Last updated 10 months ago
The complexity of your income and assets will make the services of a tax professional invaluable. Tax codes change from year to year and it’s easy for individual filers to make mistakes or miss out on deductions without help from a tax preparer. Here are some resources to take advantage of:
If you have further questions about your taxes, call The San Diego Tax Pro today at (888) 690-9245 to talk to one of our tax professionals.
Disclaimer:
(1) nothing contained in this website was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended; (2) any written statement contained on this website related to any federal tax transaction or matter may not be used by any person to support the promotion or marketing or to recommend any federal tax transaction or matter; and (3) any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter contained in this website. No one, without our express written permission, may use any part of this website in promoting, marketing or recommending an arrangement relating to any federal tax matter to one or more taxpayers.
Last updated 11 months ago
If you and your property fall victim to a natural disaster, taxes will probably be the last thing on your mind. Fortunately, the IRS provides disaster relief provisions intended to help you get back on your feet in your time of need.
Casualty loss, or loss not covered by insurance, can be claimed on your tax return as a deduction. The IRS can also help you reconstruct lost tax records and provide workbooks to guide you through inventorying damaged property. IRS representatives will work with you to find a solution if you are unable to meet deadlines. Watch this video to learn more about how the IRS can help you in the event of a disaster.
The San Diego Tax Pro provides tax preparation services for individuals and businesses in the San Diego area. Call us at (888) 690-9245 to set up an appointment with one of our experienced tax preparers today!
Disclaimer:
(1) nothing contained in this website was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended; (2) any written statement contained on this website related to any federal tax transaction or matter may not be used by any person to support the promotion or marketing or to recommend any federal tax transaction or matter; and (3) any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter contained in this website. No one, without our express written permission, may use any part of this website in promoting, marketing or recommending an arrangement relating to any federal tax matter to one or more taxpayers.
Last updated 11 months ago
Natural disasters can occur at any moment. Your geographical location will determine the likelihood of such an event happening, but no one knows for certain whether you and your property will be safe. If you ever fall victim to disaster, know that your outlook for the future is far from bleak. The federal tax code includes provisions to help victims recoup the costs of any property damaged or destroyed in a declared disaster area. Here is some basic information on how these provisions work:
Disaster Area
The federal tax code’s provisions for disaster relief apply to presidentially declared disaster areas. A list of official disasters can be found on FEMA’s website. Be aware that each specific disaster comes with its own unique tax provisions, so be sure to read the details carefully and consult a tax preparer. To be eligible, the property that was damaged must be located within the official disaster area.
IRS Benefits
The Internal Revenue Service will give you a fair amount of leeway when recovering from a natural disaster. The IRS will allow you to file your income tax at a later date, suspend payments on previous debts, and provide copies of tax returns for your records if they were destroyed during the disaster.
Casualty Loss
Casualty loss is the deductible amount of damage not reimbursed by insurance. To calculate casualty loss, subtract the lesser of the adjusted basis of the property or the decrease in fair market value (whichever is less) from the amount of reimbursement you expect to receive. To determine how much of that is deductible, first subtract $100 from the total loss, and then subtract 10% of your adjusted gross income. You can choose whether to claim the deduction on either the prior or current year’s tax return. Claiming the deduction for the prior year will send a refund to you immediately, though it might not always be the best option.
For more information on disaster relief or tax return services, contact The San Diego Tax Pro at (619) 283-8055. We will help you calculate casualty loss, navigate federal tax provisions, and much more.
Last updated 11 months ago
Yearly changes to the tax code and your lifestyle necessitate help from a tax preparer every time April rolls around. You might have a new addition to the family, a new rental property, or new investments that will need to be incorporated when filing your income tax. Your situation could be complicated, and if you don’t have a working, up-to-date knowledge of federal and state tax code, you could make costly mistakes and miss out on benefits you didn’t even know existed. Investing in a tax preparer will save you money in the long run in many ways.
Maximize Deductions
A tax preparer can help you save thousands of dollars by utilizing deductions most people who self-file are unaware of. Did you donate to charity or refinance your house this year? Did you pay a health insurance premium or have investment expenses? You may be eligible for a laundry list of deductions that can save you big, including deductions for your tax-planning expenses.
Maximize Credits
First-time homebuyers, college students, low-wage income earners, retirees, and working parents can all qualify for tax credits that could save the filer thousands of dollars. A tax preparer can determine whether you are eligible to receive a credit or hunt down potential credits that you are missing out on.
Eliminate Errors
Common errors made while filing tax return forms can be avoided by having a second pair of eyes look over your paperwork. Incorrect or missing Social Security numbers, incorrect filing status, information entered on the wrong line, and mathematical errors will delay the processing of your return.
Organize Bookkeeping
A tax professional really comes in handy when you have a side business that needs to be accounted for. Many people make costly mistakes when it comes to bookkeeping, such as including loans to their business as income, declaring profits as wages, and expensing assets that should depreciated.
To see how you can save money this year on your tax return, call The San Diego Tax Pro at (619) 283-8055 or visit our website. We help individuals and businesses take the stress out of tax season with our professional tax preparation services.
Last updated 11 months ago
Our recent blog entries have shed a little light on the important subject of taxes. If you’d like to learn more about topics like IRS audits and tax credits, take a look at these links.
- As of January 1, 2012, tax credits for energy-efficient appliances became much more restricted. Check out this website to see the products that are still eligible.
- For a list of factors that will increase your chances of being audited by the IRS, head over to GetRichSlowly.com.
- For a list of the 12 tax schemes the IRS especially looks out for, check out their website.
- If you get audited, follow these tips and contact a tax professional immediately.
No matter what time of year it is, The San Diego Tax Pro is here to answer questions and offer advice about taxes and IRS issues. To schedule an appointment, call (619) 283-8055.
