Turner's Tax Service

02/13/2025

New Requirements to Claim Home Improvement Credits

The IRS just released new and revised guidance on the energy efficient home improvement credit.

Beginning January 1, 2025, only products from a Qualified Manufacturer (QM) will be eligible for the credit. Each product from a QM will be provided a PIN number and taxpayers must include the PIN on their tax returns. PIN numbers are not required for insulation materials or home energy audits.

If you plan to make energy efficient home improvements - new windows, new HVAC system, new water heater, etc. - make sure the company you are buying from is a Qualified Manufacturer and that they provide the PIN number for each product you purchase. The IRS will publish a list of QMs to help taxpayers verify eligibility before purchasing items. The PIN will be affixed to the product, packaging or a document inside the packaging. If it is missing, you can request the PIN from the manufacturer. For purchases in 2025 a manufacturer can provide you with a 4-digit QM code in lieu of a PIN but beginning in 2026 they must provide a 17-digit PIN.

The IRS just released new and revised guidance on the energy efficient home improvement credit. Beginning January 1, 2025, only products from a Qualified Manufacturer (QM) will be eligible for the...

01/31/2025

And Evan More Rumors
According to posts on TikTok and Instagram, you can claim a child as a dependent on your tax return if you pay child support for them. THIS IS NOT TRUE! In most instances, the custodial parent (the parent with whom the child lives) claims the child as their dependent. The non-custodial parent (the parent paying child support) can claim the child as a dependent IF, AND ONLY IF, the custodial parent gives them permission to do so. Permission is granted by providing the non-custodial parent a Form 8332. The IRS can assess penalties of up to 75% of taxes due for knowingly filing a fraudulent tax return. Social media is not the best source of information about tax laws and regulations. If you have any questions about whether you can claim a child as your dependent, please contact us.

​ IRS Statement on the Mailing of Balance Due Notices to California Taxpayers The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to...

01/31/2025

Rumors, Rumors, Rumors
You may have seen or heard reports on social media that tips, overtime pay, Social Security payments and other types of income are no longer taxable. THESE REPORTS ARE NOT TRUE! While President Trump has suggested he'd like to see many changes to the tax laws, including making certain types of income nontaxable, those changes must be made by Congress by passing legislation. Congress has just started talking about changes to the tax law and it will probably be months before legislation is prepared, passed by Congress and signed into law by the President. As you prepare your tax returns reporting your 2024 income and expenses, you must report all income as you have done in the past. If you have any questions about whether a certain type of income is taxable or not, please contact our office.

01/31/2025

Wildfire Relief
Taxpayers in Los Angeles County have been granted a postponement to October 15, 2025, to file their 2024 federal and California tax returns and make any tax payments that would have been due January 7, 2025, through October 15, 2025. This applies to all taxpayers located in Los Angeles County, even if they were not directly impacted by the fires.
This includes relief from the following deadlines:
Quarterly estimated tax payments normally due on January 15, April 15, June 15, and September 15, 2025
Passthrough entity elective tax payments normally due on March 15 and June 15, 2025
Business entity corporate or passthrough entity tax returns normally due on March 15 and April 15, 2025
Individual tax returns and payments normally due on April 15, 2025
Tax-exempt organization returns normally due on May 15, 2025

​ IRS Statement on the Mailing of Balance Due Notices to California Taxpayers The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to...

06/11/2023

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.

Read more at the link below.

​ IRS Statement on the Mailing of Balance Due Notices to California Taxpayers The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to...

12/31/2022

Taxpayers are required to report all earned income on their tax returns. Believing that many taxpayers do not comply with that requirement and are part of the so-called "underground economy,"...

12/28/2022

New update on the electric vehicle tax credits.

Thinking about buying an electric vehicle? The Inflation Reduction Act provides new incentives for purchasing electric vehicles beginning on January 1, 2023. A credit of up to $7500 will be...

07/14/2021

Child Tax Credit checks start coming this week

The American Rescue Plan increased the child tax credit from $2000 to $3000 or $3600 for children under 6 for taxpayers with income under certain limits - $75,000 for Single, $112,500 for Head of...

01/15/2021

DELAYED START TO FILING SEASON
This morning the IRS announced that it will begin accepting and processing 2020 tax year returns on February 12, 2021.

Read more at the link below.

This morning the IRS announced that it will begin accepting and processing 2020 tax year returns on February 12, 2021. This is two weeks later than normal but the delay is required in order for the...

01/12/2021

Hundreds of thousands of wage earners began working from home last March as the efforts to combat COVID-19 ramped up. As those folks begin to prepare their 2020 income tax returns, they have begun to question whether they can claim the cost of a home office as a federal tax deduction. The answer is no.

Read more by visiting our blog!

Hundreds of thousands of wage earners began working from home last March as the efforts to combat COVID-19 ramped up. As those folks begin to prepare their 2020 income tax returns, they have begun...

12/29/2020

Did you take a Payroll Protection Plan (PPP) loan? If so, you weren't able to claim an Employee Retention Credit (ERC) on your payroll tax forms. That changed when the newest COVID relief bill was signed by the President over the weekend - you may now claim both.

Check out the latest blog post to learn more.

Did you take a Payroll Protection Plan (PPP) loan? If so, you weren't able to claim an Employee Retention Credit (ERC) on your payroll tax forms. That changed when the newest COVID relief bill...