First class postage is going up to 50 cents on January 21. If you’re like us, you’ll want to run out and buy a couple hundred Forever stamps to save $2.00!
Our annual update letter is going out today. If you just can’t wait for yours, you can find it at http://www.heatherrchamberscpa.com/resources/ .
Inspired by today’s Google Doodle, here is a photo of our collection of one-, two-, and three-hole punchers. While not quite 131 years old, they have been around a good while.
Heather and Tracy will be performing in The Long Beach Landmark Theatre Company’s new production at First Congregational Church of Long Beach in October. Melody and Mike will be cheering them on from the parapet.
The Hunchback of Notre Dame transports you to Paris circa 1482, where we meet and follow the tale of Quasimodo, the deformed bell ringer of the Cathedral of Notre Dame. Marrying the epic Victor Hugo novel with the soaring score from the beloved Disney film, this tragic tale of temptation, love and acceptance comes to life within the historic sanctuary of the First Congregational Church in Long Beach with a stellar cast, full choir and 14-piece live orchestra.
For more information and to buy tickets visit www.lblandmark.org.
The Social Security Administration has released its list of the top 10 baby names for 2016.
Scroll down the page for even more fun facts about names, and find out where little Kylo or Kehlani fall on the list.
Having trouble sleeping? Maybe the Sleep Aid series from the Paris Review will help. Even we have trouble staying awake!
And #10: Contact us before you send a payment!
Made it through another tax season. Returns are all picked up, and extensions are all filed. We’re taking Wednesday off and will resume our normal hours on Thursday.
Our end of the year mailer to our tax clients is going out soon. If you just can’t wait for it, you can also find it on our web site at http://www.heatherchamberscpa.com/resources/ .
Heather, Melody, and Tracy will be performing in FCCLB’s production of the Tony Award winning musical Titanic in November.
This epic production in the historic sanctuary of First Congregational Church in downtown Long Beach features a talented cast of forty accompanied by a live orchestra and supported by a full pit chorus.
For more information and a link to buy reserved seats visit www.firstchurchlb.org/titanic.
Do you have a Corporation or an LLC, or are you thinking of forming one? We’ve created some handy checklists to help you make sure you are aware of all the required filings. You can find them under Useful Information on our Resources page.
IRS Tax Tip 2016-67
Now is a Good Time to Plan for Next Year’s Taxes
You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are some IRS tips to give you a leg up on next year’s taxes:
Take action when life changes occur. Some life events can change the amount of tax you owe. Examples include a change in marital status or the birth of a child. When these happen, you may need to change the amount of tax withheld from your pay. To do that, file a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator tool on IRS.gov to help you fill out the form.
Report changes in circumstances to the Health Insurance Marketplace. If you enroll in insurance coverage through the Health Insurance Marketplace for 2016 coverage, you should report changes in circumstances to the Marketplace when they happen. Report events such as changes in your income or family size. Doing so will help you avoid getting too much or too little financial assistance.
Keep records safe. Print and keep a copy of your 2015 tax return and supporting records together in a safe place. This includes W-2 Forms, Forms 1099, bank records and records of your family’s health care insurance coverage. If you ever need your tax return or records, it will be easier for you to get them. For example, you may need a copy of your tax return if you apply for a home loan or financial aid for college. You should use your tax return as a guide when you do your taxes next year.
Stay organized. Make tax time easier. Have your family put tax records in the same place during the year. That way you won’t have to search for misplaced records when you file next year.
Shop for a tax preparer. If you want to hire a tax preparer to help you with tax planning, start your search now. Choose your tax preparer wisely. Use the Directory of Tax Return Preparers tool on IRS.gov to find tax preparers in your area with the credentials and qualifications that you prefer.
Think about itemizing. You may be able to lower your taxes if you itemize deductions instead of taking the standard deduction. Owning a home, paying medical expenses and qualified donations to charity could mean more tax savings. See the instructions for Schedule A, Itemized Deductions, for a list of deductions.
Stay informed. Subscribe to IRS Tax Tips to get emails about tax law changes, how to save money and much more. You can also get Tax Tips on IRS.gov or IRS2Go, the IRS mobile app. You’ll receive Tips each weekday in the tax filing season and three days a week in summer. You will also get Special Edition Tax Tips at other times during the year.
The Social Security Administration has released its list of the top 10 baby names for 2015.
Scroll down the page for even more fun facts about names.
You don’t need to be a tax expert to run a business, but knowing the basics about taxes can help you run it better. You’ll find the basics and much more on the IRS.gov Small Business and Self-Employed Tax Center. You can apply for an Employer Identification Number, download a form or learn about employment taxes.
The Tax Center also includes the following resources:
IRS Video Portal. Watch helpful videos and webinars on many tax topics. Find out about filing and paying business taxes. Check out how an IRS audit works. Look for the “Small Biz Workshop” under the “Businesses” tab to learn the basics about small business taxes.
Online Tools and Educational Products. The list of small business products includes the Tax Calendar for Businesses and Self-Employed. You can view key tax dates and actions for each month with this tool. Install the IRS Calendar Connector tool on your computer to get important tax dates and tips, even when you’re offline.
Small Business Events. The IRS holds small business workshops, meetings and seminars at many locations throughout the country. Find out what the IRS has planned in your state by clicking “Small Business Events.”
New on our Resources page are several brochures to help you with your taxes. Some will help you get your information together for 2015, others will help you going forward into 2016. We hope you find them useful.
Business Expense Worksheet
Business Mileage and Expense Log
Business Use of Vehicles
Business Use of Home
Charitable Contributions Guide
Cash Donation Tracker
Noncash Donation Tracker
Recordkeeping for Tax Purposes
Rental Income and Expenses
Rental Income and Expense Worksheet
The California Franchise Tax Board has completely revamped its MyFTB site, with an eye toward making it more useful as well as more secure. Here is a sampling of what you can do on the new site.
– View payment history.
– View a list and images of tax returns.
– View a list and images of notices and correspondence.
– View and update contact information.
– View a list of authorized representatives (tax preparer or a tax preparer with a power of attorney) and manage who can access your account.
– File a power of attorney (POA).
– Chat with an FTB representative about confidential matters.
– Send a secure message with attachments to FTB.
Even if you had an account before you will need to register for the new site. The registration process takes a while, since the FTB will be snail mailing a PIN number that is required to complete your registration, so best to do it now! Visit www.ftb.ca.gov/online/myacct/ for more information.
W-2s and 1099s are coming soon! Whether you prepare your returns yourself or want us to prepare your taxes, here’s a simple way to keep track of your income, expenses, deductions, and investments.
This Lifehacker post explains the concept
For more information, see the Motley Fool web page at
Our office will be closed Thursday, December 31 and Friday, January 1 as we greet the new year. (In case you’re wondering, we take a lot of holidays now because we don’t take any during tax season!)
For 2016, we wish everyone health, wealth, and love–along with the time to enjoy them!
From Heather, Melody, Tracy and Mike at Heather R. Chambers, CPA, Inc.
Our office will be closed Thursday, December 24 and Friday, December 25 in observance of Christmas.
We wish our clients peace, joy, hope and love no matter what holidays they observe!
From all of us at Heather R. Chambers, CPA, Inc.