Commonly Asked Questions

What do I bring to my tax appointment?

– Your last years tax return copy. Both Federal and State (please note: I will need ALL depreciation schedules for both CA and the feds for all of your properties, this is very important to ensure we have the maximum deduction legally possible.)

-Income for the year we are going to prepare (w-2’s, 1099’s, interest income, dividends, k-1, stocks sold require cost basis, contact us should you have any questions regarding this.)

-Expenses: (expenses are to be totaled for me. If you have your own method of keeping track, that is fine, should you want to see a worksheet for guidance please visit our ‘Worksheets’ page. Please total all income and expenses for each rental property separately.)

-Name, DOB, and SSN for any dependents or spouse (make sure they match up with the Social Security card)

-If you own a house: mortgage interest and property taxes paid

-If you are still paying off any student loans: the interest paid is tax deductible please bring that in as well.

-Health insurance proof-for entire year, your employer should provide you with a statement if they provided coverage for you for said year.

What if I am not ready to file by the April 15th deadline?

We can file a 6 month extension for you. We do recommend assessing tax liability to pay by this date if possible. Doing so will help save you money in “interest/penalties”.

How can I book an appointment?

You can give us a call at: (310) 665-9717 or request one via email at: info@blucollar.us

How long do I legally have to keep my documents for?

Federal law states the statute of limitations is 3 years from the due date of your return, or from the date filed (whichever comes later).

How does the new Tax Cuts and Jobs Act affect me?

I have found that although you may lose some deductions, the lower tax rates will help soften the blow.  The impact will vary from one return to another. Please call me to discuss how you may be affected.