COVID-19 UPDATE 04/01/20
The San Francisco Bay Area has been ordered Shutdown to non-essential business for the purpose to minimize one on one contact. TRM Financial Solutions will be open for business because, we qualify as an "Essential Business". TRM Financial Solutions services are needed by ALL tax paying customers.
HOWEVER, our doors will not be opened for walk-in. We will gladly assist you virtually:
1. If you need any Tax Preparation, Tax Planning, Bookkeeping, Small Business Consultation, we ask that you Book a call at www.calendly.com/trmfinancialsolutions
2. 2020 Tax Filing Season has been extended from April 15 to July, 2020, the IRS and FTB reminds individual taxpayers that everyone is eligible to request an extension to file their return. This relief applies to all individual returns, trust, and corporations. For more information, feel free to visit the IRS website: www.irs.gov/newsroom/whats-hot
3. What you need to need about the Economic Payments to all Americans:
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
4. If you are a Business Owner in Alameda County, the U.S. Small Business Administration (SBA) are offering businesses supportive services and funding, including low interest Economic Injury Disaster Loans for businesses impacted by COVID-19. For more information, visit Small Business Development Center website: https://www.acsbdc.org/about-us/news/covid-19-hardship-grants-renters-small-businesses-arts-and-nonprofit-orgs
Lynnette Stroeger-TRM Financial Solutions
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Lynnette Stroeger-TRM Financial Solutions
Welcome to my scheduling page. Please follow the instructions to add an event to my calendar.
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Learn about taxes from your friends at Newark based TRM Tax Solutions.
No matter what the reason for your move may be, it's important to be aware of the implications for your taxes when you relocate to a new state. In this article, learn more about establishing residency, part-year tax returns, and more.
TRMTAXSOLUTIONS.COM
How to File Taxes After Moving to a New State
If you have lost your job, there are a number of tax issues that you may encounter. They include severance pay, unemployment compensation, health insurance, pension plans and possibly a home sale. How you deal with these issues can profoundly impact your taxes and finances.
TRMTAXSOLUTIONS.COM
Tax Consequences of Losing Your Job
Wednesday Wisdom from your friends at TRM Tax Solutions
U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S. Treasury's Financial Crimes Enforcement Network or face severe penalties.
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Foreign Account Reporting Due October 15
The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.
TRMTAXSOLUTIONS.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.
TRM Tax Solutions has the motivation you need to get going this Monday.
TRM Tax Solutions - Some Friday tax knowledge for our friends and colleagues.
Gambling income can affect your taxes in more ways than you might believe, including causing your Social Security income to be taxed, reducing your health care subsidies through government marketplaces, paying higher Medicare B & D premiums, having additional filing requirements, and limiting or reducing a number of tax deductions and credits.
TRMTAXSOLUTIONS.COM
Gambling and Tax Gotchas
Tap into your full potential. Wednesday Wisdom from TRM Tax Solutions
An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.
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Don't Miss the Opportunity for a Spousal IRA
Get ready for the week: TRM Tax Solutions has motivation for your Monday.
First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
TRMTAXSOLUTIONS.COM
What Happens if I Missed the October 15th Tax Extension Deadline?
Learn about taxes from your friends at Newark based TRM Tax Solutions.
Some insider tax knowledge from TRM Tax Solutions.
Transform your life. Wednesday Wisdom from TRM Tax Solutions
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important to resume savings as quickly as financially possible. Still others have simply been ignoring the need to save for their retirement, which can have an unpleasant result when it comes time to retire. Many tax-benefitting retirement options are available.
TRMTAXSOLUTIONS.COM
Don't Fall Behind in Saving for Retirement
Small business owners: as we inch closer to the end of the year, it's a great time to be thinking about tax planning strategies for your business. Here are some ideas that can be beneficial at any time of year.
TRMTAXSOLUTIONS.COM
Preparing for 2021: Tax Planning Strategies for Small Business Owners
A little inspiration from TRM Tax Solutions to start your week.
We all have our favorite game shows such as Wheel of Fortune, The Price is Right, and Let's Make A Deal, and we love to have the contestants win big. Unfortunately, those winnings are taxable on the contestant's state and federal tax returns. See what can happen by watching this video.
The Consolidated Appropriations Act, 2021, which was passed late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit.
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Interaction between PPP Loans and the Employee Retention Credit
Looking for a sign? Here's your Monday Motivation from Newark based TRM Tax Solutions
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. Watch this short video to see if the new rates will affect your business.
Learn about taxes from your friends at Newark based TRM Tax Solutions.
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
TRMTAXSOLUTIONS.COM
Day Trader Rules and Tax Treatment
Get inspired. Some Wednesday Wisdom from Newark based TRM Tax Solutions
