Taking Control of Your Taxes in 2018

A Complete Guide on Taking Control of Your Taxes in 2018

Happy New Years! As always, the start of a new year means the nearing of another tax season. The tax season is always intimidating, but with the right help, you can get through it without a sweat! From Lucia CPA to you, we want to let you in on a few highlights regarding the new tax laws, and some tips and tricks to get the biggest tax return available to you before the 2018 tax deadline on April 17, 2018.

What is Cryptocurrency and Do I Have to Claim it on My Taxes?

Claiming Cryptocurrencies on your Taxes

It’s important to know before reading this article what cryptocurrencies are. Cryptocurrencies are digital currencies that exist only online and is a complex system that’s decentralized and isn’t controlled by any authority. Computer processors are used to solve complex algorithms which generate coins. All coin transactions are chained to each other, adding a block for each transaction making it impossible to erase or alter any information without breaking the entire chain. Crypto markets are the most secure for services and trade without the risk of fraud or chargebacks.

One of the biggest market explosions for cryptocurrencies in 2017 is Bitcoin. In 2017 alone, prices for one bitcoin has skyrocketed from $800 to a whopping $7,300! Rewind to 2013, the price for one was less than $10! There’s a huge profit margin with Bitcoin, and other cryptocurrencies such as Litecoin and Ethereum are slowing making a name for themselves as well.

Tax Tips for Teachers in 2018

To our teachers and school administrators, we appreciate everything you do to curate an awesome and enticing curriculum for the next generation. Now it’s our turn to educate you on one matter…taxes. One thing is clear, it’s never too early to start planning for the upcoming tax season! Check out the following tips to help you as an educator stay on top of your taxes and get the biggest breaks and tax deductions ever!

Take Control of Your Tax Extension

It’s important to file your taxes on time, but sometimes there isn’t enough time to get your financial records in order. In this case, the IRS allows for a six-month extension period to file your taxes, given that you complete and submit Form 4868 (for individuals) or Form 7004 (for businesses) before the April 15 deadline of each year. There’s no penalty for acquiring a tax extension! However, proving to be lackadaisical will do more harm than good. Here’s what you need to know about tax extensions, and why it’s important if you haven’t already to file your taxes before October hits.

What to do After Filing for a Tax Extension

Not everyone is ready for tax season, some years can be rougher than others. That’s why tax extensions exist, and they are a great move by you if done right. It’s easy to extend your filing period, simply send in a completed Form 4868 – Application for Automatic Extension of Time to File.

This year if you filed an extension prior to April 18, 2017, you now have until October 16, 2017.  The deadline may still seem far off, but time flies by fast and sooner than later that deadline will come up. If you haven’t gotten started on your tax returns yet, here’s a few tips to push you to file your tax returns.

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Office Directions

Riverside CPA Tax Accounting Office

San Bernardino Office

1887 Business Center Dr. Suite #4A
San Bernardino, CA 92408

Riverside Office

(By Appointment Only)
3576 Arlington Ave #200
Riverside, CA 92506

(800) 614-0139


1887 Business Center Dr. Suite #4A, San Bernardino, CA 92408 (800) 614-0139
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