O
NEW!! 
Mailing Address (Note: This is NOT the location of the office!)
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222431 Antonio Parkway, Suite B160-482
Rancho Santa Margarita, CA 92688


The office is located in Trabuco Canyon, CA.
Contact us for specific address information.

FAX NUMBER

(877) 794-9998





Personal and reliable full-service tax preparation for the general public, but specializing in occupations in public safety & service, health care, and education industries.
 
Services include:
  • Annual income tax filings
  • Small business and rental property filings
  • Corporate and partnership returns
  • Non-profit organizations
  • IRS audits
  • Audit appeals
  • Responses to IRS notices
  • Late filings
  • Amended returns

Our goal is to ensure each client gets the maximum legal deduction possible.  Every client receives personal, friendly and reliable services.  The greatest compliment we can receive is a referral by our clients to their friends and family members.


Find us on Facebook!
For updates on relevant tax season information, you can follow us on Facebook. Send a friend request to Eleanor Kim Tax.
 
                                                                                                                                        

REFERRAL FEE $$$
Refer a family member, friend, or co-worker and receive $25 upon completion of their tax return*. 

*Must be a full-fee return of $200 or more to qualify for the referral.


   USE THE WORKSHEETS! 
The worksheets have been revised and are in FILLABLE-PDF FORMAT! There is a GENERAL INFORMATION WORKSHEET that is for use by ALL taxpayers, as well as specialized deductions worksheets for various occupations. These deductions are still available on many state returns.

Check them out on the WORKSHEETS link on the left. 

















 


APPOINTMENT SCHEDULING WILL BE OPEN ON TUESDAY, DECEMBER 3RD AT 9:00 AM.


To schedule an appointment:

Call (949) 364-2121

Email eleanor@code-4tax.com


PLEASE DO NOT TEXT YOUR APPOINTMENT REQUESTS 


NOT LOOKING FORWARD TO DRIVING TO YOUR APPOINTMENT? 

WHY NOT TRY A REMOTE APPOINTMENT! 

We can meet by phone, FaceTime or Skype. The duration of the appointment will remain the same. The only difference is you'll need to provide your paperwork to me a couple days prior to our scheduled appointment time.



Information on Tax Changes 

for the 2019 Tax Year:


For the most part, the tax laws are similar to last year. Here is a summary of last year's changes. New changes for this year are in BLUE: 

  •  NO MORE EMPLOYEE BUSINESS EXPENSES: This change means that for your federal tax return, you can no longer claim those expenses that you incurred in the course of your W-2 employment. THIS DOES NOT APPLY TO SMALL BUSINESS OWNERS OR CONTRACT (1099) WORKERS. (Reminder that your work expenses may still be accepted on your state return). There are a few (very limited) categories which can still get some deductions. These include: qualified performing artists, fee-based government employees, impairment related work expense, and military reservists (certain limits apply to each of these). EMPLOYEE BUSINESS EXPENSES ARE STILL ALLOWED ON THE CALIFORNIA RETURN.

  • LIMITED STATE AND LOCAL TAXES: This change impacted those in states with high state tax rates, like California. The State and Local Tax (SALT) deduction will be capped off at $10,000. This category includes your state and local withholdings from your paychecks (listed on your W-2), your real estate property taxes, and your local taxes (DMV fees).

  • MORTGAGE INTEREST: In previous years, the maximum amount of mortgage interest you could deduct was limited to $1 million worth of mortgage debt. This cap has been lowered to $750k, but is only applicable to mortgages started after December 17, 2017. So if you have had mortgage debt over $750k from mortgages prior to that date, you will still be able to claim up to the $1 million cap. 
  • Mortgage interest on loans  can only be deducted if the funds were used to purchase, build or improve upon the home with which the loan is attached to. This is especially relevent to those who use home equity loans for other things like cars, college, purchasing other homes.

  • MEDICAL EXPENSES: The floor (amount you must exceed) for medical expenses has been reduced back to 7.5% of your adjusted gross income (from the 10% floor which has been in place the last few years). This floor is set to go back to 10% in 2019.

  • CHARITABLE DEDUCTIONS: Charitable deductions remains similar to previous years, except that the previous limit that charitable deductions could not exceed 50% of your adjusted gross income has been raised to 60%.

  • MOVING EXPENSES: Moving expenses can only be deducted by members of the Armed Forces who are moving on orders.

  • STANDARD DEDUCTIONS DOUBLED: This change will greatly benefit those without homes/mortgage interest and work expenses. 

  • CHILD TAX CREDIT/OTHER DEPENDENT CREDIT: This change should benefit many people. Previously, the tax credit was $1,000 per child and was subject to income limits starting at $75,000 for Single/HOH and $110,000 for MFJ. This phaseout meant many people who had children but had income over these limits were unable to benefit from the CTC. From 2018 going forward, the credit is now $2,000 per child, and while there are still income phaseout limitations, they have been raised to $200,000 for Single/HOH and $400,000. 
  • In addition, they have added a $500 Other Dependent Credit for those who have dependents who are not their children, for example, a niece/nephew, younger sibling.
  • Anyone qualifying for these credits must be under age 17 by 12/31/18, and must have a valid social security number. You should be prepared to provide proof that the child/dependent you are claiming has lived with you at least 6 months out of the year. School or medical records should be a readily accessible source for this documentation.
  • The child you are claiming the credit for must have a social security number.

  • ALIMONY/SPOUSAL SUPPORT: Alimony payments made are no longer considered an adjustment to income, and alimony payments received are no longer considered income. This is applicable to divorce decrees finalized after December 31 2018.

  • BUSINESS MEALS & ENTERTAINMENT: For those who claim meals and/or entertainment expenses on Schedule C, E or F, only meals will be allowable now. Entertainment expenses are no longer valid.
 
Other Tax Topics:
 
Mileage Rates:
            Business         58 cents per mile
            Charitable       14 cents per mile
              Medical           20 cents per mile


EDUCATION CREDITS: As with many other tax issues, the proliferation of fraud with the education credits has caused the IRS to crack a down a bit. Therefore, in order to claim college credits, you must have the 1098T form issued by the school.

E-FILING START DATE: TBA


REMINDER ON PARTNERSHIP DEADLINE: If you file a partnership business return form 1065, the due date has been changed from April 15th to March 15th. Regular corporate returns Form 1120 have been pushed back from March 15th to April 15th. S-Corp returns 1120S are due March 15th.