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 

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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.

Six Tips on Who Should File a 2015 Tax Return

Most people file their tax return because they have to,
but even if you don’t, there are times when it is better for you to file your tax return. You may be eligible for a tax refund and not know it.  Below are six tax tips to help you decide if you should file your  tax return:

• General Filing Rules.  Whether you need to file a tax return

Review Your Taxes This Summer to Prevent a Surprise Next Spring

Many people receive a larger amount of refund than they expected each year.  Some, however, find they owe a lot more income tax than they thought they would. If this happened to you, you may want to review your situation to prevent another year tax surprise. Some life event changes such as marriage have a child; have a change in income can have a major effect on your taxes.   Below are some key tips to help you come up with a plan of action:

Start Planning Now for Next Year’s Taxes

You may be tempted to forget all about your taxes for a while after you’ve filed your tax return early this year.   However, do not give in to that temptation. If you start your tax planning now, you may be able to avoid a tax surprise when you file your return next year. It is a good time to set up a system early so you can keep your tax records / documents in a location that is safe and easy to find. Below are some tips to help you get started on next year’s taxes:

Back-to-School Education Tax Credits

Education Credit

If you, your spouse or your children are heading off to college in this fall, some of your expenses that you pay for college may save you some money at tax time next year. You may be able to claim an education tax credit on your federal tax return. Below are some key tips that you should know about the tax credits:

Tax Tips for Students with Summer Jobs

Most students will often try to get a job during summer time to earn some extra money for their personal spending.  If it’s your first job in this summer, it will give you a chance to get some work experience and also to pay some taxes to your government. The taxes that you pay will support your home town, your state and also your country. Here are some tips that you should know about summer jobs and taxes:

Six Tips to Help You Pay Your Tax Bill this Summer

If you receive a tax bill from the IRS, don’t ignore it.

The reason is because the longer you wait the more interest and penalties you will have to pay. Below are six tips to help you pay your tax debt and avoid extra charges:

1. Reply promptly.   The IRS usually sends out millions of notices to taxpayers after tax season.  Please read it carefully and follow the instructions. If you owe money, the notice will tell you how much and also give you a due date to send in your payment. You should respond to the notice promptly and pay the fees to avoid further interest and penalties charges..

What you need to know about Late Filing and Late Paying Penalties

April 15 was the last day to file tax return for most people. If you are due a refund there is no penalty even if you file a late tax return. But if you have a balance to pay, and you failed to file and pay on time, you will usually owe interest and penalties on the tax you pay late. You should file your tax return and pay your balance as soon as possible to stop them.   Below are eight facts that you should know about these penalties.

If You Missed the Tax Deadline These Tips Can Help

Now April 15 has come and gone. If you didn’t file your tax return or an extension yet, you need to take action now. Below are some tips for taxpayers who missed the tax filing deadline:

Top Four Year-End IRA Reminders

Contribution Limits

Individual Retirement Accounts (IRAs) are an important way for anyone  to save for retirement. If you already have an IRA or may open one soon in the near future, there are some key year-end rules that you may want to know. Below are the top four reminders on IRAs:

Four Basic Tax Tips about Hobbies

There are lots of people who enjoy hobbies that are also a source of their income.

 Stamp Collection

Some examples include stamp collection, coin collections, craft making, and horsemanship.

You must report on your tax return all of the income that you earn from your hobby. The rules of how you report your income and expenses depend on whether the activity is considered a hobby or a business. There are special rules and limitation for deductions that you can claim for a hobby. Here are four tax tips you should know about hobbies:

More about Premium Tax Credit

If you moved or get married recently, it is a good idea to add a health insurance review to your to-do
list. This is particularly important if you receive an advance payment of the premium tax credit through a Health Insurance Marketplace.

IRA contribution and deduction rules for 2014

Using individual retirement arrangements (IRA) is a very good way to save for your retirement. However, there are limits on how much you can contribute each year. There are also other factors that will affect the amount you can deduct on your traditional IRA contributions.  Roth IRA contributions, however, are not deductible.

Back to School College Tax Credit

 College Tax Credit

With another school year now already in full swing,
it is a good time for both parents and students to see if they will qualify for one of the two college tax credits when they file their 2014 federal income tax returns next year.
The two college tax credits are American Opportunity Credit (AOC) and Lifetime Learning Credit.