Name: Gross Prophets Tax & Representation Services
Address: Whitethorn, California 05589, US
Telephone: (707) 986-7020

Gross Prophets Tax & Representation Services is an accounting, located at Whitethorn, California 05589. They can be contacted via phone at (707) 986-7020, visit their website www.grossprophets.net for more detailed information.

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Whitethorn, California 05589

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Anynomous

30 July 2019

Who Must Pay Estimated Tax - Did You Know?
The IRS states that federal taxes must be paid on a "pay as you go" basis, not just at the end of the tax year. This means that if you receive significant income that is not subject to withholding, it is likely necessary for you to make estimated tax payments throughout the year. In addition to those who officially classify themselves as self-employed, many people who participate in the "gig" and/or "sharing" economy must also make t...hese payments.
For example, if you drive for a rideshare service, rent out a spare room to travelers, or work for a few hours a week as a freelance dog walker, your income from those activities may be taxable. Because you don't have an employer who withholds tax from paychecks, you must essentially handle the withholding yourself by making an estimated tax payment each quarter.
However, if you receive both employee income subject to withholding and additional, "side gig" income, you may be able to avoid making estimated tax payments by increasing the amount withheld from your regular paychecks. A qualified tax advisor can help you determine how much tax you are likely to owe, and whether it is more advantageous to adjust your withholding or make estimated payments.
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Anynomous

25 July 2019

Standard Mileage vs. Actual Vehicle Expense Deduction – Did You Know?
If you use your car, van or truck for business purposes, you may be able to claim a vehicle expense deduction on your tax return. You may either use the standard mileage rate or report the actual expenses associated with business uses of the vehicle. Actual expenses include gas, repairs, insurance and depreciation. Each expense must be prorated based on how much you use the vehicle for business rather than ...personal purposes, so extensive record keeping is required.
Claiming the standard mileage rate, on the other hand, requires only tracking the number of miles you drive for business purposes throughout the year. Simply multiply your yearly mileage total by the standard rate, which will be 58 cents per mile for 2019.
As a broad rule, the standard rate may yield a larger deduction for fuel-efficient and older vehicles, whereas deducting actual expenses may be advantageous for many newer vehicles. However, in order to be able to choose the method that gives you the largest possible deduction each year, you must use the standard rate for the first year that the vehicle is used for business.
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Anynomous

17 July 2019

IRS Private Debt Collectors - Did You Know?
The IRS may assign certain cases of overdue debts to private debt collectors, but only after giving written notice. Any payment to the private debt collectors should only be made payable to the U.S Treasury.
There are currently only four contractors authorized for collection: CBE Group of Cedar Falls, Iowa; Conserve of Fairport, N.Y.; Performant of Livermore, Calif.; and Pioneer of Horseheads, N.Y.
Anynomous

12 July 2019

Qualified Business Income Deduction – Did You Know?
The Tax Cuts and Jobs Act (TCJA) created a new deduction for many taxpayers with business income. The Qualified Business Income (QBI) deduction applies to income derived from “pass-through entities”—businesses whose earnings are reported on individual owners' tax returns rather than corporate returns. If you are a sole proprietor, partner, LLC owner, or shareholder in an S corporation, you may be eligible to claim the deduction.
If you qualify, you may be able to deduct a portion of your business earnings from your adjusted gross income (AGI) on your tax forms. Because the QBI deduction reduces your taxable income, it may result in significant tax savings.
Anynomous

04 July 2019

Student Loan Interest Deduction – Did You Know?
If you have student loans, you may be able to deduct up to $2,500 per year in loan interest on your federal tax forms. Because this deduction is classified as an adjustment to your gross income, you do NOT have to itemize deductions in order to claim it.
For any loan on which you paid $600 or more in interest during the year, you should receive a Form 1098-E from the loan issuer to help you prepare your federal return.
...
The student loan interest deduction is phased out for individual taxpayers with a modified adjusted gross income above $65,000 (or $135,000 for joint filers). Additional IRS rules may affect whether your loans qualify for the deduction.
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Anynomous

27 June 2019

Home Energy Tax Credits – Did You Know?
If you purchased alternative energy equipment for your home in 2018, you may be eligible for a tax credit of up to 30% of the cost of materials and installation. Qualifying equipment may include solar water heaters, solar panels, and fuel cell systems. If you end up owing no tax for 2018, you may be able to carry any surplus energy tax credit over to future years.
Under current laws, credits for home renewable energy equipment may be reduced after 2019 and will expire completely in 2021.
Anynomous

18 June 2019

Summer Jobs - Did You Know?
If you're starting a summer job or know a teen or student who is, here is a useful tax-saving tip:
Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.
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However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions.
In the case of lawn care, potential deductible expenses may include: business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc.
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Anynomous

11 June 2019

Quarterly Estimated Tax Payments - Reminder
If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 - May 31 quarter of the year is June 15th.
For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.
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If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.
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Anynomous

06 June 2019

Overseas Tax Filing Extension Deadline - Reminder
If you are a U.S Citizen or Green Card Holder living abroad or in active military service and have not filed your taxes yet, the deadline is coming up on June 17th, 2019.
The extension is for the date to file, not to pay. Any interest on the taxes owed will be calculated from the regular due date of the return, April 15th, 2019.
Anynomous

30 May 2019

National 529 College Savings Day - Did You Know?
If you put money in a 529 account for education, withdrawal of earnings are tax-free if used for qualified educational expenses. Qualified educational expenses include tuition, fees, housing, meals and books. Many states offer a full or partial tax deduction for 529 plan contributions. They may also offer incentives and promotions to encourage families to open and contribute to 529 accounts today for National 529 College Savings Day.
The 2017 Tax Cuts and Jobs Act (TCJA) also expanded eligibility for 529 savings plans. Up to $10,000 per year can now be used for Kindergarten through Grade 12 education (public, private, or religious schools). This was previously limited to post-secondary education only.
Anynomous

25 May 2019

Charitable Donations of Property – Did You Know?
If you choose to itemize, donating furniture, vehicles, or other property to IRS-approved charitable organizations allows you to improve the lives of others while reducing clutter in your own, all while gaining a valuable tax deduction. In many cases, the allowed deduction is equal to the fair market value of the property you donate. However, for property that appreciates in value, such as artwork or musical instruments, specia...l rules govern the allowable deduction amount.
The size of your deduction may also be affected by your adjusted gross income (AGI) and whether you made monetary charitable donations during the same tax year. Deductions of $250 or more require a written acknowledgement from the receiving organization, and those of over $500 require additional documentation. Any deduction for a donation of property valued at over $5,000 requires a certified appraisal.
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Anynomous

21 May 2019

Home Equity Loan Interest Deduction – Did You Know?
The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the deduction for interest on most home equity loans. However, you may still be able to deduct some or all of the interest you paid on a home equity loan if you used loan funds to build, expand, or substantially improve your home.
Examples of potentially qualifying projects include building a carriage house or three-season porch, expanding your garage, or replacing your roof.
Anynomous

11 May 2019

Education Benefits - Did You Know?
The 2017 Tax Cuts and Jobs Act has expanded eligibility for Section 529 savings plans. Up to $10,000 per year can now be used for Kindergarten through Grade 12 education (public, private, or religious schools).
This was previously limited to post-secondary education only.
Anynomous

27 April 2019

Reduce Fees & Penalties - Did you know?
You should still file your taxes, even if you can't pay.
In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty. So if you can't pay in full, you should file your tax return and pay as much as you can.
Anynomous

20 April 2019

Federal Tax Extensions - Did You Know?
If you file for an extension on your federal income tax return, you don't have to file your taxes until Oct 15th, 2019 but you still had to pay any taxes due by April 15th, 2019 to avoid penalty and interest charges.
Anynomous

11 April 2019

Unclaimed Refunds - Did You Know?
The IRS has issued a reminder that time is running out for those that didn't file a 2015 federal tax return. There are currently unclaimed refunds that total more than $1.4 billion, and the 2015 returns must be filed by April 15, 2019. Residents of Maine and Massachusetts have until April 17.
No penalty will be charged for filing a late return for those receiving refunds and there is a limited three year window to claim a refund. If unclaimed..., the money becomes the property of the U.S. Treasury.
April 15th is also the Tax Day deadline for 2018 taxes.
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Anynomous

09 April 2019

Quarterly Estimated Tax Payments - Reminder
If you are making quarterly estimated tax payments to the IRS, the due date for the January 1 - March 31 quarter of the year is April 15th.
For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.
...
If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.
April 15th is also the Tax Day deadline for 2018 taxes.
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Anynomous

05 April 2019

Quarterly Estimated Tax Payments - Reminder
If you are making quarterly estimated tax payments to the IRS, the due date for the January 1 - March 31 quarter of the year is April 15th.
For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.
...
If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.
See More