At Anthony Sykes and Co. Accounting, a Los Angeles firm, we provide a wide variety of accounting, tax, and financial management services.

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The Start of Tax Season

        The Internal Revenue Service ( IRS ) has announced that the beginning of tax season will be January 27, 2025. It would be best to organize financial and tax related documents now. It will simplify the filing process and reduce overall stress. However, it must be stated that for many of us, these times are anything but simple.         The fires across the Los Angeles area have forever changed so many lives. For this reason, LA County has been declared a federal disaster area. That has allowed the IRS to postpone the filing deadline to October 15 . This allows for those impacted directly by the fires to focus on what is most important right now and work on rebuilding their lives one step at a time.
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Changes in 2012

For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. By law, the dollar amounts for a variety of tax provisions, will affect every taxpayer, must be revised each year to keep pace with inflation. A new dollar amount will effect returns in 2012, filed by most taxpayers in early 2013, include the following: -The value of each personal and dependent exemption, available to most taxpayers, is $3,800, up $100 from 2011. -Standard deductions for married couples filing joint returns will go up $300 from the 11,900 it is. It will also go up $150 for those who file single or married filing separately and nearly $200 for those who file head of Household. Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes. - The tax-bracket thresholds will increase in each filing status. Credit, deductions and other disc...
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Choosing the Right Tax Professional - Part 2

In previous posts we have discussed steps to take when making a wise decision when it comes to choosing a tax professional. Our last post discussed why it’s important to look now and a couple of things to consider if that is what you need to do. We will now consider two major red flags that might come up in that search. Look out for “ghost” preparers. A ghost preparer is a paid tax preparer who will not sign the tax return after it is completed. They will insist that the taxpayer sign it and file it themselves. This is against the law. While the taxpayer is responsible for everything in the tax return, if someone is paid to prepare it, they must sign their name. When a person hides their actions in this way it is often a sign that fraud is being committed. If they based their fees on a percentage of the refund or promised to get a bigger refund than anyone else, this is another sign of potential fraud. A valid ID for tax preparers. Every paid preparer needs to have a valid Prepar...
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