up your return in person, help yourself to some candy that we always have in a dish out front. We’re still working on figuring out how to email candy though, so if you sign electronically that’s one benefit you’ll be missing out on.
Don’t forget, this year tax deadline day is April 17, 2018! We get two extra days because firstly the 15th lands on the weekend and then the 16th is a holiday in Washington DC where the IRS headquarters is.
Apr 6
We’re getting closer to the due date for taxes. It’s to the point now where if you haven’t sent your information in or met with us already, we’ll probably need to put you on extension. Putting your tax return on extension doesn’t flag an audit or put your return under extra scrutiny. It just extends the time to file. Remember you’ll need to have us estimate how much tax is owing in order to send in the extension.
Bottom line, we’re here to help get you to the deadline of April 17th!
Mar 30
So we’re closing in on the final countdown to tax day on April 17, 2018. Rest assured you don’t have to come into the office to sign the needed forms, nor do you need to wait on the Post Office to deliver your tax return to you anymore. As long as you have an email address and a smart phone we can send your tax return and the necessary electronic documents to you for an “electronic” signature. Similar to how you are used to signing your name on a credit card machine, your phone is used to capture your signature and the needed information is sent back to us so we can file your tax returns.
If you don’t have a phone and only get your email on your computer, that works as well. You can “sign” by typing in your name.
Need to send us any documents? You can always email them in using our upload link located at www.sendtotshb.com for any sized documents. Need to text us? You can send a text to 559-343-1991.
And of course, we are always here the “good old fashioned way” — in person. You can always stop by the office and we’ll go over your tax return and also showcase what is changing next year.
In fact, here are a few items changing:
Due to the increase in the standard deduction and changes in itemized deductions, it is more important than ever to consider the timing of deductible expenses.
The child tax credit increased to $2,000 per qualifying child. Plus, more people will qualify for this credit since the threshold at which the credit is phased out is increased to $400,000 for married taxpayers ($200,000 for other taxpayers).
There is a new $500 credit for dependents who do not qualify for the child tax credit.
For divorces finalized after 2018, alimony payments will no longer be taxable to the recipient and no longer deductible to the payer.
There are now limitations on the ability to unwind Roth IRA contributions.
With an increased estate exemption, a discussion about the appropriateness of your current estate plan would be valuable.
There is a new deduction for business income. The calculation and limitations are complex, but we can help you.
With the decrease in tax rate for corporations, now may be the time to consider a change in the structure of your business.
Expenses for entertainment are no longer deductible.
Bonus depreciation and Sec. 179 expensing have been expanded for purchases of equipment and improvement property.
More businesses will qualify to use the cash method of accounting; businesses with $25 million or less in gross receipts are eligible.
It’s not too late to discuss all of these issues with us. Call us today at 559-252-8585!
Dec 30
The Better Business Bureau has put together a list of the top ten scams of 2015 and number one on the list (https://www.bbb.org/top10scams/ ) is the IRS scam where someone pretends to be from the Internal Revenue Service and calls you to inform you that you owe back taxes. The IRS never ever calls you regarding your income tax. They will only send you a letter via the United States Postal Service. They will also never email you. If you ever receive such a call, you can be reassured that this is a scam.
Feel free to slam the phone down, harass the person on the call, or do anything you like to the person claiming to be calling from the IRS. The real IRS still uses old fashioned snail mail in their efforts to contact you.
Dec 24
It’s the day before Christmas and all through the office, we’re anticipating the end of the year and start of a new Tax Year as much as we are the sounds of the final UPS and FedEx deliveries before Christmas.
During this Holiday Season, we’d like to take this opportunity to say, “Thanks for letting us serve as your accountants”. All of us in this office have certainly enjoyed working with you during the past year.
In this final week before 2015 it’s time to review your deductions, make charitable contributions and anticipate receiving and collecting up all of those tax forms that will start to arrive in January.
Payroll tax rates are also slightly changing along with business mileage reimbursement rates. You can review the changes to payroll taxes by downloading a copy here. In the final days of 2014 you can still make some income decisions such as accelerating income or deductions between the tax years. Some ideas are found here and as always, please call us at 559-252-8585 and we’ll be glad to assist you in any end of the year planning you may want to do.
We’re sending to all of our clients a checklist reminder of items to accumulate for your 2014 tax return. You can download a copy here. If you’d prefer a tax organizer listing all of last year’s information and with spaces to list 2014 information, please send us a message in the contact box below requesting an organizer and we’ll be glad to email or mail it to you.
Apr 30
The calendar may say we’re in Springtime but our weather report lately hints that Summertime is just around the corner. This year, Fresno and the surrounding areas will be impacted by reductions in water deliveries impacting our agriculture and agribusiness. Too often we take water for granted, but here are some tips and resources that may help you in making smarter water choices this year that will in turn save you money.
In our Spring newsletter, we bring you the following topics:
As always we thank you for being our clients and if you need any help, have any questions, or need any tax planning, just call us at 559-252-8585 or email us at tshb@tshb.com.
Feb 24
March 3rd, 2014 is an optional deadline for those that qualify as farmers to file their tax returns, pay the tax due and not be subject to tax penalities. This special deadline has been in place for many years. March 3rd should be the unofficial “Thank a Farmer” day in the Valley. I urge you to search out and buy from a local grower and help him or her in their endeavors in this potentially trying year for farmers.
There are several ways you can support a local grower. When you are in a supermarket, look for the produce marked with local labels and packing houses in the Valley. Go more local by searching for nearby Farmers markets. There are several in Fresno including one held year round on Wednesday morning in front of Kaiser Permanente. Another year round farmers market is on the corner of Blackstone and Shaw at the Vineyard Farmers Market.
Soon the strawberries will be in season and you’ll be able to find Strawberry stands on various corners in Fresno. Later on Stone fruit will be in season.
If you want to support your local farmer even more, consider joining a Community Supported Agriculuture, or CSA offering. You can find several farmers that participate in CSA’s by looking online. You’ll then pay a monthly amount and every week pick up seasonal fruits and vegetables.
You’ll find that in addition to helping a local family, you’ll get fresher fruits and vegetables and find that food prepared with these fresh ingredients tastes better too.
So on March 3rd while those of us here at the office are ensuring we have filed all the farmers’ tax returns timely for the year, eat something grown by a local grower!
