Tax Preparation Service Archives | LA PREMIER Tax Service

Get Up to $6000 in Tax Refund Advance Loan

Posted on December 16, 2022February 10, 2023 by Archie

A Refund Advance is a loan against your Tax Refund. Like all loans programs, there are interest charges and fees.

Depending on the loan amount you want to borrow, you may or may not be charge interest. The lower the amount you want to borrow, the likelyhood you would not be charge interest expense. Zip. However, if you decide you want the $6,000 offering, there is an interest charge in addition to the bank fee which is usually around $30.

Tax Refund Loan
Compare Tax Refund Loan Options

LA PREMIER Tax (esp Financial)	Up to $6,000
Jackson Hewitt Tax Service	Up to $4,500
Turbo Tax	Up to $4,000
HR Block	Up to $3,500

1 The Refund Advance is an optional tax-refund related loan provided by Pathward, N.A., Member FDIC (it is not the actual tax refund) at participating locations. The amount of the loan and applicable interest will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer. Fees for other optional products or product features may apply. Tax returns may be filed electronically without applying for this loan. Loans offered in amounts of $150 (where available), $500, $1,000, 25%, 50%, or 75% of your expected tax refund from $150 – $6,000. Loans in the amounts of $150, $500, and $1,000 have an Annual Percentage Rate (APR) of 0.00%. Loans in the amounts of 25%, 50% or 75% of your expected tax refund have an APR of 36.0% with a minimum loan of $1,250. For example, a $2,500 loan representing 50% of expected refund borrowed over 29 day term, total amount payable in a single payment is $2,571.51 including interest. Availability is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards. 2 Certain Refund Advance Loans are available at no cost to taxpayers, however other options include a consumer fee.

Call us (213) 289-3462 or e-mail us lapremiertax@com

Tax Preparation Service Near Me

Posted on November 28, 2022January 25, 2023 by Archie

We provide tax preparation service to the citizens of Encino and surrounding cities and counties.

Tax Preparation Service in the City of Encino, Sherman Way, Universal City, Tarzana, Woodland Hills, Van Nuys, San Fernando, Thousand Oaks, LA County Cities and other areas:

Agoura Hills, Alhambra, Altadena, Arcadia, Artesia, Avalon, Azusa, Baldwin Hills, Baldwin Park, Bell, Bell Gardens, Beverly Hills, Bradbury, Burbank, Calabasas, Carson, Castaic, Cerritos, Claremont, Commerce, Covina, Cudahy, Culver City, Diamond Bar, Duarte, East Los Angeles, El Monte, El Segundo, Glendale, Glendora, Hawaiian Gardens, Hawthorne, Hermosa Beach, Inglewood, Irwindale, La Cañada-Flintridge, La Habra Heights, La Mirada, La Puente, La Verne, Lawndale, Lennox, Lomita, Malibu, Manhattan Beach, Marina del Rey, Maywood, Monrovia, Montebello, Monterey Park, Pasadena, Pico Rivera, Pomona, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, Rosemead, San Dimas, San Fernando, San Gabriel, San Marino, Santa Fe Springs, Sierra Madre, Signal Hill, South El Monte, South Pasadena, Stevenson Ranch, Temple City, Torrance, Walnut, West Covina, West Hollywood, Westlake Village, Whittier, and other Unincorporated Los Angeles County.

San Gabriel Valley: Alhambra, Altadena, Arcadia, Azusa, Baldwin Park, Bradbury, Covina, Duarte, East LA, El Monte, Glendale, Glendora, Irwindale, Monrovia, Montebello, Monterey Park, Pasadena, Pico Rivera, Rosemead, San Gabriel, San Marino, Sierra Madre, South El Monte, South Pasadena, Temple City, West Covina, Whittier

Ventura County includes the cities of:

Camarillo, Fillmore, Moorpark, Ojai, Oxnard, Port Hueneme, Santa Paula, San Buenaventura, Simi Valley, Thousand Oaks, and Unincorporated Ventura County

Who Must File a Tax Return

Posted on November 19, 2022November 19, 2022 by Archie

Generally, if you are pay more than $600, you must file a tax return. The IRS says you must earn more than the standard deductions. See table below.

Table 1. 2021 Filing Requirements Chart for Most Taxpayers

IF your filing status is…	AND at the end of 2021 you were…^*	THEN file a return if your gross income was at least…^**
Single	under 65 \|	$12,550
Single	65 or older\|	$14,250
Head of household	under 65 \|	$18,800
Head of household	65 or older\|	$20,500
Married, filing jointly	under 65 (both spouses)	$25,100
Married, filing jointly	65 or older (one spouse)	$26,450
Married, filing jointly	65 or older (both spouses)	$27,800
Married, filing separately	any age	$5
qualifying widow(er)	under 65	$25,100
qualifying widow(er)	65 or older\|	$26,400

* If you were born before January 2, 1957, you’re considered to be 65 or older at the end of 2021. (If your spouse died in 2021, see Death of spouse, later. If you’re preparing a return for someone who died in 2021, see Death of taxpayer, later.

** Gross income means all income you receive in the form of money, goods, property, and services that isn’t exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). Don’t include any social security benefits unless (a) you’re married filing a separate return and you lived with your spouse at any time during 2021, or (b) one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly). If (a) or (b) applies, see the Form 1040 and 1040-SR instructions to figure the taxable part of social security benefits you must include in gross income. Gross income includes gains, but not losses, reported on Form 8949 or Schedule D. Gross income from a business means, for example, the amount on Schedule C, line 7; or Schedule F, line 9. But in figuring gross income, don’t reduce your income by any losses, including any loss on Schedule C, line 7; or Schedule F, line 9.

*** If you didn’t live with your spouse at the end of 2021 (or on the date your spouse died) and your gross income was at least $5, you must file a return regardless of your age.

IRS Rules for Divorced Parents Claiming a Dependent

Posted on June 28, 2022June 28, 2022 by Archie

Parents who are divorced, separated, never married or live apart and who share custody of a child with an ex-spouse or ex-partner need to understand the specific rules about who may be eligible to claim the child for tax purposes. This can make filing taxes easier for both parents and avoid errors that may lead to processing delays or costly tax mistakes.

Only one person may be eligible to claim the qualifying child as a dependent.

Only one person can claim the tax benefits related to a dependent child who meets the qualifying child rules. Parents can’t share or split up the tax benefits for their child on their respective tax returns.

It’s important that each parent understands who will claim their child on their tax return. If two people claim the same child on different tax returns, it will slow down processing time while the IRS determines which parent’s claim takes priority.

Custodial parents generally claim the qualifying child as a dependent on their return.

The custodial parent is the parent with whom the child lived for the greater number of nights during the year. The other parent is the noncustodial parent.
In most cases, because of the residency test, the custodial parent claims the child on their tax return.
If the child lived with each parent for an equal number of nights during the year, the custodial parent is the parent with the higher adjusted gross income.

Tie-breaker rules may apply if the child is a qualifying child of more than one person.

Although the child may meet the conditions to be a qualifying child of either parent, only one person can actually claim the child as a qualifying child, provided the taxpayer is eligible.
People should carefully read Publication 504, Divorced or Separated Individuals to understand who is eligible to claim a qualifying child.

Noncustodial parents may be eligible to claim a qualifying child.
Special rules apply for a child to be treated as a qualifying child of the noncustodial parent.

The custodial parent can release the dependency exemption and sign a written declaration or Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent for the noncustodial parent to submit with their tax return.
This also applies to some tax benefits, including the child tax credit, additional child tax credit, and credit for other dependents. It doesn’t apply to other tax benefits, such as the earned income credit, dependent care credit or head of household filing status.

More information:
Publication 501, Dependents, Standard Deduction, and Filing Information
Whom May I Claim as a Dependent?

Share this tip on social media — #IRSTaxTip: Claiming a child as a dependent when parents are divorced, separated or live apart. https://go.usa.gov/xJ7Kb

We can Help (213) 418-9600

IRS sends CP2100 and 2100A Notices

Posted on May 2, 2022May 2, 2022 by Archie

In April, the IRS sent CP2100 and CP2100A notices to banks, credit unions, businesses or payers who filed returns that don’t match IRS records.

These information returns include:

Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
Form 1099-DIV, Dividends and Distributions
Form 1099-G, Certain Government Payments
Form 1099-INT, Interest Income
Form 1099-K, Payment Card and Third-Party Network Transactions
Form 1099-MISC, Miscellaneous Income
Form 1099-NEC, Nonemployee Compensation
Form 1099-OID, Original Issue Discount
Form 1099-PATR, Taxable Distributions Received from Cooperatives
Form W-2G, Certain Gambling Winnings

The IRS mails these notices out twice a year, in September and October and again in April of the following year. The notices tell payers that the information return they submitted is missing a Taxpayer Identification number or has an incorrect name or both.

Each notice has a list of payees with identified TIN issues. Payers need to compare the accounts listed on the notice with their account records and correct or update their records, if necessary. This can also include correcting backup withholding on payments made to payees.

The notices also tell payers that they are responsible for backup withholding. Payments reported on the information returns listed above are subject to backup withholding if:

The payer doesn’t have the payee’s TIN when making the reportable payments.
The payee doesn’t certify their TIN as required for reportable interest, dividend, broker, and barter exchange accounts.
The IRS tells the payer that the payee gave an incorrect TIN, and the payee doesn’t certify their TIN as required.
The IRS tells the payer to begin backup withholding because the payee didn’t report all their interest and dividends on their tax return.

Payers are responsible for the amount they failed to backup withhold and penalties may apply.

More information
Publication 1281, Backup Withholding on Missing and Incorrect Name/TINs

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Category: Tax Preparation Service

Get Up to $6000 in Tax Refund Advance Loan

Tax Preparation Service Near Me

Who Must File a Tax Return

IRS Rules for Divorced Parents Claiming a Dependent

IRS sends CP2100 and 2100A Notices

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