Extended Deadlines to file your 2019 Tax Returns

IRS Extends Due Date for Filing Federal Tax Returns and Tax Payments until 7/15, 2020

As a result of the Coronavirus emergency, the IRS is extending the due date for filing of Federal income tax returns and Federal income tax payments to July 15, 2020. This extension is automatic and available to all taxpayers in the US.  Any interest, penalty, or addition to tax for failure to file or to pay tax will not accrue until July 16, 2020, as a result of this extension.

Federal Income Tax Returns

The extension is automatic. You do not need to file Form 4868 or call the IRS to receive the extension. If you need more time to file beyond the July 15 deadline, you can request an extension by filing the appropriate form. This filing extension, however, does not apply to the filing of any other Federal information return due on or before April 15, 2020.

Federal Income Tax Payments

The deadline for making Federal income tax payments is also extended to July 15, 2020. The extension applies to the payment of Federal income taxes for the 2019 tax year and also estimated income tax payments for the 2020 tax year that are due otherwise on April 15, 2020. 

Filed Early If You Have Refund 

Despite the extension, the IRS is encouraging people who are expecting a refund to file their tax returns early as a way to help stimulate the economy. 

As the coronavirus situation continues to evolve, your health and safety remains our top priority. We would like to remind you that if you are looking for a tax professional to file your tax return, then look no further.  We are here to help.  You can do everything at the comfort of your home without going outside.  You can email us or call with questions.  You can also send us all your tax documents thru email with password protection.  We will have your tax return filed and get the refund for you within a few days.

Meanwhile, take care and stay safe.

 excellent-tax@gmx.com

It’s Tax Filing Season Again!

Individual income tax filing season open on January 28, 2019.

You have until April 15 to file your 2018 tax returns.

We can help you with your individual income tax return which includes the following:

* Itemized Deductions.
* Interest and dividend income.
* Business Income and Self-Employment Income.
* Capital Gain / Losses.
* Rental Income and expenses

We will give you the lowest price possible to do your tax return. We will also take the time to double check your tax return just to be certain that you receive all the deductions and credits and get you the highest possible refund that you deserve.

Student discount is also available for all college students.

Tax preparation starts at $50 for single with only 1 W-2 and UP!

Have some tax related questions or need help with tax return preparation, we love to help! 

 
Please email us to schedule your appointments.
Free quote will be provided via email. 

      Email: excellent-tax@gmx.com 

   http://excellent-tax.blogspot.com/

Office Hours:

Mon	1:00 pm - 7:00 pm
Tue	10:00 am - 7:00 pm
Wed	1:00 pm - 7:00 pm
Thu	10:00 am - 7:00 pm
Fri	1:00 pm - 7:00 pm
Sat	10:00 am - 7:00 pm
Sun	10:00 am - 5:00 pm

Tax preparation by appointment only.        

                                    

We hope to hear from you soon.  Have a happy holidays!

Tax Tips for Students Working this Summer

Many students get summer jobs. It’s a great way to earn some extra spending money or to save it for later use.  Below are some tax tips for students who have summer jobs:

Tax Tips For Students

• Withholding and Estimated Tax payments.  If you worked as an employee, your employer will normally withhold taxes from your paychecks.  If you are self-employed however, you may be responsible for paying taxes directly to the governments. One way to do this is by making estimated tax payments on set dates during the year. Basically, this is how our pay-as-you-go tax system works in this country.

Greetings from Excellent Tax Service - 2017

May the New Year

bring joy, peace and happiness 

to you and your entire family ....

Top Year-End IRA Reminders

Individual Retirement Accounts, or IRAs, are important vehicles for you to save for your future retirement.  There are four key year-end rules that you need to know.

·  Know your contribution and deduction limits.  

      If you are age under 50 and single, you can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional or Roth IRA. If you file a joint return, both you and your spouse can each contribute to an IRA even if only one of you has taxable earned income. You have until April 17, 2017, to make your IRA contribution for 2016.  If you or your spouse has a retirement plan at work and your income is above a certain level, you may need to reduce your deduction for your traditional IRA contributions.

Tips on Filing Your Amended Tax Returns

   

When you discover that you made a mistake on your tax return, 

you can file an amended return to fix the error.  You can also amend your tax return to claim a tax credit or deduction.   Below are 10 tips for you to consider when you need to amend your return:

• When to amend. You should amend your tax return if you need to correct your filing status, the number of dependents you want to claim or your total income you need to change. You should also amend your tax return to claim tax deductions or tax credits that you did not claim when you filed your original return.  

Finally, I am back

My husband has serious health problems during the past few months.  He has a chrodoma cancer growing behind his neck.  He had 22 + hours of surgery in UCSF few months ago.  Finally, we are back home last week.  He is recovering well at home and my tax posting will be back to normal very soon.  Thank you for all your patient and support.