These Tax Organizers are designed to help you gather the tax information needed to prepare your personal income or business tax return for 2018. A Tax Organizer is a great tool to help you reduce your taxes or increase your tax refund.
2018 Basic Organizer (4 Pages) –This organizer is suitable for clients that are not itemizing their deductions and DO NOT have rental property or self-employment expenses.
2018 Full Organizer (8 Pages) – This organizer includes the information included in the basic organizer, plus entries for itemized deductions, rental properties, and self-employment expenses.
2018 Basic Organizer (4 Pages) – This organizer is suitable for clients with self-employment income, partnership income, and corporation income. (Schedule C, 1065 & 1120s)
We can help you file your tax returns. Schedule Online.
The following are examples of supporting documentation:
Call us today at 301-962-1700.
Beginning in 2018, The IRS started mailing to Taxpayers owing more than $51,000.00 a notice called "CP508C - Notice of Certification of your Seriously Delinquent federal tax debt to the State Department".
If you owe taxes over $51,000, the IRS may inform the State Department which can then revoke your passport. And you might not even know until you get to the airport.
"On December 4, 2015, as part of the Fixing America’s Surface Transportation (FAST) Act, Congress enacted Section IRC §7345 of the Internal Revenue Code, which requires the Internal Revenue Service to notify the State Department of taxpayers owing more than $51,000.00 and certifying the Taxpayer as “Seriously Delinquent. The FAST Act generally prohibits the State Department from issuing or renewing a passport to a Taxpayer with seriously delinquent tax debt. (per IRS)"
It is estimated that about 270,000 Taxpayers are about to receive Notice CP508C in 2019.
Before denying a passport, the State Department will hold the application for 90 days to allow a citizen to:
You have established a collection alternative with the IRS and accepted. The IRS must give notice to the State Department reversing the certification if:
Once the (IA) and (OIC) are accepted or Innocent Spouse Relief request is pending, the IRS will mail the “Reversal” notice to taxpayer CP508R and to the State Department.
If you have questions or concerns about the passport revocation, please call Mendoza, Silva & Company today!
We are here to help.
The child tax credit increases in 2018 to $2,000 (up from $1,000) with up to $1,400 being refundable. The earned income threshold is reduced to $2,500 (down from $3,000 in 2017) allowing more taxpayers to qualify for the credit. A child has to be under the age of 17 and have a valid Social Security number issued before the return due date to qualify for the credit.
In addition, a non-refundable tax credit of $500 is available for each non-child dependent that does not qualify for the child tax credit. The AGI thresholds at which the credit begins to phase out are substantially increased: to $400,000 for married filing jointly and $200,000 for all other taxpayers.
Article Highlights:
If you are among the many taxpayers renting your first or second home using rental agents or online rental services that match property owners with prospective renters, such as Airbnb, VRBO and HomeAway, then you should know the IRS has special rules related to short-term rentals.
When property is rented for short periods, special (and sometimes complex) taxation rules come into play, which can make the rents excludable from taxation; other situations may force the rental income and expenses to be reported on Schedule C (as opposed to Schedule E). If you have been renting your home or second home for short periods of time, here is a synopsis of the rules governing short-term rentals so you can prepare yourself for the upcoming tax season.
When extraordinary services are provided, the rental is treated as a trade or business and reported on Schedule C regardless of the average rental period. However, it would be extremely rare for this to apply to short-term rentals of your home or second home.
A loss from this type of activity, even when reported on your Schedule C as a trade or business, is still treated as a passive activity loss and can only be deducted against passive income. The $25,000 loss allowance that applies to some Schedule E rentals is not available for rental activities reportable on Schedule C.
It is important that you keep a record of not only the rental income from each tenant but also the duration of each rental, so the average rental term for the year can be determined. If you have questions about your rental activities, please give this office a call.
El programa de radio se detalla sobre el reembolso de impuestos del IRS a familias que acaban de recibir su residencia “Green Card”. En lay fiscal existe la oportunidad a nuevos residentes recibir un reembolse de impuestos hasta $13,000 por familia. Para cualificar para esta oportunidad, el contribuyente debe de haber preparado impuestos por tres años antes de recibir la residencia. Durante los tres años del impuestos, el contribuyente por falta de el estatuss de residencia no calificaba para ciertos crédito y beneficios otorgados para residentes of ciudadanos. La ley fiscal le da la oportunidad para retroactivamente pedir los beneficios perdidos durante el periodo de no tener la residencia. Para más información llamamos para una consulta.
Mendoza & Company, Inc. is a full-service accounting, Payroll, and Tax Resolution firm in Bethesda, MD and Miami, FL. As a client, you gain a professional team with expertise in multiple fields, providing you the right advice to strengthens your organization and long-term goals.