As the 3rd round of tax relief goes through the Congress and Senate kicking and screaming, here are some things us small fry should demand as well so we come out well on the back end… Tax on unemployment benefits should be waived for 2020 and 2021. As we collect...

Wearing a mask is not about whether you are sick or not. It it not even about whether you care if you get sick or not because you could get over it quickly. Wearing a mask is a sign of respect. It is acknowledging that for some people out there this is incredibly...

Tax payers are just now discovering a particularly mean-spirited limit to the Economic Impact payments. We all were not surprised when this administration said any one without a social security number that qualified you to work would NOT get the stimulus check. To the...

We are just one family in America. I am sure every family has its tales. Send yours to us in an email to Trish@AmeriTaxCA.com. Right right now this is how Covid-19 has affected us. Just sharing. We have two college-age girls. One was called back from her study abroad...

This is a first of its kind, massive use of direct deposits for non-regular receivers of government money.  Can you even believe the government would roll out this program without even testing a small batch of checks first to see what issues would surface? When...

Today we celebrated Easter Sunday Online--First through Zoom with our family and then through Live Stream for services. It got me thinking as I sat safer-inside on this gorgeous day about how the new tax code impacted giving (yes, I'm a tax nerd). According to the...

41% of Gen Xers and 29% of Baby Boomers say they ended their marriage due to disagreements about money per a TD Ameritrade study. (Yet the irony is that after divorce, the fighting individuals are shown to be in even worse financial circumstances than before the...

While this may seem like a self-serving post.  It isn't. Believe me, we don't make our living off of doing "EZ"s, students and seniors.  However, in the past couple of week several of those same demographic groups came to be in front of me.  In the case...

The government announced new and improved unemployment benefit for those in the gig economy and those whose hours were reduced. However, the details between the states taking the unemployment requests and the federal government have not quite been worked out....

For those of you fortunate to not need relief funds, here's an idea. Give it away. Where? Many local community churches have food pantries that will be in desperate need. Other types of food banks could also use the cash. These places often have deals with suppliers...

Keep your cash close during this time. Put as many things as you can on credit. You can always negotiate with creditors, it is difficult to negotiate with landlords and lenders. One thing you can do is try to negotiate for student loan relief. According to Liz Weston...

Up to $1200 per tax payer and an additional $500 more per child will be distributed to tax payers upon President Trumps approval of the Senate Stimulus Package…..It looks like for those lucky enough to have filed already with direct deposit, these funds could be...

The IRS has extended the Federal tax dealing to July 15th for both filing (without an extension) as well as paying without interest or penalties accumulated. This is good for persons up to $1,000,000 and corporations for up to $10,000,000. Why file NOW anyway…Get your...

When a spouse pays the other spouse spousal support, it is a deduction to the paying spouse and is income to the receiving spouse.  Child support on the other hand is not deductible nor is it taxed.  This is why many folks try to say their child support is actually...

I just completed an analysis for one of our clients. They had just moved to the southeast and were currently renting. They had converted their west coast home in to a investment rental. They wanted to know the best way to fund their new home in their new area while...

I do not believe people appreciate what they get for free. I have first hand experience in that regard, but there is not enough space to tell that tale here. I do, however, believe in incentives. Right now, the various tax adjustments and credits for college expenses...

Under the Affordable Care Act, tax payers without health insurance were penalized up to 2.5% of the household's taxable income. That penalty is now reduced to zero under the new tax act of 2017.  So this year if you are uninsured you won't face a Federal penalty on...

If you drive your car for business (not commuting) than by all means, take the deductions you are allowed! Know though that mileage is frequently targeted for paper audits. A paper audit is a letter the IRS sends to you asking for documentation of your expenses. ...

Some people want to "break even" at tax time.  Others prefer to over withhold as a financial planning tool so they can save up for some thing big.  That may work for some people, others not so much.  These are the top 7 things my informal survey...

I just finished cleaning up and/or closing down a series of corporations opened by a client who had used one of the on-line incorporating sites. It's not the first time I've had to clean up and change a LLC to an S Corp a C Corp to a LLC or an LLC to a S Corp and...

The IRS funding was cut again for 2015. The budget of the IRS now stands at about the level it did in 2008! The tax payer service's budget actually increased a puny 1.6% but that won't be enough to decrease the insane wait times we now all experience to get through or...

WOW.  I haven't updated this blog since April Fools Day!  This last news bit made me do it.  The IRS has reported that 104,000 tax payers data may have been hacked through the IRS' very cool "Get Transcipt" on-line application tool. Worse the Identity Thieves already...

Clients started coming in with their 1095-A forms that report their payments and subsidies for the Affordable Care Act these past few weeks.  Since we did both our clients tax returns and their health applications, I was just beginning to pat myself on the back for...

A recent Bloomberg article states that the IRS will answer fewer than half the calls it receives this year.  Hold times will be 30 minutes or longer.  My tax accountant friends and myself are reporting hold times of over 2 hours when the voice announcements...

No one who has ever received a letter from the IRS can deny how it makes your heart race and go pitty pat super-fast!  Here are another 5 common mistakes that can result in a “nasty gram” from the IRS letter generating machine: 8. Not taking education credits...

The H&R Block campaign says that Americans on average leave behind $500 in refund money, while trying to save money by doing it themselves.  I agree--maye not every year, but collectively over the years, the average person will make either one big mistake/over...

Form 1095-A will begin being mailed out starting January 20th.  This form will serve as proof of insurance for tax payers as well as specify how much federal subsidies they received for their health insurance.  If there were months you didn't have coverage and you...

There was so much misinformation out there last year as folks were signing up for insurance through Covered California courtesy of the Affordable Care Act.  Surprises are going to be in-store for some good citizens in the form of health care penalties as a result. ...

Since 2001 we have appreciated your business and your friendship. We are now embarking on a new venture as Ameri Tax Service.We will be offering the same great customer service and products that you have come to expect from us. The Staff that you trust will still be...

This just in…The IRS is officially accepting e files beginning on the very late date of January 22nd. This is about a working week later than last year. They are also advising that it will take 21 days to get refunds. Last year, the IRS refund cycle chart ran in about...

Every year we teach a 60-hour tax certifcation course required to become a certified tax preparer in the state of California.  I was just re-reviewing all the Bush tax law changes that would revert back if our illustrious leaders can't come to a compromise soon.  The...

An associate mentioned to me that he went to 5 different CPAs (Certified Public Accountant) before he found one he liked! Really? 5? Your tax accountant is part of your "life" team. You need to feel comfortable calling them up and asking them questions about...