The Internal Revenue Service (IRS) has updated the rules for electric vehicle (EV) tax credits as of January 1, 2024, presenting a mix of limitations and benefits for consumers. Decreased Eligibility but Immediate Benefits The primary change is the reduction […]
Individuals who previously received a tax benefit by itemizing deductions no longer do, because taking the standard deduction is more advantageous.
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 […]
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.
Here’s a list of common tax break savings that you can take advantage of.
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.
“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 […]
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 […]
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. […]
The federal tax extension deadline is on Oct. 15.