Landmark Tax Group - December 2019

Landmark Tax Group - December 2019

Landmark Ledger 4 Actions Taxpayers Can Take Before April

(949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

December 2019

Wintertime and the holidays are hectic for all of us — between getting

as much as you can with your return, as this will help reduce any penalties or interest you incur. Thankfully, the IRS has options for taxpayers who cannot pay their taxes in full, such as payment plans or a financial hardship determination.

family gifts and hosting all the holiday parties. However, one thing you need to keep track of is your finances, particularly your taxes, during this chaotic time. Over the years that we’ve been helping taxpayers across the country, our team has seen several different preventive measures clients take to avoid the IRS. If you feel you’ve fell behind on your taxes this year or something else is awry with your IRS account, here are some things you can do before the April tax deadline is upon you. You need to start gathering all tax-related documents as soon as possible. You should have W-2s, 1099s, K-1s, and any other tax documents sent to your tax preparer right away to start the preparation process and give them time to focus on your tax return. The sooner you send in all your tax-related documents, the sooner you will find out if you will owe the IRS. Don’t Procrastinate

File an Extension

Filing for an extension acts as a backup just in case something comes up and the return cannot be filed on time. With only one extension, you would be able to file as late as Oct. 15. It’s essential to keep in mind that the extension allows you to file later, not pay later, as taxes are still due by April 15.

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Get Professional Help

If you feel your tax situation is complicated or has changed in any way, don’t hesitate to contact a licensed tax preparer. Self-employed taxpayers, independent contractors, homeowners, and gig workers should consider utilizing a licensed tax preparer to ensure there are no filing errors or complications with the IRS. You will also have an opportunity to ask these professionals several questions in order to start planning for the year ahead. If you have any questions or concerns about your taxes or you need immediate help with a back tax issue, reach out anytime. You can call us at (949) 260-4770 or visit our website at LandmarkTaxGroup.com .

Don’t Panic

Entrepreneur, Inc

If your tax preparer looks over your documents and finds that you do owe the IRS, it’s essential to remain calm. Pay

“If you feel your tax situation is complicated or has changed in any way, don’t hesitate to contact a licensed tax preparer.”

–Michael Raanan, MBA, EA, Former IRS Agent

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More Than Just ‘You’ll Shoot Your Eye Out!’

Lessons Families Can Learn From ‘A Christmas Story’

In 1983, one movie introduced Red Ryder BB guns, fishnet-clad leg lamps, and bright red bars of soap into America’s everlasting Christmas mythos. Now, over 35 years later, “A Christmas Story” continues to delight audiences every holiday season with timeless lessons for viewers of all ages. In a story where kids are clever and kind, and parents are bumbling and wise, “A Christmas Story” has more lessons to offer families than just, “You’ll shoot your eye out!”

can always be there to remind children about what’s really important during the Christmas season.

Sometimes ‘disasters’ lead to new adventures.

Christmas Day can be hectic, and, in the hubbub of it all, sometimes disaster

Your kids are listening to you (oh, fudge!).

can feel inevitable. Ralphie’s parents certainly experience their fair share of disaster in hilarious fashion when the Bumpus Hounds destroy their holiday turkey and leave nothing but the heavenly aroma. But, when Ralphie’s father takes them out to eat at a local Chinese restaurant, it creates a whole new Christmas tradition for the Parker family. Our holiday mishaps, no matter how tragic, are rarely the end of the world.

They aren’t always obedient, but that doesn’t mean they’re not listening. After Ralphie lets slip the “queen mother of dirty words” in front of his father, the narrator reminisces about first hearing that word from his old man — possibly when he was trying to get their furnace to work. He doesn’t admit this to his mother, but it’s a lesson for parents everywhere that kids may hear more than they let on.

Kids won’t believe in magic forever.

Magical stories about Santa or even “Little Orphan Annie’s” Secret Society fill children’s hearts with wonder but won’t enchant them forever. Belief in certain parts of the Christmas season can fade slowly or die as quickly as the spin of a decoder pin, but parents

Consider one final tip: Do not stick your tongue to any flagpoles this winter! Happy holidays!

A How-To on Home Office Deduction

As entrepreneurs, we need to find every way we can save money, and a home office deduction will do just that. However, there are several exceptions and requirements for this that you need to know.

include costs like utilities, insurance, and depreciation of your home. If you carry these expenses forward, they will offset your future profits and will still be subject to the same limitation rules. If you determine the home office deduction applies to you, there are two ways to claim it: the regular process and the simplified process. The regular process requires taking those home office expenses listed and dividing them between personal and business use. To do this, file form 1040, Schedule C, and determine the deduction on Form 8829. The simplified method reduces the paperwork and record keeping for small businesses. For this method, the set rate is capped at $1,500 per year based on $5 per square foot for up to 300 square feet, regardless of property value. There are special rules for certain businesses, including day care businesses, self-employed individuals, and farmers. If you have any questions or concerns, contact us at (949) 260-4770 or visit our website, LandmarkTaxGroup.com .

If you’re meeting with clients at your home office to provide your product or service, you may qualify. Even if

the office is not physically attached to the house, you can consider it a home office as long as it’s on your property and is a central facet of your business. If your home office qualifies, several home expenses may be deductible because you’re using the area for business purposes. Some of these expenses include real estate taxes, mortgage interest, rent, casualty losses, repairs, and maintenance.

Although certain expenses are limited to the income of the business, these are commonly referred to as allocated expenses. These would

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Research Before You Hire

Essential Questions for a Tax Relief Firm

When dealing with the IRS in any capacity, you want to make sure you’re getting the most up-to-date tax advice. But before hiring any tax resolution business, you need to make sure they’re the right firm for the job. To do this, ask them these essential questions. Are you licensed/legally able to provide me with accurate tax advice? Many tax relief firms hire unlicensed staff to handle their clients, which comes as a surprise to many people. These individuals don’t have the training or license to give clients legitimate tax advice on IRS-related issues. Plenty of agencies will hire nonprofessionals to handle their sales and office work. So, when you’re talking with a tax firm representative, always ask them if you’re speaking with an enrolled agent, CPA, or tax attorney. These are the only three individuals authorized to represent taxpayers in front of the IRS. You also want to make sure you’re

speaking with the actual representative handling your case, should you decide to use the firm.

How much experience do you have in IRS tax resolution negotiations? Credentials don’t mean anything if the representative doesn’t have experience in handling IRS back tax cases. A seasoned, licensed professional will be able to answer all your questions and walk you through the entire process. In addition to experience, the company should specialize and dedicate 100% of its services to IRS tax relief work instead of tax preparation, bookkeeping, or payroll. Do you have any client testimonials or reviews? Always ask for testimonials or reviews. When letting anyone represent you, you need to do your due diligence. Typically, the firm will have testimonials readily available on its website. But you shouldn’t stop there; look into resources like Yelp or Google Reviews and consider the testimonials that aren’t so great. You’ll be able to come to a consensus of how capable the company is. If you have any questions or concerns regarding your IRS situation, contact us immediately for your free, no-obligation consultation. You can reach us at (949) 260-4770 or [email protected] .

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Inside This Issue How Taxpayers Can Stay Ahead of the IRS Curve 1 Lessons Families Can Learn From ‘A Christmas Story’ Why and How You Can Deduct Your Home Office 2 What to Ask a Tax Relief Firm Before Requesting Services 3

Sudoku Answer Key

Yurts: Glamping at Its Finest 4

Yurt Sweet Yurt The allure of the great outdoors calls to many, but pitching a tent and cooking over a fire isn’t for everyone. If that describes you, consider the yurt: a small, permanent structure often outfitted with electricity, plumbing, and other modern amenities. Expertly nestled in remote locations, they provide comforts of home in the midst of nature. Here are just a few around the United States available for rent. Treebones Resort, California For those new to the glamping scene, this is a great choice for an easy transition. With picturesque views of the Pacific Ocean, the Treebones Resort in Big Sur has an array of spaciously comfortable yurts to choose from. The resort has heated pools, a cozy lodge, and even a sushi bar. About an hour up the coastline, you can find a few shops, restaurants, and art galleries if you decide you’ve gotten your dose of nature for the day. Spruce Hole Yurt, Colorado Nestled in the San Juan Mountains about 10 miles north of New Mexico, this yurt is a snow-lover’s paradise. Skiing, snowshoeing, and

Glamping in Beautiful Locations

hiking trails are plentiful in this backcountry location. At the end of a chilly day, come home to comfy beds, cooking supplies, and decor made to feel like you’re camping — but with sturdy walls to keep out the cold.

Falls Brook Yurts, New York For the glampers who truly want to get

away, hike just under 1 mile into the woods of the Adirondack Mountains to discover rustic yurts beckoning you to cook over a fire or bundle up with a book. At night, the yurt’s domed skylight offers excellent stargazing. For those keen on winter activities, skiing and snowshoeing trails start right outside the front door. In the summer, enjoy hiking, fishing, and swimming.

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