Mid Year Tax Planning Update June 2015

June 14 2015 – Seems like we just had our tax season and here we are again talking planning! Yikes. I hope everybody and their families are doing well, they are all healthy, getting better if not well, working and happy.

Here are some tax pointers to be aware of for this year:

1. Remember that as of now, you will need medical coverage cards or documentation for any dependents that you are caring for. If at tax time in 2016 when we are doing the 2015 tax returns you don’t have anything from your medical provider, you may be penalized.

2. If you are or have been buying a house, condo or rental, please make sure you have all the paperwork. Generally speaking the items to deduct are mortgage interest, property tax, and points for primary or vacation homes and for rentals, we may be able to deduct other items including depreciation. Keep all that documentation and ask me if you have any questions.

3. Did you get a letter from the IRS or Franchise Tax Board? Please let me know and we can work on responding to it as quickly as we can. 9 out of 10 times it is something to validate something that has been filed or just explain something and we can usually take care of that right away with a quick letter. For something that requires research we need to use the time that they allow us to respond with to get back to them.

4. Got a corporation? Make sure that you file your company minutes with the State of California otherwise you risk having your State corporation suspended!

5. Need me to amend your income tax returns? Please have your proposed changes and reasons and if there are changes such as an additional W-2, 1099, etc there is a fee for that.

6. If you are applying for the amending your last three years tax returns for IHSS corrections, I can help you but be aware that it takes time – sometimes as long as 6 – 9 months because the IRS and State of California have been short staffed and partially because they are reluctant to release money (aren’t we all?).

7. I do forensic tax analysis if you think somebody has not given you proper tax documentation and want me to take a look at it for you. Please let me know.

8. If you owe me a lunch or dinner, I am available on weekends.

Things move quickly – just take a look at some of my aloe plants that I have had for the last 4 years. I have had to separate them and keep them going. A couple have flowered nicely. Hope things are flowering in your lives as well.

 

Just a couple of years old and it has taken off nicely with a nice micro-climate.

Just a couple of years old and it has taken off nicely with a nice micro-climate.

 

June 14, 2015

Keep your lives flourishing!

Kim Greenblatt

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