tax - Linkenheimer LLP CPAs & Advisors

Tax Deadline is Around the Corner, So Here’s Some Humor to Help You Through It…

So April 15th is just a few days away, and yes, we know the real deadline is the 18th, but we’re telling our clients it’s the 15th (we don’t want to get shoeboxes of receipts next Monday afternoon). To help ease the stress that sometimes is associated with this time of the year, it seems some humor might be appropriate. We hope you enjoy and remember, no dropping off boxes of receipts on the 18th; boxes of chocolate on the other hand… they will be accepted.

“Two things you need to know about taxes. They’ve extended the deadline to April 18, and when you write your check, just make it out to China.” –David Letterman

“Tax day is the day that ordinary Americans send their money to Washington, D.C., and wealthy Americans send their money to the Cayman Islands.” –Jimmy Kimmel

“Because of a holiday, the deadline for taxes is April 18, so you have three extra days to dig through restaurant dumpsters for receipts.” –Jimmy Kimmel

“Worried about an IRS audit? Avoid what’s called a red flag. That’s something the IRS always looks for. For example, say you have some money left in your bank account after […]

By Linkenheimer LLP|2020-09-03T20:05:13+00:00April 14th, 2016|accounting, Linkenheimer, tax, tax time|0 Comments

Challenging Tax Environment

Taxpayers and their advisers engaged in year-end tax planning for 2015 are challenged by the uncertain fate of “extender legislation.” In previous years, a number of “temporary” tax rules, i.e., those having a termination date specified in the Code, routinely were extended for one or two years, but this year, Congress has yet to act on a host of important provisions that expired at the end of 2014. Some or all of these expired provisions may be retroactively reinstated, thereby opening up some truly last minute year-end tax planning opportunities, but there’s no way of knowing if that will take place.
The tax breaks that expired at the end of 2014 include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the line- deduction for qualified higher education expenses; tax-free IRA distributions for charitable purposes by those age 70-1/2 or older and the exclusion for up-to-$2 million of mortgage debt forgiveness on a principal residence. For businesses, tax breaks that expired at the end of last year and may be retroactively reinstated and extended include: 50% bonus first year depreciation for most new machinery, equipment and software; the $500,000 annual expensing limitation; the […]

By Linkenheimer LLP|2020-09-03T20:05:20+00:00December 1st, 2015|tax|0 Comments

TOT (Transient Occupancy Tax: Hotel, Motel, Campground or Bed Tax) Program

Do you offer, or will you be offering, lodging in unincorporated Sonoma County for a fee? TOT applies to any structure, or any portion of any structure, which is occupied or intended or designed for occupancy by transients for dwelling, lodging, or sleeping purposes for 30 days or less. Collecting TOT is mandatory if you are providing short-term rentals. (Sonoma County Ordinance No. 5823). The property must be registered with the Tax Collector and a valid TOT Certificate obtained. If you are within the city limits please contact your respective city. For further information, please call 707/565-7133 or visit www.sonoma-county.org/tax/tot.

By Linkenheimer LLP|2015-11-19T22:01:01+00:00November 18th, 2015|tax|0 Comments

California Tax Relief Available for Taxpayers Affected by Wildfires

The California State Board of Equalization (SBE) has announced that taxpayers impacted by the Butte Fire in Amador and Calaveras counties and the Valley Fire in Lake and Napa counties may request an extension to file their returns, relief from penalties and/or interest on some taxes and fees, or to replace copies of records lost to damage. (California SBE News Release No. 76-15-G, 09/17/2015.)

Requesting relief and taxes and fees for which relief is available. Taxpayers and fee payers can go online to request relief from penalty and/or interest, and an extension of time to file a tax/fee return. Any taxpayer or feepayer can use the online system to make their request; those without Internet access may call the SBE Customer Service Center at 1 (800) 400-7115.

Relief from penalty and interest is available for the following taxes and fees: sales and use taxes; fire prevention fee; alcoholic beverage tax; cigarettes and tobacco products excise taxes; energy resources surcharge; emergency telephone users surcharge; natural gas surcharge; timber yield tax; fuel taxes (diesel fuel tax, interstate user tax, use fuel tax, motor vehicle fuel tax, aircraft jet fuel tax); underground storage tank maintenance fee; oil spill prevention […]

By Linkenheimer LLP|2020-09-03T20:05:23+00:00September 22nd, 2015|Fire Relief Info, tax|0 Comments

April 15th- Some Tax Day Fun

While for some, April 15th conjures up feelings of stress, writing large checks and general anxiety. Or if you’re a CPA, utter relief and celebration… The world of taxes is a complex maze to navigate. Regarded by some as the smartest man who ever lived, even Albert Einstein was no fan of figuring out his taxes, once remarking, “The hardest thing in the world to understand is the income tax.”

But it’s not all bad news, here’s some fun to hopefully liven up your Tax Day.

Freebies and Deals (in case your refund hasn’t arrived or if you’re one of the lucky few writing a check):

Stop by any Ben and Jerry’s today (April 14th) for a free ice cream cone between 12-8pm.
Cinnabon is back again for 2015, giving customers a free bite (actually two bite sized cinnamon rolls) to eat on April 15^th from 6:00 p.m. to 8:00 p.m. at participating locations.
Whole Foods, yep – you read that correct, WHOLE FOODS, will be waiving sales tax on April 15^th on purchases at participating locations.

Fun Facts for Tax Day:

Perhaps we shouldn’t even call April 15 tax day. Refund day might be better, since three out of every four families in […]

By Linkenheimer LLP|2015-04-14T23:49:23+00:00April 14th, 2015|tax|0 Comments