2021 Tax Season could get Ugly. File Early & Electronically.

Posted on January 15, 2021Categories Articles

News Article Jan 8, 2021: Filing Taxes Early – Washington Post The surging pandemic. Confusion over who gets a stimulus payment. An overwhelmed IRS workforce still trying to catch up with last year’s delayed tax season. This is not the year to procrastinate. File your federal and state tax return early — and electronically. Tax season can be frustrating under normal circumstances, especially if you’re trying to reach an IRS representative on the phone. But this year may prove to be an extreme … Continue reading “2021 Tax Season could get Ugly. File Early & Electronically.”

Happy New Year 2021

Posted on January 1, 2021January 13, 2021Categories Articles

Even though 2020 was a challenging time for all of us, it was also a learning experience to appreciate and value our family and friends as well. Dante Tax Service wishes that the New Year will bring us new happiness and joy. Despite the ups-and-downs, here is a list of things that Dante Tax was able to accomplish throughout this hectic year: Moved from Oxnard to our new office in Camarillo after +30 years! Address: 1203 Flynn Rd Suite 130, Camarillo, CA 93012 Following … Continue reading “Happy New Year 2021”

Home Office Deductions

Posted on October 9, 2020December 10, 2020Categories Articles, Tax Tips

IRS reminds taxpayers of the home office deduction rules during Small Business Week   IR-2020-220, September 23, 2020 WASHINGTON — During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and … Continue reading “Home Office Deductions”

Child Tax Credit 2020

Posted on October 9, 2020December 8, 2020Categories Articles, Tax Tips

CHILD TAX CREDIT IRS Tax Tip 2020-28, March 2, 2020 Taxpayers may be able to claim the child tax credit if they have a qualifying child under the age of 17. Part of this credit can be refundable, so it may give a taxpayer a refund even if they don’t owe any tax. The taxpayer’s qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions. A dependent who … Continue reading “Child Tax Credit 2020”

Tax Reform Provisions that Affect Individuals

Posted on October 8, 2020December 8, 2020Categories Articles

Tax Reform Provisions that Affect Individuals Standard Deduction Amount Increased Filing status 2020 tax year Single $12,400 Married, filing jointly $24,800 Married, filing separately $12,400 Head of household $18,650 Insurance Penalty The penalty for not having health insurance no longer applies for 2020 federal tax returns. However, some states have their own individual health insurance mandate, requiring you to have qualifying health coverage or pay a penalty with your state tax return. California has a new state individual health care … Continue reading “Tax Reform Provisions that Affect Individuals”

Qualifying Children Claimed

Posted on October 8, 2020December 8, 2020Categories Articles

Qualifying Children Claimed If filing Zero One Two Three Single, Head of Household, or Widowed $15,820 $41,756 $47,440 $50,954 Married Filing Jointly $21,710 $47,646 $53,330 $56,844 Investment Income Limit Investment income must be $3,650 or less for the year. Maximum Credit Amounts The maximum amount of credit for Tax Year 2020 is: $6,660 with three or more qualifying children $5,920 with two qualifying children $3,584 with one qualifying child $538 with no qualifying children.

FTB – Personal Health Care Mandate

Posted on October 8, 2020December 8, 2020Categories Articles

Beginning January 1, 2020, California residents must either: Have qualifying health insurance coverage Obtain an exemption from the requirement to have coverage Pay a penalty when they file their state tax return You will begin reporting your health care coverage on your 2020 tax return, which you will file in the spring of 2021. Make sure you have health care coverage To avoid a penalty, you will need minimum essential coverage (MEC) for each month beginning on January 1, 2020 … Continue reading “FTB – Personal Health Care Mandate”

IRS Releases draft of new simplified new form 1040-SR for Seniors for the 2020 Tax Season

Posted on October 1, 2019December 6, 2019Categories Articles

If you are 65 or older (or turn 65 any time in 2019), you will have the option to use a new simple tax form for seniors, known as the 1040SR, when you file your 2019 taxes in April 2020. The IRS has released a draft of the new simplified tax individual income tax form, Form 1040-SR. The draft of the Form 1040-SR is two pages long. It allows seniors of any filing status to use the form. It also allows senior … Continue reading “IRS Releases draft of new simplified new form 1040-SR for Seniors for the 2020 Tax Season”

2019 Earned Income Credit

Posted on September 30, 2019December 6, 2019Categories Articles

2019 EITC Income Limits, Maximum Credit Amounts and Tax Law Updates Earned Income and AGI Limits The tax year 2019 Earned income and adjusted gross income (AGI) must each be less than: If filing… Qualifying Children Claimed Zero One Two Three or more Single, Head of Household or Widowed $15,570 $41,094 $46,703 $50,162 Married Filing Jointly $21,370 $46,884 $52,493 $55,952 Investment Income Limit Investment income must be $3,600 or less for the year. Maximum Credit Amounts The maximum amount of … Continue reading “2019 Earned Income Credit”

2019 IRS Tax Changes

Posted on September 20, 2019December 6, 2019Categories Articles

Tax Reform Provisions that Affect Individuals Standard Deduction Amount Increased For 2019, those who are married and filing jointly will have a standard deduction of $24,400. Single taxpayers and those who are married, and file separately now have a $12,200 standard deduction. For heads of households, the deduction will be $18,350 Insurance Penalty The penalty for not having health insurance no longer applies for 2019 federal tax returns. However, some states have their own individual health insurance mandate, requiring you … Continue reading “2019 IRS Tax Changes”