Michael Gray, CPA's Tax and Business Insight
Corrections/updates for earlier communications
April 3, 2020
© 2020 by Michael C. Gray
A monthly report to help you prepare for your financial future, keep more of what you earn by minimizing your taxes, and build an extraordinary business!
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I received some helpful comments about the emails that I sent about the Federal tax deadline extension and the CARES Act from Maria Ku and Andrea Keefer Wellman. Thank you for your comments!
California tax due dates
California's Franchise Tax Board has announced its deadlines for filing 2019 tax returns and certain payments have also been extended to July 15, 2020. The extension applies to individuals, estates and trusts, and business entities for:
- 2019 tax returns
- 2019 tax return payments
- 2020 first and second quarter estimated tax payments (note, Federal only extended the first payment, second is still due on June 15, 2020 until further notice
- 2020 LLC taxes and fees; and
- 2020 non-wage withholding payments
California's original extension only applied to taxpayers affected by the coronavirus, but the new announcement follows federal Notice 2020-17 and applies to all taxpayers. No filing is required to get the extension Here's a link to the Franchise Tax Board list of extended due dates. https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/extensions-to-file-pay.html
Federal advance tax rebates
In my email dated March 31, 2020, I stated that in addition to $1,200 for single persons and $2,400 for married couples, $500 will be included in the advance tax rebate for each dependent child claimed by the taxpayer(s). I should have said the $500 additional amount is included for each child that qualifies for the child tax credit. This will make it easier for you to see who qualifies on your 2018 or 2019 income tax returns. (The child must be under age 17 during 2020 to qualify.)
Remember, not everyone will qualify. See the discussion on the March 31 email.
My daughter and her husband, Holly and Dan Baker, have a Southern French Restaurant at 23 Ross Common, Ross, California, about 15 minutes north of the Golden Gate Bridge. The name of the restaurant is Marché Aux Fleurs and their website address is marcheauxfleursrestaurant.com. For the best meal of your life, call 415-925-9200 for a reservation and give them a try! For directions, visit our website at www.taxtrimmers.com/directions.shtml.
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Michael Gray, CPA2482 Wooding Ct.San Jose, CA 95128(408) 918-3162FAX: (408) 938-0610email: firstname.lastname@example.orgHours: 8am - 5pm PDT Monday - Friday