Tax Essentials for Freelancers and Working From Home: What You Need to Know
Being self-employed means managing your own business and taxes, which can be a bit challenging but very rewarding. This article simplifies what you need to know about your tax responsibilities and how to file them, ensuring you stay compliant and potentially save money. Understanding Self-Employment Tax Self-employed individuals must pay self-employment tax in addition to […]
Bunching Charitable Tax Deduction
Individuals who previously received a tax benefit by itemizing deductions no longer do, because taking the standard deduction is more advantageous.
Major Tax Deductions for Ridesharing Drivers
Los Angeles is a city where hard-working ride-sharing drivers are the norm. Driving for a rideshare company makes you an independent contractor and will qualify you as self-employed. Keep in mind that in the eyes of the IRS, you are a business owner and you’ll need to file these important forms with your taxes. We […]
What is the Cost of Tax Preparation?
Consulting a Tax preparation professional is key essential in filing your taxes the right way. The primary reason you need a tax preparer is to file your returns accurately and on time.
Common Tax Breaks That You Can Take Advantage
Here’s a list of common tax break savings that you can take advantage of.
Are You Taking Advantage of Tax-saving Strategies for 2019?
Maximize your tax benefits. From deductions to credits, let Local Tax walk you through the process and save time and money in the long run.
The Most Common Reasons Tax Returns Get Audited
“Only about 1% of taxpayers are audited. What triggers an audit is generally something on the tax return that’s out of the ordinary,” he says. “For example, if you have a side business and file a Schedule C, the IRS will flag large losses, particularly if they offset other income. The IRS is looking to […]
Did You Know You Can Increase Your Retirement Contributions for 2019?
The IRS adjusted its contribution limit to your retirement account. You’ll be able to avail of the additional tax savings when you file your taxes in 2020. Generous employers can give you extra towards your retirement account. We summarized the changes with a table that you can use as a guide. Most of the tax […]
You Still Have Time, Beat the Tax Extension Deadline!
Even if it’s a holiday, Local Tax has normal office hours. If you have any concerns or questions about your returns, call us today! You can also drop by our office in Bellflower for more detailed assistance with your returns. We are here until 5 PM and can help with your inquiries in both English […]
Income Tax Extension Deadline October 2019, Are You Ready?
The federal tax extension deadline is on Oct. 15.