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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Access to Funds During a Disaster

             There are many things that go through the minds of individuals and families during a disaster. One of the greatest concerns is how they can provide for their needs. This is especially true if they have been displaced or have lost a source of income. That is the situation of many in LA County right now. One source of relief that some may not think of is an Individual Retirement Account ( IRA ). Usually when taking an early distribution or withdrawal it would be limited and taxed. When it comes to a disaster situation, some of these things can be waived. This would only apply to those taxpayers who qualify. A person could qualify if they are displaced from their home, if their home is significantly damaged, or if they have temporary or permanent income loss. This could allow them to avoid the tax now and give them three years to pay back what is withdrawn. Check with your qualified tax professional to see if this is an option for you....
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Choosing the Right Tax Professional

             Now is the time to make an appointment with your tax professional. It’s early in the tax season, so filing will usually be less stressful. That is especially true if you are returning to your regular tax professional. What if you are looking for someone new? Then starting early is absolutely essential. There should be a bond of trust between a taxpayer and their tax professional. This is needed because that person is entrusted with sensitive and personal information of their clients. In reality trust and respect are earned over time. How can someone choose the right tax professional for themselves right now?           There are many tips that can help in the search for a new tax professional. Making price the most important factor is not always best. If you pick a tax professional because they are the least expensive, remember that you often get what you pay for. Make sure to pick a preparer who is available th...
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