Tax Documents: Keep, Shred, and Stay Organized
Let’s be honest, nobody enjoys dealing with paperwork, especially when it starts piling up. But when it comes to taxes, knowing what tax documents to keep and what to toss is key. The right system can help you stay organized, reduce stress, and avoid unnecessary issues with the IRS. At Scout Tax, we understand that […]
Sales Tax Audits: How to Contest and Defend Your Position
Sales tax audits can be stressful, time-consuming, and costly for businesses. State tax authorities, like the California Department of Tax and Fee Administration (CDTFA), conduct these audits to ensure businesses are properly reporting and remitting sales taxes. However, mistakes can happen on both sides—businesses may over-report or misreport their tax returns, and auditors can misinterpret […]
Tax Breaks: 10 Key Benefits for Homeowners and Buyers
Owning a home comes with significant financial responsibilities, but it also provides valuable tax benefits that can help you save money. Whether you’re a first-time homebuyer or a seasoned homeowner, these real estate tax breaks can help you reduce your taxable income and get some money back. Here are ten essential tax breaks you should […]
IRS Audit: 3 Red Flags to Watch Out For
No one wants to receive that dreaded IRS audit notice in the mail. While most taxpayers file their returns without issue, certain red flags can increase the likelihood of an IRS audit. Whether due to honest mistakes or questionable deductions, these triggers can put your tax return under scrutiny. At Scout Tax, we help individuals […]
Tax Relief Resources for Those Impacted by the LA Wildfires
The devastating wildfires in Los Angeles have left many individuals and businesses facing financial and emotional hardship. If the situation affects you, you may qualify for tax relief to reduce the burden. Scout Tax is here to guide you through available benefits and ensure you maximize the assistance offered. Natural disasters disrupt lives in unimaginable […]
IRA Taxes: Rules for Smart Planning
Individual Retirement Accounts (IRAs) are a powerful tool for saving for retirement while offering tax advantages. However, navigating IRA taxes and the related rules can be complex. Understanding these regulations is crucial to maximize benefits and avoid costly mistakes. In this article, we’ll break down the key tax rules for traditional and Roth IRAs, contribution […]
State Farm’s Rate Hike Rejected: Impact on the Real Estate Market
California Insurance Commissioner Ricardo Lara has denied State Farm’s request for emergency rate hikes, setting the stage for a major showdown between the state’s largest home insurer and regulatory authorities. State Farm’s Rate Hike proposal has ignited debate among industry experts, consumer advocates, and homeowners, many of whom are already struggling with home insurance availability […]
1099-K Changes: Impact on Small Business Owners & Landlords
The IRS has made significant changes to 1099-K reporting that could affect small business owners, freelancers, and landlords. If you accept payments through platforms like PayPal, Venmo, Square, or Stripe, these new regulations may impact you. Understanding how these changes work can help you avoid tax surprises and ensure compliance. What is a 1099-K? Third-party […]
Tax Season 2025 Starts January 27th – What You Need to Know
Tax season for 2025 begins on January 27th, marking the first day the IRS will begin accepting and processing tax returns for the 2024 tax year. This is a crucial time for individuals and businesses to start gathering the necessary documents, understanding potential changes in tax laws, and ensuring that everything is in place to […]
California Tax Relief and IRS for Wildfire Victims
The devastating wildfires in California have left countless residents and businesses grappling with significant losses. Recognizing the challenges these disasters bring, the Internal Revenue Service (IRS) and the California Department of Tax and Fee Administration (CDTFA) have introduced California tax relief measures to alleviate financial burdens and provide support during recovery efforts. These measures aim […]
