Why Pay and Prepare Your Taxes

Have a question ? Contact@LAPremierTax.com

What Is a Tax Accountant?

Ok. So, you ask what a tax accountant is. The short answer, a Tax Accountant is someone who has been train in preparing income tax returns and is an Accountant. Thus, the term Tax Accountant refer to someone that specialize in the tax laws, rules, and regulations.

Ideally, a Tax Accountant training must include any of the following.

  • An Attorney
  • CPA – Certified Public Accountant
  • Enrolled Agent
  • Tax Practitioner

These are the four categories of people the IRS considers preparing taxes and represent their clients. The list of people practicing before the IRS is much longer. See Publication 947 (02/2018), Practice Before the IRS and Power of Attorney | Internal Revenue Service

However, a Tax Accountant must know tax laws as well as General Accepted Accounting Principles (GAAP). Sixty percent (60%) of tax filing deals with tax laws and the other forty percent (40%) deals with accounting.

So then, a Tax Accounting is someone with adequate knowledge of tax laws as well as General Accepted Accounting Principles. These two qualities are not mutually exclusive.

Uber Driver’s Taxes

Filing Uber Driver’s Taxes Is Not As Easy As You Think

As a Uber Driver, you are technically Self-Employed or an Independent Contractor. Under California Laws (AB5) known as the gig workers law, employers are to classify you as an employee. Nevertheless, if you received a 1099-K or 1099-MISC or a 1099-NEC, the IRS classify you as self-employed. Meaning you would have to prepare your tax return showing your business Income (1099) and Expenses (Schedule C).

So you say to yourself this is easy, right? Uber have provided me with a  annual statement that tell me my monthly income, mileage drove, etc. etc. etc. This sounds good, right? Nope. The record keeping is incomplete.

Turbotax tells you it easy, sign up and do your taxes or get Expert help. That also sounds good, Right?
Nope. Here is why. You need to speak with the Tax Expert to guide him or her as to your expenses for the year. The Tax Expert will also need to sometimes see the physical copy of the document that make up the expense so as to categorize that expense.

At PREMIER Financial Tax & Accounting Services dba Friendly Tax Services, we can help you with this.
That is what we do. WE ARE EXPERTS.

Call Us (866)542-9551 | (213)418-9600

 A Tax Expert is a Phone Call Away

What is a CP53A IRS Letter?

Question: Why did I get a cp53a from the IRS if I didn’t file taxes for 2020 it came in my child name also her father filed not me?”

The IRS CP53A Letter means IRS tried to deposit your tax refund into your bank account but your bank cannot process the submission. The IRS will research your account but it will take 8-10 weeks to reissue your refund. The IRS maybe trying to get a hold of someone that’s why you are getting this letter

The letter usually ask you “please follow up your refund by calling IRS to this number 1-866-682-7451.”

What is Republic Bank Trs RT Fed

According to Republic Bank, a Republic Bank Refund Transfer (RT) allows customers to pay for their tax preparation fees with their refund check from the IRS. A Refund Transfer Fee will be charged in addition to the tax preparation fees upon receipt of your income tax return from either the State or the IRS.

If the first disbursement check is not sufficient to cover tax preparation and republic bank fees, then the second disbursed check will also apply to the outstanding fee balance. 

A Refund Transfer has three main characteristics.

  • Convenience
  • Speed
  • Secure

Republic Bank was also named as America’s Best Bank

    States Giving Out More Stimulus Money

    We can help you get your stimulus money.
    Call us (213) 418-9600 or (866)542-9551
    Below are states that are giving out stimulus money.

    California

    California has authorized payments of $600 to qualifying taxpayers in the state who make under $75,000. An additional $500 is also available for dependents. Disbursement is expected to begin in September, 2021.

    Florida

    In Florida, only first responders and educators are eligible for a fourth stimulus check. This stimulus check will come in the form of a $1,000 payment.

    New Mexico

    Residents of New Mexico who were not eligible for the federal stimulus checks can receive a payment from their local government. A total of $5 million was set aside to make payments (up to $750 per household), with the money going to the lowest income state residents first. Residents must apply through the YesNM Portal and have a driver’s license number, Social Security number, or Taxpayer Identification number.

    New York

    The state of New York created a $2.1 billion fund to provide payments of up to $15,600 for workers who are undocumented and who were thus excluded from receiving federal stimulus relief. Recipients must be New York residents, have lost earnings due to the pandemic, and have made less than $26,208 in 2020.

    Texas

    The state of Texas isn’t providing stimulus checks, but some local school districts are. Specifically, school employees in Denton will receive a $500 retention bonus along with a pay increase of 2% if they return for the upcoming 2021-2022 school year. And those who work in Irving will get a $2,000 retention bonus. Several other districts have voted to approve pay raises but not direct stimulus payments.

    Friendly Tax Services

    Friendly Tax Services is the premier income tax preparation firm for individuals, families, small business owners and the self-employed; Uber, Lyft, Taxi, and Limousine drivers; Actors, Independent Contractors and Entrepreneurs. We have empathy and understand the toll driving takes on Uber, Lyft, Taxi, and Truck drivers. That driving is time consuming. Uber drivers just don’t have the time it takes time to keep track of those business-related expenses.


    Contact Us

    • Address :

      1010 N Central Ave. Suite 415 Glendale, CA 91202
    • Call Us :

      (323)451-5768
      (866)542-9551
    • E-mail Us :

      Contact@LAPremierTax.com
    FRIENDLY Tax Services (Accountants and Tax Preparers)