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Two Convenient Locations:
San Diego Office: (619) 283-7113
Julian Office: (760) 765-0343
Click links to access individual blogs
• Seven Tips For Financial Wellness In 2021Page: 1 2 3 4
• PPP Loan Expenses Are Now Tax Deductible
• Deductibility of Business Meals Provided by Restaurants in 2021 and 2022
• Ideas For Better Savings Rates
• Retirement Savings Tips for Small Business Owners
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• How to Eliminate a Tax Surprise
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• How Stay-at-Home Orders Change Money Habits
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• PPP borrowers get concessions, additional guidance on forgiveness
• The IRS clarifies the deductibility of PPP-funded expenses
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• Beware of Scams Tied to COVID-19 Economic Impact Payments
• Answers to Common COVID-19 Unemployment Questions
• CARES Act provides COVID-19 pandemic relief to businesses
• The IRS announces new COVID-19-related assistance for taxpayers
• 3 Major Charity Scam Red FlagsPage: 1 2 3 4
• 2020 Social Security Benefits
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• What Employers Need to Know About Assembly Bill 5
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• 7 Common Missing Tax Return Items
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• School yourself on the student loan interest deduction
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• Last-Second Money-Saving Tax MovesPage: 1 2 3 4
• Retirement Contributions Get a Boost in 2019
• 5 Estate Planning Myths
• Disaster Preparedness Tips for Taxpayers and Businesses
• Five Tax Breaks for New Parents
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• How to handle a gap in health care coverage
• Update on the Tax Cuts and Jobs Act
• When an extension makes sense
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• New FASB Standards for Nonprofit Accounting
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• IRS Urges Travelers Requiring Passports to Pay Their Back Taxes
• Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency
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• How to cut taxes under the new tax act
• FBI Warns of Online Dating ScamsPage: 1 2 3 4
• IRS issues 2018 standard mileage rates
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Plan For Taxes Too
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• Ready To Start Year-End Planning?
Focus On The Big Picture.
• Know When To Sell
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• Scams Against the Elderly:
Know the Danger Signs
• Tax Benefits of Corporate Retirement
• Maneuvering the Corporate
Retirement Plan Maze
• Documenting your Business Travel and
• Maximizing your Travel and
• Deducting Business Meals and
• Do Yourself a Favor by Filing
• Do I Need A CPA?
• How to Save Money on Your Tax
• What To Do If You Can't Pay
• What To Do If You Haven't Filed
7 Common Missing Tax Return Items
Want your tax return filed quickly and without error? Then double-check this list of items that are often overlooked. These missing items often cause delays in getting your tax return filed:• Forms W-2 and 1099. Using last year's tax return as a checklist, make sure all your W-2s and 1099s are received and applied to your tax return. Missing items will be caught by the IRS mismatch program. All these forms are required to be in the mail to you on or before Jan. 31. If you are missing a form, contact the company responsible for issuing them.
• Form 1095-A. If you have health insurance through the Health Insurance Marketplace, you will need this form to complete your taxes and potentially claim the Premium Tax Credit. The deadline for employers to distribute other versions of Form 1095 is March 4.
• Dependent information. If you add a new dependent in 2018, provide the name, Social Security number and birth date to have them added to your tax return. If you have a dependent that shares time with someone else, discuss the plan for who is going to claim them. Your tax return cannot be filed if there is conflict in this area.
• Cost/basis information. If you sold any assets (typically investments or real estate), you need to know the cost/basis amount to calculate your taxable capital gain. Check your investment statements to ensure that your broker includes the required information. Often times it's hard to find on the Form 1099-B summary, but it might be listed later in the statement details.
• Schedule K-1s. As an owner of a partnership or S-corporation, you will need to receive a Form K-1 that reports your share of the profit or loss from the business activity. Because of the new qualified business income deduction (QBID), businesses are required to report more information this year. When you receive your K-1, pay special attention to box 17 (codes V through Z) for S-corporations and box 20 (codes Z through AD) for partnerships. This is where QBID information is included. Without this, you cannot file your tax return.
• Forms or documents with no explanation. If you receive a tax form, but have no explanation for the form, questions will arise. For instance, if you receive a retirement account distribution form it may be deemed income. If it is part of a qualified rollover, no tax is due. An explanation is required to file your information correctly.
• Missing signatures. Both you and your spouse need to review and sign the e-file approval forms before the tax return can be filed. The sooner you review and approve your tax return, the sooner it can be filed.
By knowing these commonly missed pieces of information, hopefully your tax filing experience will be a smooth one.
Mailing Address: P.O. Box 1934, Julian, CA 92036
Julian Office: 2902 Washington Street, Julian, CA 92036 (760) 765-0343 (760) 765-0150 Fax
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Correspondence: P.O. Box 1934, Julian, CA 92036 E-mail: rebecca(at)luersdyercpa.com jan(at)luersdyercpa.com
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