With so many tax rules changes, you may find it very hard to do your taxes online or yourself. I would like to point out some of the free resources available to help you with your taxes.
Let’s start with California Tax Service Center, which has forms and information on important dates, credits & deductions, payment options and how to file your taxes online. The center is sponsored by the California Fed State Partnership, which includes the Board of Equalization, Employment Development Department, Franchise Tax Board, and Internal Revenue Service.
You can also find similar information on our website by visiting sanjivcpa.com.
I have also notice that many people are concerned about 1099 they are receiving for mortgage forgiveness. Similarly, low-income folks are curious to know about the earned income tax credit.
Here is an easy way for you to see if you qualify for these benefits.
- Mortgage Forgiveness Debt Relief. Under Senate Bill 401, a law authored by Senator Wolk in 2010, taxpayers can exclude up to $500,000 in income from mortgage debt forgiveness resulting from a short sale or loan modification on a recourse loan. SB 401 applies retroactively to the 2009 tax year and through 2012.
- The Earned Income Tax Credit (EITC) is a refundable federal income tax credit that helps low to moderate-income working individuals and families keep more of what they earn. Those earning under $49,078 should see if they qualify for an EITC refund by going online to http://www.irs.gov/eitc, or by contacting a local volunteer assistance site.
The Office of Sanjiv Gupta can also answer your questions regarding your personal situation. Feel free to give us a call at 510-825-7563. We are the only month and a half away from tax time and appointments are filling fast. Get your appointment set up today.