Tax Notes / Notas de Impuestos

By Josselyn P. EA May 23, 2026 This is general information regarding U.S. taxes based on current tax laws, 2026. It is important that you consult with your tax professional on your own personal tax situation.  Got IRS Notice CP23? And you are married filing jointly and you made all your estimated payments during the year on time.  It might  be a simple payment mismatch.  First verify that the IRS notice is legit. Check your IRS account, both the main taxpayer and spouse should first check their IRS account.  An IRS Notice CP23 is a notice the IRS sends  when there is a discrepancy between the estimated tax payments shown in the tax return filed and what they actually received. This is a common issue when estimated tax payments are made under the secondary taxpayer's SSN (the spouse listed on a joint return), the IRS may not automatically match them to the joint return. This is likely the reason why you received the CP23. The followings are other reasons why...

Por JP, EA septiembre 28, 2024 Preparing for next year’s taxes doesn’t have to be a last-minute scramble. By saving your bills, receipts, and supporting documents throughout the year, you can ensure that your tax return is accurate, maximize your deductions, and protect yourself in the event of an audit. Get organized now, and your future self will thank you come tax season! Key Documents to Save To be fully prepared for next year's taxes, ensure you are saving the following key documents: Income Statements: Pay stubs, 1099 forms, rental income records, and other income-related documentation. Receipts for Charitable Contributions: Donations to registered charities may be tax-deductible, but only with proof. Medical Bills and Receipts: Keep these for potential deductions on medical expenses if they surpass a percentage of your income. Home-Related Documents: Mortgage interest statements, property tax bills, and home improvement receipts can affect deductions and capital gains. E...

by JP, EA  September 28, 2024  As we approach the end of the year, it's important to start thinking ahead about your tax preparation for the upcoming filing season. One of the most critical steps in this process is organizing and saving all relevant bills, receipts, and supporting documents. This simple habit can save you time, reduce stress, and potentially increase your tax savings. Here’s why it’s so essential and how you can prepare effectively for next year’s taxes. Why You Need to Save Bills and Receipts Accurate Deductions Many tax deductions and credits depend on having proper documentation to back up your claims. For instance, medical expenses, charitable contributions, home office deductions, and business expenses require receipts and bills as proof. Without these, you may miss out on valuable deductions or face issues in case of an audit. Audit Protection In the event of an audit, the IRS will request proof for the income, deductions, and credits claimed on your ret...

By JP, EA written on April 14, 2024 Have you filed your tax returns? Your U.S Individual Income Tax Return and State Returns are due on April 15. Except for State of MA and ME they have until April 17. Don't forget to file your tax returns or your extensions for both Federal and State tax returns. This year if you live in AZ, CA, FL, MA, NV, NH, NY, SD, TN, TX, WA, WY and you have simple return you can file your federal tax return directly with the IRS for free through the direct file pilot. Here is the link: https://www.irs.gov/about-irs/strategic-plan/irs-direct-file-pilot What does simple return mean? The direct file pilot program support returns with any of the following items: wages reported on W-2, social security income, unemployment compensation and if you have $1,500 or less in interest income to report. If you have other items to report you may not be able to file through the free direct file pilot program. If you don't have all the information or you don't ha...

  Non-residents and US Tax By JP, EA from March 2, 2024 This is general information regarding non-US residents and U.S. taxes based on current tax laws, 2024. It is important that you consult with your tax professional on your own personal tax situation.  A nonresident for tax purposes is someone who: Is not a U.S Citizen, Is not a Green Card Holder Does not meet the substantial presence test.   There are certain visas that may exempt individuals from the substantial presence test as long as they meet certain requirements, for example J-1 and F-1 visas. These individuals are considered exempt individuals for counting the US days for the substantial presence test, but are not exempt from US tax. It is important to note that Form 8843 , Statement for Exempt Individuals and Individuals with a Medical Condition may be required to be filed when filing Form 1040-NR.  If the immigration status changes while holding these types of visas, there could be US tax implications d...