TLK TAX SERVICES

2024 tax filing season set for January 29, 2024.

April 15 tax filing deadline for most taxpayers.

https://www.irs.gov/newsroom/2024-tax-filing-season-set-for-january-29-irs-continues-to-make-improvements-to-help-taxpayers #:~:text=WASHINGTON%20—%20The%20Internal%20Revenue%20Service,and%20processing%202023%20tax%20returns.

IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile

IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023 | Internal Revenue Service IR-2023-239, Dec. 14, 2023 — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

2024 minimum wage san jose

https://sbshrs.adpinfo.com/blog/your-guide-to-2024-minimum-wages

https://www.laborlawcenter.com/state-minimum-wage-rates

Credits for new clean vehicles purchased in 2023 or after

https://www.fueleconomy.gov/feg/tax2023.shtml

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

Tax Incentives Find out how you can save money through Federal tax incentives on your purchase of a new plug-in hybrid or electric vehicle!

2023 capital gains tax rate for long and short term

2023 Earned Income Tax and Child tax credit

The 2023 child tax credit is worth up to $2,000 per qualifying dependent under the age of 17.

The credit amount decreases if your modified adjusted gross income exceeds $400,000 (married filing jointly) or $200,000 (all other filers).

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/earned-income-and-earned-income-tax-credit-eitc-tables

https://turbotax.intuit.com/tax-tips/family/7-requirements-for-the-child-tax-credit/L3wpfbpwQ

2023 Tax Bracket.

Please check your 2019-2021 tax return if you file Schedule C.

If you receive 1099 Nec or self employed. Ex. uber, doordash or business owner you might qualify for this credit

https://youtu.be/piYyoRP9Ils

https://youtu.be/flwZpqmV_Lc

https://youtu.be/Pj4ogYQ363w

https://youtu.be/uEqi7IKk5NE

https://turbotax.intuit.com/tax-tips/self-employment-taxes/stimulus-self-employed-tax-credits-and-social-security-tax-deferrals-covid/L0TzKT8JT

Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021: Specific Provisions Related to Self-Employed Individuals | Internal Revenue Service Specific Provisions Related to Self-Employed Individuals FAQs about Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021

IRS: May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia

FTB extends filing deadline for taxpayers impacted by 2022-23 winter storms to Oct. 16, 2023

https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2023-03-ftb-california-winter-storm-tax-relief-extension.html

https://www.irs.gov/newsroom/irs-may-15-tax-deadline-extended-to-oct-16-for-disaster-area-taxpayers-in-california-alabama-and-georgia

IRS: May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia | Internal Revenue Service IR-2023-33, Feb. 24, 2023 — Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline had bee...

IRS says California's Middle Class Tax Refund doesn't need to be reported as taxable

https://www.irs.gov/newsroom/irs-issues-guidance-on-state-tax-payments-to-help-taxpayers

IRS says California's Middle Class Tax Refund doesn't need to be reported as taxable The IRS issued guidance on Friday indicating that Californians will not have to pay federal taxes for the Middle Class Tax Refund.

For the 2022 tax year, the child tax credit is worth $2,000 per qualifying dependent child if your modified adjusted gross income is $400,000 or below (married filing jointly) or $200,000 or below (all other filers).

2022 Child Tax Credit: Requirements, How to Claim - NerdWallet The child tax credit is a tax benefit for people with qualifying children. Taxpayers may be eligible for a credit of up to $2,000, with $1,500 of that sum being potentially refundable.

2022 capital gains tax rate for long and short term

2022 earned income tax credit

2022 tax brackets and standard deduction

Second batch of California inflation relief checks. If you didn’t receive call 1800-240-0223 press 2 and enter the last 6 digits of your social security and zip code on tax return.

https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/index.html

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Second batch of California inflation relief checks go out Monday The second round of inflation relief payments – and the first round of debit card payments – will be mailed out starting Monday.

Qualified Plug-In Electric Drive Motor Vehicles.

https://www.fueleconomy.gov/feg/taxevb.shtml

https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-purchased-in-2022-and-before

IRC 30D New Qualified Plug-In Electric Drive Motor Vehicle Credit | Internal Revenue Service Review the IRS credit for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and light trucks, and a qualified vehicle index.

California inflation relief payments: here's when you'll get the money

Joint returns
AGI of $150,000 or less: $1,050 with dependent or $700 without
AGI $150,001 to $250,000: $750 with dependent or $500 without.
AGI of $250,001 to $500,000: $600 with dependent or $400 without.

Head of Household
AGI of $150,000 or less: $700 with dependent or $350 without.
AGI of $150,001 to $250,000: $500 with dependent or $250 without.
AGI of $250,001 to $500,000: $400 with dependent or $200 without.

Those who file single
AGI of $75,000 or less: $700 with dependent or $350 without.
AGI of $75,001 to $125,000: $500 with dependent or $250 without.
AGI of $125,001 to $250,000: $400 with dependent or $200 without

California announces when residents will get inflation relief checks Inflation has neared record highs in the last year. To help Californians deal with climbing prices, the state announced it will send eligible residents "inflation relief" tax refund payments.

Highlights of changes for 2022

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500. (The 50-and-over crowd is allowed an extra $6,500 as a “catch-up” contribution, for a total of $27,000). Limits on contributions to traditional and Roth IRAs remains unchanged at $6,000 (or $7,000 if you are 50 or older).

IRS announces changes to retirement plans for 2022 | Internal Revenue Service Tax Tip 2021-170, November 17, 2021

What the New $600 IRS Tax Law Means for Zelle, Venmo, Paypal Users

https://efirstbankblog.com/zelle-frequently-asked-questions/

https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs?gclid=Cj0KCQjw0umSBhDrARIsAH7FCocthT7Q6DbmISTa7DGh8EJ7RrpQAnherMwCIp7kutHb_1oBiOo7DIcaAn9rEALw_wcB

https://help.venmo.com/hc/en-us/articles/4407389460499-2022-Tax-FAQ

https://www.paypal.com/us/webapps/mpp/irs6050w

Does Zelle® report how much money I receive to the IRS? Zelle® does not report transactions made on the Zelle Network® to the IRS. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.

How to fill out the new W-4 form. Step 1 and step 5 are the most important. Check Single to withhold the most taxes.
https://www.irs.gov/pub/irs-pdf/fw4.pdf

https://m.youtube.com/watch?v=9CfsvxPE8A8

How to fill out a W4 Form How to fill out a W4 Form is a video covering the new tax form that determines how much taxes you should be withholding from your paycheck. We will walk you ...

Here are the stimulus checks and child tax credit amounts and dates

Please bring form 6149 when you come to do your tax - child tax credit from last year

https://www.irs.gov/individuals/understanding-your-letter-6419

https://www.cobizmag.com/a-guide-to-stimulus-checks-and-child-tax-credits/

If payment is lost or destroyed
Contact us about the Golden State Stimulus

Phone
800-852-5711
916-845-6500 (outside the U.S.)
Weekdays, 8 AM to 5 PM

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Sign into MyFTB to chat
Weekdays, 8 AM to 5 PM

Mail
Franchise Tax Board
PO Box 942840
Sacramento CA 94240-0040

Help with Golden State Stimulus | FTB.ca.gov Help with Golden State Stimulus

Golden State stimulus checks

Golden State Stimulus II program

When you should expect to receive the California stimulus check based on your ZIP code

000-044: 10/06/2021 through 10/27/2021
045-220: 10/18/2021 through 11/05/2021
221-375: 11/1/2021 through 11/19/2021
376-584: 11/15/2021 through 12/03/2021
585-719: 11/29/2021 through 12/17/2021
720-927: 12/13/2021 through 12/31/2021
928-999: 12/27/2021 through 1/11/2022

Those recipients who qualify include California residents who were living in the state for over half of the 2020 tax year and those who brought in $75,000 or less in 2020.

Beginning this Friday, November 12, around 34,000 direct deposit payments will be sent out, and by Monday, November 15, 750,000 of the California stimulus checks will arrive at the U.S. Postal Service. It is said from California's Franchise Tax Board that it could take the checks up to three weeks for people to receive them in their mailboxes.

Depending on the last three digits of the ZIP code on your 2020 tax return.

As part of the Golden State Stimulus II program, eligible recipients in California will receive a payment of $600 after Governor Gavin Newson signed into law a $100 billion budget back in July.

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How many stimulus checks have been issued?

The government has so far issued three rounds of stimulus checks.

The first "economic impact payment" was worth up to $1,200 and given to low-income households in 2020.

This was then followed with a second payment worth up to $600 in the beginning of 2021.

The Internal Revenue Service (IRS) has sent a third round of cash support, which is worth up to $1,400, to hundreds of millions of Americans.

In June 2021, the IRS said it sent out a total of 163.5million stimulus checks worth $390billion under the third round of federal stimulus.

However, some Americans might still be owed $1,400 checks.

In fact, millions of Americans might get federal stimulus payments during the tax season this year.

And you might be eligible for two reasons: your family welcomed a newborn to the world in 2021, or you’re living abroad.

In 2020, the IRS issued 162million stimulus checks.

More than 147million second-round stimulus checks have been issued, according to the IRS.

Fact Check: No, There Isn’t a $7K Stimulus

https://www.yahoo.com/video/fact-check-no-isn-t-230022174.html

How many stimulus checks were issued in 2021? HOUSEHOLDS have been given stimulus checks worth thousands of dollars during the coronavirus crisis. We explain all you need to know about the number of stimulus checks issued, and whether there ar…

Your Cryptocurrency Tax Guide

Your Cryptocurrency Tax Guide - TurboTax Tax Tips & Videos Is there a cryptocurrency tax? If you've invested in Bitcoin or another form of cryptocurrency, understand how the IRS taxes these types of investments and what constitutes a taxable event.

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience

https://www.irs.gov/newsroom/irs-issues-information-letters-to-advance-child-tax-credit-recipients-and-recipients-of-the-third-round-of-economic-impact-payments-taxpayers-should-hold-onto-letters-to-help-the-2022-filing-season

2021. Earned Income and Earned Income Tax Credit (EITC) Tables

Tax Refund 2022: You Could Miss Out on $6,728 by Not Claiming the Earned Income Tax Credit

https://finance.yahoo.com/news/tax-refund-2022-could-miss-204120800.html

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/earned-income-and-earned-income-tax-credit-eitc-tables

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline | Internal Revenue Service IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.