NOW, IT'S THAT TIME AGAIN...

I understand that now everyone is consumed with the coming holiday season. Now is the time for shopping, holiday parties and dinners, as well as getting prepared for guests. Now is the time to also think about what you are going to deduct for the 2014 tax season. Time to find all of those receipts, and make sure that your W4s are correct.

December 31 is the last date to give to your favorite charities, and it's the last date to claim whatever your going to claim on you income taxes.  

April 15, 2014 is also the last date to amend your income taxes going 3 years back in other words, its the last day to amend your 2011 personal income taxes.

These issues can be difficult and overwhelming, and that's why I'm here to help. If you have personal income tax issues, please call us anytime. We'll even talk to the Internal Revenue Service for you. My company has been dealing with personal income taxes since 1988, so experience in these issues are more than just a notion.

We offer service 7 days a week including holidays.

 

 

 

ALWAYS AT YOUR SERVICE

24 Hour Notary And Income Tax Services http://goo.gl/maps/pECif

More Good Tech Stuff!

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THINKING ABOUT FORMING A NON PROFIT ORGANIZATION?

Inspiration and Information for Starting Your Business Posted on January 26th, 2012 by Joey Donovan Guido. Thinking about forming a nonprofit company? You probably already know that they’re specifically formed for purposes other than operating a profit-seeking business. But you might not be aware of all the benefits associated with being a nonprofit organization. To follow are the top advantages of forming a nonprofit company. We hope they help you gain a clearer picture of what these types of business formations have to offer … Top Seven Benefits of Forming a Nonprofit Company Limited liability protection. Protects directors, officers and members against being held personally responsible for their company’s debts and liabilities. With limited liability protection, creditors cannot pursue the personal assets of the business owner to pay off business debts. Tax-exempt status. Nonprofits can apply for both federal and state tax-exempt status. Access to grants. Some nonprofits are eligible to receive public and private grants, making it easier to get operating capital. For instance, certain grants and other public allocations are only available to 501(c)(3) organizations. Tax-deductible donations. With 501(c)(3) nonprofits, donations made by individuals to the nonprofit corporation are tax-deductible. Possible state sales and property taxes exemption. This benefit varies by state. US Postal Service discounts. Tax-exempt nonprofits generally can receive discounts on bulk mail rates. Credibility. There is established credibility for an organization that is recognized by the IRS as a tax-exempt nonprofit.

POSSIBLY CUT YOUR MONTHLY DEBT PAYMENTS BY 90%

The Art Of Debt Negotiations: http://youtu.be/EVZkHE6ZwkY

RENT OR OWN?

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Wrapping Up End Of The Year Tax Deductions

It's already the end of August and before you know it it will be time to file personal and small business income taxes again. It's time for you as a tax payer to start working on your end of the year deductions such as charitable deductions (church tithes and offerings, and monetary donations to other organizations), also non monetary donations such as clothes, household items, used electronics, auto's, and anything else that you gave or are going to give to Goodwill.  Also, if you have a small business or if you are going to claim Un - reimbursed employee expenses (if you are an employee), make sure everything is documented by the end of the year (December 31).

If you are looking to buy or start a business, NOW is the perfect time. Any and all expenses for any business start up will be deductible on your 2013 Income Tax. To assist you with this, call and talk to me about filing a DBA, S Corporation, Non Profit Corporation, LLC, or LLP.

And for those of you that already have a business, any marketing is tax deductible such as business cards, travel, cell phones, computers, business miles, etc.

Contact us with any questions regarding any tax or business issues at (213) 820-1513.

Walk A Way?

It's so peaceful sitting here at Seal Beach, CA I'm wondering what it would be like to just walk a way from everything? Sell everything, cut up all the credit cards, cancel all my financial accounts, and with just my car and a sleeping bag, just walk a way from the "rat race". Life sometimes is so very stressful that sometimes it feels like this would be the ultimate "peace". For many years now, I've felt like buying an RV and just traveling around the country going from little town to little town. Meeting varieties of people connected to small town cultures and doing whatever the heck I want to do. No headaches, no stress. Then, I'll come to my senses and realize that I would be still be stressed because I would worry about those left behind, like my wonderful son, and great parents. So, there's nothing for me to do accept "keep on truckin'" with the life I have and realizing "what doesn't kill me, will only make me stonger". And, who knows, in 15 years or so, maybe I will just be able to "walk a way" for the adventure, and not because of the stress. Be strong, my friends.

HOW TO MAKE LOTS OF CASH $$$$ AS A NOTARY PUBLIC!

I have been a Notary Public for about 12 years. Over the course of those years, I have had a lot of people ask me if being a Notary Public is worth it. Since you can only make $10 per signature (as per California law), why do I bother. Well, yes, it's true that you are only limited to $10 per signature. However, if you decide to be creative with everything, you can make pretty good money. For example, you can offer to generate the documents which you notarize for clients. You can learn how to do Living Trust documents, Power of Attorney documents, Living Wills, regular Wills, Grant Deeds, etc. For Living Trust Documents, clients are willing to pay $650 and up for the documents themselves, Power of Attorney, $65 and up, Wills, $100 and up and Grant Deeds, from $65 and up. You can personalize these for your clients.  This, however, does not include the price of the notary which is the extra $10 per signature. Also, there is the cost of your mileage if you're willing to travel. There are people that can't get out that need your services such as those in hospitals, nursing homes, jails, and people who don't want to leave their houses for various reasons. You can also make extra if you are willing to go out and do notary services on holidays and on weekends. Get a ministers credential and perform weddings in which you can also notarize the marriage certificate. There are plenty of religious organizations online that can supply these for a small fee.

Becoming a Notary Public is pretty easy. Yes, there are some cost (Total probably around $300 - $400  for everything which includes the seminar, live scan, background check, supplies, etc.) involved, however, you can make this up with your first few assignments. Here are the ways in which to get started with your Notary Public business.  1.) Find a certified Notary seminar. The company that I used to take my seminar training was Golden State Notary. You can "Google" them to find their address and phone number. They give seminars throughout the southern California area in some very nice hotels. The price is also very reasonable. The seminar is 6 hours long and the best thing about this is that you can take the Notary test the same day. After the seminar, the "State" comes in and administers the test. 2.) You will also need to take a "Live Scan" (fingerprint check) and you will also need to be able to pass an FBI background check. 3.) It takes about 2 weeks to find out if you passed your Notary exam, and about 2 weeks to find out if you passed the Live Scan and your FBI background check. 4.) Order you Notary supplies. 5.) Start advertising (sites such as 123notary.com, notaryrotary.com, Craigslist, Google plus, your own website, and don't forget your business cards and car magnets. You can leave your business cards at senior citizen facilities, the nurses station at hospitals, on your neighbor's door, with your church secretary, etc).

I do know several people that are Notary Publics that are making from $5,000 per month and up. You just have to be creative (but still follow the law) and be willing to go beyond what other notaries are unwilling to do. I have a lot of clients that come to me or I go to them in the evenings and on weekends when all the other Notaries are closed.

LEGAL SERVICES AND DOCUMENTS SALE

All legal documents and paralegal services are on sale. Bankruptcy (Chapter 7) $300, Living Trusts $650, Power Of Attorney $65, Wills $65. Nonprofit Corporation completions $400 & up. Call for other services which include back income tax preparation, Grant and business proposals.

WATCH OUT FOR THIS SCAM!

I recently had another client who was almost another victim of an "IRS agent" scam. She received a phone call from a "IRS agent" stating that she had "over due" taxes and unless she paid them right then through a major credit card, prepaid card, or debit card they would issue a warrant for her arrest! They will also speak to you in a rude, threatening and agressive manner. They will also know some personal information about you like the last four digits of your social security number, your address, and in some cases, even your mother's maiden name. In some cases, these scammers will have an accomplis call 5 minutes later pretending to be from the police department or from some other government agency encouraging you to listen to the "Agent" or your freedom will be in peril. These scammers usually target the elderly, immigrants, and people who live in low income neighborhoods.

Remember this. The IRS will NEVER,  EVER initiate first contact with you through a phone call. They will also NEVER, EVER initiate an in person visit to your house. Their initial contact with you will always be via official correspondence from their main office. The only acception is if you're already in an audit situation with the IRS, and are already going through an IRS examination, the agent may call you with your permission if you've given him or her your telephone number.   But, other than this, If anyone calls you on the telephone, or shows up at your house representing themselves as an "IRS agent" (cheesy business card and all), tell them to send you a letter and you will forward the letter to your tax professional. But, If they get to aggressive with you, call the police.

SCHOOL BUILDING FOR LEASE! QUIET AREA MULTIPLE USE ARE IN COMPTON, CALIFORNIA. USE FOR SCHOOL OR OTHER BUSINESS!

School

For LEASE

157 E. Myrrh, Compton, CA 90220.

 5 Classrooms, 2 Bathrooms,

Very Large Parking Lot and Playground.

Use as a school, or other

business (if other business, tenant must build to suit).

Property size is 5,296 sq. ft.

Rent is $7,000/month,

term of lease is 24 months.

 Monthly rent and terms of lease are negotiable.

 Can also be used as an office building, medical building, community center, or charter school. Non-profit organizations are welcome.

This property is in a very nice area of Compton. Close to downtown area and Alameda Street.

IRS TELEPHONE HOLD LONGER THAN EVER!

One other reason not to procrastinate with your taxes this year is that if you need to reach the IRS for any reason, the telephone hold time is longer than ever! Average wait on hold is 45 minutes or longer to reach an Internal Revenue Service agent. Last week I tried to call the IRS for a client and was kept on hold for 3 hours. And still there is no guarantee that your questions will be answered in that first phone call. One of the reasons could be because of all the cut backs that have occurred at the agency. I guess they're like any other business. IRS employee hours have been cut back or employees have been laid off. For those of you that have had the experience of trying to reach an agent, you already know that the series of telephone menus are ridiculous. People often get discouraged and finally hang up. If you need to reach the IRS, the best time to call is very early in the morning around 8:00 a.m. Next article will be the easiest way to reach an IRS agent.

LET'S NOT PROCRASTINATE! WHAT ARE YOU DOING?

Remember, the first day the IRS will be accepting tax returns for processing is January 31, 2014. But remember, the deadline for filing your taxes with the IRS is still April 15, 2014. The IRS gets a two week reprieve, but we don't. So, take the day to gather up all the deductions and documents you're going to need without delay. Before you know it, it'll be April 15th. But relax, take care of business and don't stress...

IF YOU NEED EXTRA CASH, READ THIS!

Tax Tip 1: For most of us our biggest New Years resolution is to get our financial house in order for the year 2014. A big help will be finding ways to make extra money for some of the extra things we might need. There is extra money sitting right under our noses when we do our spring cleaning this year by getting rid of some of your "junk" by selling it on eBay, Amazon or Craigslist. Sell your junk! I have even helped some of my clients do this. The first time I thought about this was several years ago when I picked out things around my house that I was no longer using and decided to list it on eBay. I was very shocked and surprised to find I could make a good extra $400 plus a week just by selling the junk that I no longer needed. This also branched into selling on ebay for others for a precentage of the profits. You will be surprised at what other people will buy. So instead of complaining about not making extra money for the year 2014 just sell some of your junk. That's all there is to it and depending on how well you do and if you incur any expenses this could be a very lucrative tax write off for you.
Tax Tip 2: Whatever your passion is, make extra money by showing others how to do it. For example, If you're good on the computer, or if you're good at playing the guitar, offer to teach others how to do it for a small fee. This could become very lucrative if you work at it and can become a great write off.

TAKE NOTE: NEW USA FEDERAL TAX LAWS FOR 2013 YOU NEED TO KNOW ABOUT

Tax Law Changes You Need to Know About for 2013

 Happy Tax Season!

 Congress finally nailed down some tax legislation for 2013 and beyond.

Again, These last-minutes decisions put the IRS behind when it comes to processing tax returns because the agency has to work to update its software to adjust for the new laws. Remember, last year, certain forms were delayed because of congress. This year, the IRS will not be processing tax returns until January 31, 2014. But just because the IRS is left trying to get things together, that shouldn't stop you from preparing your income tax return. Don't wait until the last minute to get everything together. Even if you can't electronically file as yet, now is the time to get your return in order so you know the news – good or bad – in advance.

Here are the new tax changes for 2013:

If you are a high-income household making more than $400,000 (single) or $450,000 (married filing joint), your tax bracket will be up to 39.6% from 35%. However, this will not affect your 2012 income tax return. Those in the new high tax bracket will also be subject to a capital gains rate of 20% - up from 15% as well as the 3.8% surcharge from the Affordable Care Act.
In a speech following the congressional vote, President Barack Obama declared that the changes pushed through will not affect 98% of Americans.

In the fiscal cliff legislation, the Pease itemized deduction phase-out is reinstated and the personal exemption phase-out will be reinstated. The thresholds are $300,000 for married filing joint, $275,000 for head of household, and $250,000 for single. This means that if you make that kind of money, you will not be allowed to take all of your itemized deductions. Your personal exemptions – another subtraction from your income before taxes are calculated – will be reduced.

Employees' net pay is also now 2% lower as the payroll tax holiday was allowed to expire. This means the full 6.2% of Social Security will now be withheld from your pay. The holiday lasted two years, and this increased percentage will help continue funding to the Social Security system. The wage ceiling on which Social Security is taxed has been increased to $113,700. Medicare tax is unlimited, but if you earn more than $200,000 an additional 0.9% will be withhold.

Congress patched the Alternative Minimum tax and adjusted it for inflation, which will keep taxes lower for the 60 million Americans that would have been affected.

While Congress did take a scalpel to some tax deductions others were left untouched and extended through 2013:

1. Discharge of qualified principal residence exclusion. Filers going through a foreclosure or short sale who may have had loan forgiveness should look into this as it will exclude most, if not all, of the forgiven amount from taxable income.
2. Educators may continue to deduct $250 in related job expenses as an adjustment to income
3. Mortgage Insurance Premiums may be deducted as mortgage interest
4. The deduction for state and local sales taxes may still be taken
5. The $1,000 Child Tax Credit, the enhanced Earned Income Tax Credit, and the enhanced American Opportunity Tax Credit will all be extended through 2017;
6. Tuition costs may be deducted as an adjustment to income
7. IRA-to-charity exclusion from taxable income remains including a special provision that allows transfers made in January 2013 to be treated as made in 2012.

Beginning on Jan. 1, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 56.5 cents per mile for business miles driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.

 

I'm sure that most of you have many questions and concerns in regards to taxes and deductions for this year or previous years. ***Please feel free to post your Income Tax questions to this blog or email me with your Income Tax questions and concerns at valerie.chowdhury@gmail.com and I will answer your questions within 24 hours or less***.