San Diego Tax Center

07/30/2021

For a lot of people, summertime means vacations and celebrations, and even side hustles. But whether you're tying the knot, getting the kids out of your hair, or just looking to make a little extra cash, you'll want to prepare for how these summer activities will affect your taxes during filing time.

Tax Tip 2021-102, July 15, 2021

07/30/2021

Calling all parents...

The DEADLINE for opting out of receiving the rest of the Advance Child Tax Credit payments this year is MONDAY, AUG 2.

If you're making more money than last year, you should definitely consider opting out so you don't have to pay back some of it back later.

Unenroll if you don’t want to get advance Child Tax Credit payments or check if you’re enrolled.

07/29/2021

When you go back hoping to file old tax returns, you may not be eligible to use electronic filing. It all depends on whether the forms you need to use are still available from the IRS online.

If you're not sure which returns you missed, you can request your records from the IRS, so that you know for sure which years are outstanding. Or reach out to us, and we can get this process started for you.

07/28/2021

Do the words "your credit" feel like a nebulous universe you're not quite sure how to understand?

It can definitely feel that way, but understanding how to keep your credit score in good shape is essential in today's world, for both you AND your kids to learn.

Help your kids develop financial literacy and good credit with a few simple rules.

07/27/2021

Even though May 17th has passed, we are busy at work preparing for next year's tax season. Tax laws are always changing (as we've all seen the past two years), and we work hard to stay on top of those changes for you.

If you have a tax-related question or want to sit down to plan ahead to make next year's process go more smoothly, NOW is a great time to call. 2022 is coming. 😊

07/26/2021

Having a hard time developing those must-do savings habits? Here are some fundamental financial lessons to get you in the right frame of mind.

The book gives key advice on how to improve your personal finances, how to learn to invest and save, and how to make better financial choices.

07/23/2021

Having no clue how taxes work is something a lot of people have in common. And for some, duck and run is a favorite strategy every time tax season rolls around. But that just leads to trouble.

So, the first step? Stop hiding. Then, reach out to a friendly neighborhood tax advocate (ahem) to help you face those tax problems head on.

07/22/2021

We feel passionate about helping parents teach their kids about money. This is a kind of power that can help kids stay out of the murky waters of debt and bad financial decisions, and be empowered to make the right choices as they grow up.

Thomas Jefferson once said, "If knowledge is power, we should look to its advancement at home, where no resource of power will be unwanting."

Here are some ideas for parents.

Teaching kids about money, including how to save and spend wisely, can set them up for long-term success.

07/21/2021

When it comes to tax resolution and negotiating with government institutions, you can’t afford to mess around – nor can you afford to get in bed with “sales rooms” masquerading as professional tax offices. There’s simply too much at stake. And there are too many landmines along the path.

On the bright side, you’ve got a friend in the tax business, and we've got experience and know-how you can trust.

Finding the starting point for dealing with unfiled returns, missed deadlines, and overdue payments can be overwhelming, but we can help you find it and get you back on track with the IRS.

07/20/2021

If you're one of the millions of people with Federal student loan debt who have enjoyed the reprieve from making payments the last 16 months, it's time to start making a plan for repayment again.

Starting September 30th, come rain or shine, student loan repayment will resume, as will regular interest rates.

And... the plan you had before March of last year, might not apply now. With all of the many considerations regarding repayment, it might be time to get some advice from a trustworthy source and strategize how to tackle the remainder of that debt.

07/19/2021

Many people struggle to save their hard-earned cash because they lack the determination to keep themselves from spending it.

One way to combat that spending impulse and get you on your way to financial independence is to set goals, prioritize wants. Since money can be spent only once, you need to decide which wants are most important. Place a value on each one.

Here's a helpful exercise to get you started...

- Pull out a piece of paper and list your wants. New house, hot tub, trip to London, new blender for the kitchen? Anything goes.

- Next to each item, write why you want it. (You might want a hot tub to relax with family and friends.)

- Take another piece of paper and re-order the list based on how important each want is to you. If a trip to London tops the list, are you still willing to delay it by spending $40/month for that gym membership you rarely use?

07/16/2021

As many of you know, the first Advance Child Tax Credit (ACTC) payments went out yesterday, July 15th. The payments will continue every month on the 15th until December 15th of 2021.

There's a lot of confusion and questions about these payments, so we wanted to get you some ACCURATE information. The IRS "main page" regarding the ACTC is linked below.

On this page you can:
- Check your eligibility for ACTC payments.
- Update the bank account that the IRS will use to deposit your payments.
- Access the non-filer tool if you don't file tax returns but have kids. You can register yourself and your children so that you'll receive the payments (if you're eligible).
- Opt-out of payments (i.e. "save" the full credit amounts for your 2021 tax return).

**NOTE: If your income has increased in 2021, relative to past years, you may want to opt out of these advance payments to avoid any danger of needing to pay back the amounts received.

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.