Hoffman & Associates

We made it through another tax season!! Thank you to all of our loyal customers!

If you found yourself owing more on your taxes this year than expected, I suggest using this Tax Withholding Estimator to help avoid a similar situation next year.

Tax Withholding Estimator | Internal Revenue Service Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.

https://legacyportal.countingworkspro.com/newsletters/style11/4862hoff/9545/

Newsletter - September 2022 Newsletter In this edition of our newsletter, we cover all of the new tax policy changes, spotlight some tax opportunities for Airbnb renters, highlight some life events and possible tax consequences, offer some budget tips for businesses during a slowdown, and much more. 

https://legacyportal.countingworkspro.com/newsletters/style11/4862hoff/8942/

Newsletter - March 2022 Newsletter This edition of our newsletter highlights the differences between a tax credit versus tax deduction, a warning for those with side hustles, education saving and taxes, business tips, the success story behind Wordle and much more.

https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program | Internal Revenue Service IR-2020-59, March 25, 2020 — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.

https://www.irs.gov/newsroom/irs-issues-warning-about-coronavirus-related-scams-watch-out-for-schemes-tied-to-economic-impact-payments

IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments | Internal Revenue Service IR-2020-64, April 2, 2020 — The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Economic impact payments: What you need to know | Internal Revenue Service IR-2020-61, March 30, 2020 — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Updated with new information for se...

Good Information for business owners

Understanding the Paycheck Protection Program - Economic Innovation Group A Lifeline for Small Businesses Included in the Phase III COVID-19 Relief Bill By John Lettieri and Catherine Lyons What is the Paycheck Protection Program? Title 1 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the Keeping American Workers Paid and Employed Act, which provides...

Helpful links regarding extensions on income taxes, payroll, and Sales tax payments

Franchise Tax Board(CA)
https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-3-state-postpones-tax-deadlines-until-july-15-due-to-the-covid-19-pandemic.html

IRS
https://www.irs.gov/coronavirus

Employment Development Department (EDD)
https://www.edd.ca.gov/about_edd/coronavirus-2019.htm

CA Department of Tax & Fee Administration(State Board)
https://www.cdtfa.ca.gov/services/covid19.htm

State Postpones Tax Deadlines Until July 15 Due to the COVID-19 Pandemic | FTB.ca.gov State Postpones Tax Deadlines Until July 15 Due to the COVID-19 Pandemic

To our valued clients,
Due to the COVID-19 threat, we think it is in the best interest of our staff and clients to suspend all foot traffic in our office until further notice. As you know, schools, churches and businesses are taking similar steps in order to decrease the risk of the spread. The experts have predicted that it "will get worse before it gets better" and that everyone should take precautions in order to mitigate the spread.

We will be in the office working and taking calls still if you need to reach us. We are asking all clients to email, fax or mail in their tax documentation at this time, this is our preferred method. If this is not possible then you may drop off your documents, we have a bin located outside of our front entrance. We will be in the office 9am-4pm, Monday-Friday to collect the items placed in the bin. We will see the items placed in the box, sanitize them and collect them when we are comfortable doing so. They will NOT be left outside for a long period of time.

***THE TAX DEADLINE TO FILE AND PAY YOUR INCOME TAXES HAS BEEN EXTENDED TO 07/15/2020***

We now have until July 15th to complete your tax return. We will be calling all clients who already have an appointment scheduled with Mike and determining the best way to proceed for each individual. Some options available are:

*Keep your already scheduled appointment time and have a phone conference with Mike. The tax docs can be emailed, faxed, mailed or dropped off(* please see above for our policy on drop offs) prior to scheduled call

*Cancel your appointment and send us your documentation. We will then call you with any questions or when the return has been completed.

*Cancel your existing appointment and reschedule for a later date before 7/1/20. At this time no one knows the exact date that the “Stay at home order” will be lifted, but we are hoping to continue our in person appointments as soon as we feel safe to do so.

When a return is complete we will call you and give you the option to make a payment over the phone and we can email you the signature pages along with a pdf copy of the returns. Hard copies can be mailed(at client’s expense) or picked up in our office once the “Stay at home order” has been lifted.

We appreciate your patience and understanding with us as we try to navigate this virus and continually changing recommendations and deadlines. Our primary goal is to keep everyone safe and healthy. We understand the inconvenience and concern this may cause for some of our clients but we feel that it is better to be conservative for the time being. We are praying that everyone stays safe and healthy.
Sincerely,
Mike Hoffman and staff

The 10/15 extension due date is approaching fast! If you haven’t made your appointment to complete your 2018 taxes, give us a call!!