faqs:

CA CORPORATE PEET LINK TO FTB FOR INFORMATION

Pass-through entity elective tax | FTB.ca.gov

When do I need to file my taxes by?

If extended, you have until 9/15 to file your business returns and 10/15 to file individual returns.

Do I need an appointment for tax filing?

If you prefer to speak to a tax preparer, please make sure to set up an appointment as we do not take walk-ins. We try to provide an outstanding level of customer support to ALL of our clients no matter how much money you make. This means we need to block off a window of time to DEVOTE to you to ensure you have our full attention for all of your needs. You may drop off, use our secure portal, fax, or mail in your tax documents to take advantage of our mail in service.

We also offer drop off service taxes. Once you have sent us all of your documents, let us know you are ready for one of our preparers to work on your returns. They will call you with questions or sign off on your taxes if your worksheets were properly filled in.

I don’t live near your offices, can I still be a client?

Absolutely! We have clients coast to coast and even overseas! We are here to provide you an unparalleled level of service no matter where you are in the world!

I need my refund, are you still working?

Absolutely! We are here to help! All meetings will be phone appointments only, as such we have clients coast to coast.

Can I come in for an appointment?

At this time, we will only take appointments over the phone. Please contact us to be connected to our SECURE portal where you can send us your tax documents. You may also mail your documents to us or drop them off through the mail slot on our door (suite 206 in Burbank, for Westlake instructions please contact our office 818-859-7378).

Will California AB5 affect me?

AB5 has may harsh penalties for failure to comply. If you hire anyone to work for you, please consult with an employment attorney. We are unable to provide guidance on how to compensate contractors/employees. Please carefully review the A. B. C. test before you pay anyone for their services starting January 1, 2020.

What do I send in prior to my tax appointment?

- Please make sure we have all tax documents in our office at least 3 business days before your set call for tax preparation.

- Your last year’s tax return copy. Both Federal and State (please note: We will need ALL depreciation schedules for both STATE and the IRS for all of your properties, this is very important to ensure we have the maximum deduction legally possible.)  

-Income for the year we are going to prepare (w-2's, 1099's, interest income, dividends, k-1, rental income, stocks sold require cost basis, crypto currency transactions, contact us should you have any specific questions.)

-Expenses: (expenses are to be totaled up in advance. If you have your own method of keeping track, that is fine, should you want to see a worksheet for guidance please visit our 'Worksheets' page. Please total all income and expenses for each rental property separately.)

-Name, DOB, and SSN for any dependents or spouse (make sure they match up with the Social Security card)

-Your state driver’s license or identification card, your spouses as well if you are filing jointly.

-If you own a house: mortgage interest and property taxes paid  

-If you recently purchased a house: the closing statement or final settlement statement from escrow.

-If you are still paying off any student loans: the interest paid may be tax deductible (Form 1098-E).

-Health insurance proof-for entire year, your employer should provide you with a statement if they provided coverage for you for said year. (FORM 1095-A, 1095-B 1095-C, 1094). Although the IRS is no longer charging a penalty for failure to have health coverage, California now requires health coverage for taxpayers.

What if I am not ready to file by the March 15th (businesses) or April 15th (individuals) deadline?

We can file an extension for you. We do recommend assessing tax liability to pay by this date if possible. Doing so will help save you money in "interest/penalties" charged by the IRS for taxpayers who owe money and do NOT pay by 4/15.  

How can I book an appointment?

You can call 818-859-7378 or request one via email at: info@taxesbykd.com

Can I file an Offer in Compromise?

You may or may not qualify for an offer in compromise. Tax resolution is something many clients do not feel comfortable dealing with on their own. An OIC is not always the best route to take for delinquent taxpayers. Although MANY adds you hear and see get taxpayers hopes up, the best way to find out if you may qualify is to pay for a consultation with financial analysis before wasting thousands of dollars filing for an OIC and not getting approved. Tax problems can be a thing of the past if you have the right professionals on your team.

What is Tax Resolution?

Tax resolution is the process of navigating through a client’s tax issues and helping reach a resolution.

This can be a variety of things including, but not limited to:

-a compliance check, to see if you have any missing returns you may have forgotten to file

- setting up a payment plan for a taxpayer who owes more than they can afford to pay

-filing multiple years of tax returns

-removing tax liens

-requesting penalty abatement for reasonable cause

-OIC, if a client is an ideal candidate

-negotiating a lower payment plan if you are unable to pay the amount you are currently set to pay each month

We do offer the above services at an additional fee.

How long do I legally have to keep my documents for? 

Federal law states the statute of limitations is 3 years from the due date of your return, or from the date filed (whichever comes later).

Do I still need to keep receipts under the new Tax Cuts and Jobs Act?

Absolutely! For many taxpayers, these expenses will still help LOWER your state tax liability. Furthermore-anyone with Schedule C income, self-employment, are still able to take deductions under the new tax code. 

 How can I pay for your services?

You may pay via check, VENMO, or Zelle due upon completion before any tax return is filed. You may also pay during the time of your tax appointment.

https://taxesbykd.securefilepro.com/portal/#/login

OBBA TAX UPDATES

The One Big, Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, and with it comes many new tax provisions that may directly affect you. There are many tax provisions contained in OBBBA beyond the ones we have highlighted here.

Extension of expiring tax provisions

The center point of OBBBA is a permanent extension of most of the provisions of the Tax Cuts and Jobs Act of 2017 that apply to individual taxpayers and were scheduled to expire at the end of 2025. These provisions include, among many others:

Lower income tax brackets with the top rate at 37% instead of 39.6%;

The higher standard deduction, with an additional $6,000 deduction for taxpayers age 65 and over ($12,000 for married taxpayers who are both age 65 and older);

The $750,000 mortgage interest limitation, with a renewed deduction for mortgage insurance premiums;-yet to be determined how this will work.

The elimination of 2% miscellaneous itemized deductions, which includes investment advisor fees, tax preparation fees, and unreimbursed employee business expenses (except that qualified educators will be allowed to deduct many of their unreimbursed expenses);

The increased Child Tax Credit, with modifications that make the credit more attractive;

Permanent extension of the §199A 20% qualified business income deduction for business owners, with minor modifications; and

The increased unified estate and gift tax exclusion, with a bump up to $15 million on January 1, 2026.

State and local tax deductions

The itemized deduction for state and local taxes (SALT) is temporarily increased from $10,000 to $40,000 for five years. The increased deduction is reduced for higher earners. Taxpayers who are owners of passthrough business entities and make a passthrough entity elective tax election can still use the election to maximize their SALT deductions.

Itemized deductions and alternative minimum taxes

There are new limits on itemized deductions. The alternative minimum tax is reinstated, which will require planning going forward to minimize future tax increases.

Charitable contribution deductions

Charitable contributions are subject to three new OBBBA provisions:

Non-itemizers can claim a $1,000 charitable deduction ($2,000 for married taxpayers filing jointly);

Charitable contribution itemized deductions are now subject to a one half of one percent of AGI floor, providing another limitation to claiming the deduction; and

Taxpayers who make charitable contributions to certain scholarship granting organizations that fund scholarships for K-12 students can choose to claim either an itemized deduction or a new tax credit of up to $1,700.

Brand new deductions

Three brand new deductions for individual taxpayers are available starting in 2025. These deductions may be known better by what they’ve been called in the news: No tax on tips, no tax on overtime, and no tax on qualified car loan interest. For each of these items, new income tax deductions are available for taxpayers who receive certain tip income, are paid overtime by their employers, and who incur interest on the purchase of a new vehicle assembled in the United States. Each of these provisions contains multiple limitations that we should discuss if any of these potentially apply to you.

Disaster relief

Taxpayers impacted by federally declared disasters in 2025 may qualify for additional tax relief.

Energy credits going away

OBBBA repeals many energy credits, including all three clean vehicle credits for vehicles acquired after September 30, 2025. Additionally, both of the energy credits available to homeowners who make certain energy efficient improvements or install solar property, home batteries, and heat pumps, among other items are no longer available after December 31, 2025.

Business provisions

In addition to the tax provisions applicable for individual taxpayers, OBBBA contains many business provisions, including:

Permanent 100% bonus depreciation rate for assets acquired after January 19, 2025;

An increased §179 expensing limitation for assets placed in service after December 31, 2024;

Immediate expensing of research expenses with a special election to immediately deduct previously amortized research expenses; and

An easing of the business interest limitation rules.

Please contact us if you would like to discuss any of these provisions in detail or would like to discuss planning opportunities arising from these changes. We are offering consultations on these topics for clients who need additional information, if you are interested call my office to discuss the fee for these consultation.