LT CPAs & Company

12/31/2023

🚨🚨Use your car for business? Don’t forget to record your ending odometer reading after your last drive of 2023. Your 12/31/23 minus 1/1/23 odometer readings will prove your total miles driven. And you’ll have your 1/1/24 beginning odometer reading for 2024 🎉🎉

12/17/2023

Business - get ready for the newest filing requirement starting next year. One of my favorite tax writers is Kelly Erb. She laid out all the facts we know right now. Please comment with any questions.

More changes are coming to the IRS. That’s according to Commissioner Danny Werfel, who announced plans for a new leadership structure at the agency.

10/05/2023

Reminder - October 16th is the final Tax Day. If you live in most counties in CA, you can also pay by October 16th without a late payment or late filing penalties. As a BONUS, you also have until October 16th to catch up on the first three estimated tax payments of 2023. Get cracking!

And, no, I cannot file your return if you are not already a client. Good luck!

The magic number is 16.

If you filed for an automatic tax extension this year, you should file your Form 1040 for the 2022 tax year on or before Monday, Oct. 16, 2023—that’s this month.

The “normal” date for an extended return is Oct. 15, but that falls on a Sunday in 2023. So, you get an extra day.

Due to an earlier grace period, taxpayers in most of California and in parts of Alabama and Georgia also have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments.

Some taxpayers get a little longer, including:

• Taxpayers in Illinois and Alaska impacted by flooding have until Oct. 31, 2023, to file.
• Taxpayers in Vermont affected by flooding have until Nov. 15, 2023, to file.
• Taxpayers in Maine and Massachusetts affected by Hurricane Lee have until Feb. 15, 2024, to file.
• Taxpayers impacted by the Maui fires and Hurricane Idalia in parts of (Florida, South Carolina and Georgia) have until Feb. 24, 2024, to file various individual and business tax returns. Check the disaster relief page on IRS.gov for the latest information.
• Members of the military and others serving in a combat zone typically have 180 days after they leave the combat zone to file returns and pay any taxes due.

Photo by Jan Kopřiva: https://www.pexels.com/photo/photo-of-number-16-on-green-wooden-wall-4272232/

03/02/2023

It's official. The original tax filing deadline for many counties in CA is now October 16th, including the payment of taxes and retirement contributions usually due on April 18th. In addition, 2023 business and income tax estimates for April, June, and September are now due by October 16th.

Please note that the list of CA counties is not the same for both the IRS and CA returns.

IRS announcement - https://www.gov.ca.gov/2023/03/02/more-time-to-file-state-taxes-for-californians-impacted-by-december-and-january-winter-storms/

CA announcement - https://www.gov.ca.gov/2023/03/02/more-time-to-file-state-taxes-for-californians-impacted-by-december-and-january-winter-storms/

WHAT YOU NEED TO KNOW: California is extending the tax filing deadline for Californians impacted by December and January winter storms to October 16, 2023 – aligning with the IRS SACRAMENTO – In…

01/19/2023

I'm a regular most of the year and such between espresso and double espresso during tax season. 🦉

which one are Hoo? ☕

11/12/2022

A Night at the Museum of Natural History with my business partner

11/04/2022

Say no to a candy tax. Here's why.

I don't collect a "candy tax." The candy tax is a parenting trend where you purport to teach your kids about responsibility by stealing some of their candy levying a "tax" on their trick or treat loot. The tax can be as much as one-third of the candy "earned" on Halloween. The tax, which is levied i...

06/30/2022

In case you missed the announcement - as of July 1st, the business mileage has been increased to 62.5 cents per mile for the remainder of the year.

06/30/2022

It's letter season! If you get a letter from the IRS or a state tax agency, open it. It may seem scary, but you have a 50/50 chance it's a change to reduce your tax rather than increase it. If you ignore it, there is a clock ticking on the time you have to respond, explaining why you may disagree with the changes if you do owe more tax.

So, take a deep breath and open it up. If you need help understanding the notice, reach out to your tax preparer or call the tax agency directly.

Here is an article explaining the most common letters issued by the IRS.

It’s IRS correspondence season which means that notices and letters are in the mail to taxpayers. Here’s a quick look at some of the most popular notices and letters that taxpayers might receive after filing a tax return—and what to do next.

04/02/2022

From the CA Franchise Tax Board:

"State gas price and other relief proposals: FTB is aware of multiple proposals from the Governor and Legislature to help Californians cope with rising prices of gas and other goods. While you may be seeing discussion in the media/social media on proposals related to gas prices and taxes, we have no information to offer at this time because the ideas are only proposals and no law has been enacted yet. We are monitoring the relief discussions and will update our website when more information is available."

Personal and Business Income Taxes, Residents, Non-residents, State of California

03/30/2022

I'm not sure how I'm feeling about this. I definitely don't like eliminating the step up. This impacts many people who are not ultra wealthy. If they want to raise the corporate tax rate, they should go back to the graduated rates so that the small corporate owners don't have to pay 28% on all the taxable income.

The Biden administration released a budget proposal with $710 billion in new proposed tax increases, featuring a “billionaire” tax on wealthy taxpayers.