Entries by lstaxservices_i8x1k2

Summer Time tax tip

Many clients grumble if they owe taxes at the end of the year.  Now is a good time to do a quick mid-year checkup to see if you are having enough taxes paid in through withholding or quarterly payments.  Here’s a link to an IRS publication that discusses the issue.  If you need assistance in […]

Scary IRS Notices

No one likes getting mail from the IRS. In recent balance due notices sent by the IRS they are including a paragraph that says at the top in BOLD letters. Denial or Revocation of United States passport.  In December of 2015 congress passed the FAST act which includes a provision allowing for the revocation of a […]

Former Congresswoman convicted of tax fraud

Corrine Brown, who had represented her district in Florida for nearly 25 years, has been convicted of tax fraud and other charges in connection with a “charity” allegedly set up to provide scholarships to underprivileged youth.  Out of more than 800,000 raised for the “charity”, one scholarship was awarded of $1,200.  Large amounts of the […]

Tax break for pet owners?

I can’t tell you how many times over the years I have been asked if veterinary costs are deductible for your pets.  Well, a bill has now been introduced in California that would give a tax credit of 50% of costs for vet bills for your pet cat or dog.  AB 942 was introduced last […]

Don’t believe everything you hear.

This morning I was listening to a home improvement show on the radio and they spent several minutes explaining various tax credits available for doing certain home improvement projects related to energy efficiency.  Just one problem.  All of those credits expired on December 31, 2016.  There is still a credit available for installing solar systems, […]

Trumps tax returns

It seems that there is a certain group of people obsessed with the idea of obtaining Donald Trumps tax returns.  This group seems to have been reanimated last week when Rep Bill Pascrell (D-N.J.) wrote a letter to the chairman of the House Ways and Means Committee requesting that they use their authority to request […]

Obama issues Giant pardon

The San Francisco Giants Hall of Fame slugger, Willie McCovey was pardoned by President Obama for his tax fraud conviction.  He was convicted in 1995 for failure to report income received for signing autographs etc. at sports memorabilia shows.  I have many fond memories from my childhood of “Stretch” McCovey crushing long home runs.

2017 Standard Mileage Rates…and other IRS stuff

IRS has announced that the standard rates for mileage for 2017 are 53.5 cents per mile for business use, 17 cents per mile for medical or moving expense, and 14 cents per mile for medical. In a separate announcement, they have stated they will begin processing 2016 tax returns on January 23, 2017. Many due […]