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In-Home Support Services (IHSS) income is given to taxpayers who are providing care to individuals who would otherwise require care in a hospital, nursing facility, or intermediate care facility. The taxpayer providing the care is caring for this individual in their home. This income is typically reported on a W2, under the state of California […]

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.  There are two methods to claim this expense on your Individual Tax Return Simplified Option

Foreign Reporting Quick Guide Our firm supports many international clients as well as clients with international activity. The guide below outlines the different form types and purposes behind each. Name Filing Form Description Deadline Foreign Bank and Financial Accounts (FBAR) 114 A United States person that has a financial interest in or signature authority over

Failure to File vs. Failure to Pay Penalties Many taxpayers assume if they file an “extension” they will not be hit with penalties from the federal or state government. This is completely misunderstood and should be clarified to the taxpayer whenever filing for an extension or filing a return past the designated deadline. What Is

As a business owner, you now have a lot of deadlines to keep track of. By missing deadlines, you are more likely to have penalties & interest that the government won’t waive. Please see below a list of all Deadlines for Los Angeles / Ventura County Business Owners. FACT Professional hopes this keeps you on

Frequently clients don’t bring us the 1099Gs for the state refunds and we are held up waiting to get the EINs and addresses that would appear on the 1099Gs. Here is the list of necessary information for all of the states’ 1099G. Alabama    #63-6000619   Alabama Department of Revenue, 50 Ripley Street, Mongomery, AL 36132-7410

1099-C Form 1099-C (Cancellation of Debt) is used to declare amounts of $600 or more that is forgiven or canceled by a lender or creditor, including the abandonment of secured property or a foreclosure. The amounts reported on the form may include principal, interest, fines, late fees, penalties, and administrative costs. This can include debt from

What is it? Section 179 of the U.S. internal revenue code is an immediate expense deduction that business owners can take for purchases of depreciable business equipment instead of capitalizing and depreciating the asset over a period of time. This allows businesses to lower their current-year tax liability rather than capitalizing an asset and depreciating it over time in future tax