Bottoms Up Professional Tax Service-Moreno Valley, Ca

Bottoms Up Professional Tax Service-Moreno Valley, Ca We are a tax preparation company that has been open for 12 years. We enjoy assisting others with various tax issues. Credit Restoration Services

We can file your personal and business taxes and it doesn't matter where you reside.

09/01/2024

The average tax prep fee is $400.
Imagine having 12 clients a week.... that's only 2 per day including Saturdays! That's $4,800 made in a week AND only taking up to 5hrs per day! That's $19,200 made in 1 MONTH!!!

Start your own tax business for $99‼️

DM for more info!!!
Helping 30 people get started before November!

Bottoms up will get you the most and were doing advance loans with a 95% approval rate! Come see us at 24281 Postal Ave ...
01/13/2024

Bottoms up will get you the most and were doing advance loans with a 95% approval rate! Come see us at 24281 Postal Ave Suite 217 Moreno Valley CA 92553.

11/15/2023

It's almost that time! If you're a entrepreneur and looking to make great money for only 4 months of work preparing taxes let me now. We can get you software for FREE depending on the situation. Contact me so we can make $$$.
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Common Tax Filing Errors – Did You Know? (3/3)Every year, many taxpayers may make mistakes on their returns that cause I...
03/23/2023

Common Tax Filing Errors – Did You Know? (3/3)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors can also result in paying too much or too little tax.

The following mistakes often cause filers to pay the wrong amount of tax:

Incorrectly Figuring Credits or Deductions:
Once you determine that you qualify for a tax deduction or credit, you must carefully compute the amount that you can claim. Many taxpayers fail to take into account income limitations (including the calculations that must be made if your income falls within a “phase-out” range) and other restrictions. Others claim less than they could, or miss out on deductions and credits entirely by not filing the required forms and schedules.

Expired ITIN:
Those who file their IRS returns using individual tax identification numbers (ITINs) must keep in mind that ITINs periodically expire. Although a return filed with an expired ITIN may be accepted, the IRS generally will not allow any of the exemptions or tax credits claimed. The taxpayer must renew their ITIN in order to obtain the full refund that they are owed.

To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

Reminder: First Retirement Required Minimum Distributions DeadlineIf you reached 72 years of age in 2022 and have an IRA...
03/20/2023

Reminder: First Retirement Required Minimum Distributions Deadline

If you reached 72 years of age in 2022 and have an IRA (other than a Roth), or a 401(k) or similar retirement plan, then you likely need to withdraw funds from that account by April 1. In general, taxpayers with these retirement plans must begin taking annual withdrawals, called required minimum distributions (RMDs), once they reach a specified age.

This special April 1 deadline applies only to those taking their FIRST retirement account RMD. The normal deadline for RMDs is December 31 of the year that the RMD applies to. This means that taxpayers who turned 72 in 2022 and take their first RMD by April 1 will generally need to take a second, separate RMD for 2023 by December 31.

The age threshold of 72 for 2022 RMDs generally applies for traditional, SEP and SIMPLE IRAs, as well as for many workplace retirement plans such as 401(k), 403(b) and 457(b) plans. However, if you still work for the organization where you set up your 401(k) or similar plan, you may be able to delay your first RMD until April 1 of the year after you retire. Roth IRAs generally do not have RMDs, unless the account was inherited.

Your retirement account manager can help you figure the amount of your first RMD, and ensure that the transaction is completed by the deadline. In general, RMDs are taxable income.

Common Tax Filing Errors – Did You Know? (2/3)Every year, many taxpayers may make mistakes on their returns that cause I...
03/20/2023

Common Tax Filing Errors – Did You Know? (2/3)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes can cause filers to pay the wrong amount of tax:

Math Mistakes:
Even mathematicians sometimes make errors in simple addition and subtraction, and some of the calculations required for 1040 schedules can be complicated. Thoroughly double-check every bit of math on your return.

Incorrect Filing Status (Single, Married Filing Jointly, etc.):
The IRS will not accept a return showing a filing status that you are not eligible to claim. If you qualify for more than one status (for example, filing jointly or separately if you are married), the option you choose may significantly change your tax.

To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

Common Tax Filing Errors – Did You Know? (1/3)Every year, many taxpayers may make mistakes on their returns that cause I...
03/09/2023

Common Tax Filing Errors – Did You Know? (1/3)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes may not change your tax, but they can cause processing problems. The IRS may even withhold your refund until the errors are corrected.

Missing or Inaccurate Social Security Number (SSN):
Even when filing electronically, many people mistype their SSNs and do not catch the error. If the SSN on your return does not match the number on your Social Security card, the IRS may not be able to process your return.

Misspelled Name:
Take your time when filling in every blank on your return, even your name. A misspelling or illegible writing can prevent proper processing.

Incorrect Bank Account or Routing Number:
Getting your return filed electronically and requesting direct deposit is the fastest way to get your refund, IF you provide accurate information. An error in your banking info can cause big headaches.

Missing Signature:
Remember that in most cases, couples filing jointly must both sign their return.

To avoid costly mistakes, the IRS recommends having a tax professional prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

False Tax Returns Scams – Did You Know?IRS and state tax officials recently issued warnings about misleading posts on so...
03/07/2023

False Tax Returns Scams – Did You Know?

IRS and state tax officials recently issued warnings about misleading posts on social media encouraging people to file bogus returns. Typically, the scammers claim that by following their instructions, taxpayers can receive a large tax refund. These claims are false and dangerous.

Some scammers urge people to use tax software to fill out a Form W-2 (Wage and Tax Statement) with false information, such as fake employers or high amounts of tax withheld. A similar scam involves completing Schedule H (Household Employment Taxes) with made-up figures related to paying household employees. In both cases, the scammers state that people can get a tax refund by electronically filing these fraudulent forms.

Alternatively, a scammer may encourage taxpayers to file Form 7202 to get a tax credit for sick or family leave. This special credit was only available in 2020 and 2021, and only for self-employed individuals. Employees could never claim it, and no one may claim it for tax year 2022.

The IRS urges all taxpayers not to believe these scam posts and messages, and to only file tax forms with true and accurate information. Filing a bogus return could trigger IRS penalties including up to a $5,000 fine, and potentially criminal charges.

Refund Amounts - Did You Know?If your refund amount is different than stated on the filed tax return, part or all of you...
03/03/2023

Refund Amounts - Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts.

You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.

If you haven't received your refund yet, you may be able to check the status using the IRS' "Where's my Refund?" tool: https://www.irs.gov/refunds.

Credit for Other Dependents – Did You Know?If you have dependents who do not meet the age or other eligibility requireme...
03/01/2023

Credit for Other Dependents – Did You Know?

If you have dependents who do not meet the age or other eligibility requirements for the Child Tax Credit (CTC), you may qualify for the Credit for Other Dependents. This credit may be claimed for dependents of any age, including children, parents and certain other relatives, along with some non-related dependents who live with you. Each dependent must be a U.S. citizen, national or permanent resident, and must have either a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).

The maximum credit amount is $500 per qualifying dependent for taxpayers with an adjusted gross income (AGI) of $400,000 or below for joint filers, or $200,000 or below for all others. The credit phases out at higher income levels.

If you qualify, you may claim the Credit for Other Dependents in addition to the Child and Dependent Care Credit and Earned Income Tax Credit (EITC). A tax professional can help you determine which credits for dependents you are eligible for, and how to best combine credits to reduce your tax or increase your refund.

Earned Income Tax Credit – Did You Know?Many Americans may qualify for the Earned Income Tax Credit (EITC), but do not c...
02/24/2023

Earned Income Tax Credit – Did You Know?

Many Americans may qualify for the Earned Income Tax Credit (EITC), but do not claim it because they do not know it is available. The EITC is a fully refundable tax credit, which means that eligible filers can use it to get a tax refund even if they owe no tax.

To qualify for the credit, your 2022 income must include earned income, such as employee pay or earnings from self-employment activities like freelance or gig economy work. You also cannot have more than $10,300 in investment income, such as interest or dividends.

In addition, your adjusted gross income (AGI) for 2022 must be below the limit set by the IRS for your filing status and number of qualifying dependents. For married taxpayers who file joint returns, the 2022 AGI limit ranges from $22,610 (no dependents) to $59,187 (three or more qualifying dependents). For those who file under single, head of household or surviving spouse status, the AGI limit ranges from $16,480 (no dependents) to $53,057 (three or more qualifying dependents).

In order to claim the EITC, you must file a 2022 federal tax return, even if you would not ordinarily be required to file based on your income. A tax professional can help you file your return electronically, and set up direct deposit to get your refund as quickly as possible.

Address

12220 Pigeon Pass Road Suite N
Moreno Valley, CA
92553

Opening Hours

Monday 9am - 7pm
Tuesday 9am - 7pm
Wednesday 9am - 7pm
Thursday 9am - 7pm
Friday 9am - 7pm
Saturday 9am - 7pm

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