Welcome to Baxter Tax Consulting – Assisting you with your financial and tax needs for 64 years!

    • Tax Planning
    • Tax Consulting
    • Individual, Small Business, Trust
    • Trust Management
    • Problem Resolution
    • E-filing
    • Open Year Round
    • Prior Year Returns
  • Profit & Loss Statements
  • In-house Preparation: You Usually Leave With Finished Product
  • Property Management
  • Stopping of Liens, Levy, Collections, & Garnishment
  • For out-of-state clients returns can be done via e-mail, fax or mail.
  • Client Portal

Estimated Tax Payment Deadlines:

  • April 15, 2024
  • September 15, 2024
  • January 15 of the following year (2025)

When Using Payment Vouchers:

  • Each estimated tax payment should be paid by check or money order AND be accompanied by Form 1040-ES payment voucher.
  • If you made an estimated tax payment last year you should receive a copy of the Form 1040-ES payment vouchers preprinted with your name, address, and social security number on it by mail from the Internal Revenue Service.
  • Using the preprinted vouchers will speed up processing and reduce the chance of error.
  • If you did not pay estimated taxes last year, but plan to do so this year, you will need to obtain a tax Form 1040-ES payment voucher from an accountant or via the Internet.

Please refer to for the proper address to mail your estimated tax payments.

Kindly make your check out to: UNITED STATES TREASURY
Write on the memo line of your check: 1040ES/1040 + the tax year for which you are paying.

Regarding Forms W-2 & 1099: 

  • Employers on or before January 31 of each year MUST mail these out.
  • You will receive a separate W-2 Form from each employer for whom you have worked.
  • If you have not received your W-2 Forms by February 15th, contact your employer or the Internal Revenue Service.

Regarding Form 1099:

You should receive your 1099 form(s) by February 1st of each year.

Underpayment Penalty – If you did not pay enough tax either through withholding or by making estimated tax payments, you will have an underpayment of estimated tax due AND you may have to pay a penalty fee.

Mandatory for this year – Coming in to have your taxes done? Due to new IRS and State regulations, the following information is needed for the completion of your tax return and for every person being claimed on your return.

Every person claimed on your return must provide copies of at least two of the following items:

  • Driver’s License
  • Social Security Card
  • Birth Certificate
  • Passport
  • Earned Income Tax Credit (EITC) – If you are claiming the EITC credit from any of the categories below, you must provide two different documents for each qualifying individual:
  • Residency
  • School records or statement
  • Landlord or property management statement
  • Healthcare provider statement
  • Medical records
  • Childcare provider
  • Social service records or statements
  • Employer statement
  • Place of worship statement
  • Indian tribal official statement
  • Disability of qualifying child
  • Doctor Statement
  • Other healthcare provider
  • Social services agency statement
  • Documents or other information
  • Business license
  • 1099 forms
  • Bank statements
  • Taxpayer summary of expenses
  • Schedule C – If you are filling a schedule C you must bring the following:
  • All bank statements
  • 1099 K
  • Proof of all deductions
  • Mileage logbook
  • Phone/Cell bills
  • All receipts for meals and entertainment
  • Proof of all schedule C deductions

What is New For Tax Season 2024?

Due Date of Your Tax Return:
File Form 1040 or 1040-SR is due by April 15, 2024.

  • If you live in Maine or Massachusetts, you have until April 17, 2024.
  • San Diego county residents who were affected by the 2023 floods have until June 15, 2024. 

New Clean Vehicle Credit:
The credit for new qualified plug-in electric drive motor vehicles has changed. This credit is now known as the “clean vehicle credit”. The maximum amount of the credit and some of the requirements to claim the credit have changed.

Previously Owned Clean Vehicle:
This credit is available for previously owned clean vehicles acquired and placed in service after 2022.

Standard Deduction Amount Increased:
For 2023, the standard deduction amount has been increased for all filers. The amounts are: 

Single or Married Filing Separately: $13,850.00
Married Filing Jointly or Qualifying Surviving Spouse: $27,700.00
Head of Household: $20,800.

New lines on Schedule 3 (Form 1040):
This year Schedule 3 (Form 1040) has new lines.
Line 5a will be used to report the residential clean energy credit from Form 5695.
Line 5b will be used to report the energy efficient home improvement credit from Form 5695.
Line 6m will be used to report the credit for previously owned clean vehicles from Form 8936.
Line 13c will be used to report the elective payment election amount from Form 3800.

Credits for Qualified Sick and Family Leave Wages:
The credits for qualified sick and family leave wages paid in 2023 for leave taken before April 1, 2021, and for leave taken after March 31, 2021, and before October 1, 2021, are now reported on Schedule 3, line 13Z.

Alternative Motor Vehicle Credit:
The alternative motor vehicle credit has expired.

Self-employed Health Insurance Deduction:
Use Form 7206 and its instructions to determine any amount of the self-employed health insurance deduction you may be able to claim and report on Schedule 1.

Qualified Charitable Distribution One-Time Election:
Beginning in 2023, you can elect to make a one-time distribution up to $50,000.00 from an individual retirement account to charities through a charitable remainder antitrust, or a charitable gift annuity funded only by qualified distributions.

Increase in Required Minimum Distribution Age:
If you reach age 72 in 2023, the required beginning date for your first required minimum distribution is April 1, 2025.

IRA Contribution Limit Increased:
Beginning in 2023, the IRA contribution limit is increased to $6500.00 ($7500.00 for individuals age 50 or older), from $6000.00 ($7000.00 for individuals age 50 or older).

Deferred Compensation Contribution Limit Increased:
If you participate in a 401(k) plan, 403(b) plan, or the federal government’s Thrift Savings Plan, the total annual amount you can contribute is increased to $22,500.00 ($30,000.00 if age 50 or older) for 2023. This also applies to most 457 plans.

Insurance Premiums for Retired Public Safety Officers:
Eligible retired public safety officers can exclude from income up to $3000.00 of distributions from their eligible retirement plan that is paid directly to them and is used to pay for health insurance premiums.

Exception to the 10% Additional Tax for Early Distributions:
The exception to the 10% additional tax for early distributions include the following:

  • Distributions from a retirement plan in connection with federally declared disasters.
  • Distributions from a retirement plan made to someone who is terminally ill.
  • Distributions to firefighters at age 50 or with 25 years of service under the plan.

Health Flexible Spending Arrangements (Health FSA’s) Under Cafeteria Plans:
For tax years beginning in 2o23, the dollar limitation under section 125(i) on voluntary employee salary reductions for contributions to health FSA’s is $3050.00.

Temporary Allowance of 100% Business Meal Deduction Has Expired:
Section 210 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 provided for the temporary allowance of a 100% business mean deduction for food or beverages provided by a restaurant and paid or incurred after December 21, 2020 and before Jan 1, 2023.

Distributions to Terminally Ill Individuals:
The exception to the 10% additional tax for early distributions is expanded to apply to distributions made after December 20, 2022 to an individual has been certified by a physician as having a terminal illness.

Certain Corrective Distributions Not Subject to 10% Early Distribution Tax:
Beginning with distributions made on December 29, 2022, and after, the 10% additional tax on early distributions will not apply to the income attributed to a corrective IRA distribution, as long as the corrective distribution is made on or before the due date (including extensions) or the income tax return.

Delayed Refund for Returns Claiming the Additional Child Tax Credit (ACTC):
The IRS cannot issue refunds before mid-February 2024 for returns that properly claim ACTC. This timeframe applies to the entire refund, not just the portion associated with ACTC.

Standard Mileage Rate:
The 2023 rate for business use of a vehicle is 65.5 cents a mile. The 2023 rate for use of your vehicle to do volunteer works for certain charitable organizations is 14 cents a mile. The 2023 rate for operating expenses for a car when you use it for medical reasons is 22 cents a mile.

Modified Adjusted Gross Income (AGI) Limit for Traditional IRA:
For 2023, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:

  • More than $116,000.00 but less than $136,000.00 for a married couple filing a joint return or a qualifying surviving spouse.
  • More than $73,000.00 but less than $83,000.00 for a single individual or head of household, or
  • Less than $10,000.00 for a married individual filing a separate return.

If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work but you aren’t, your deduction is phased out if your modified AGI is more than $218,000.00 but less than $228,000.00 or more, you cannot take a deduction for contributions to a traditional IRA.

Modified AGI Limit for Roth IRA Contributions:
For 2023, your Roth IRA contribution limit is reduced (phased out) in the following situations:

  • Your filing status is married filing jointly or qualifying surviving spouse and your modified Publication 17 (2023) AGI is at least $218,000.00. You cannot make a Roth IRA contribution if your modified AGI is $228,000.00 or more.
  • Your filing status is single, head or household, or married filing separately and you did not live with your spouse at any time in 2023 and your modified AGI is at least $138,000.00. You cannot make a Roth IRA contribution if your modified AGI is $153,000.00 or more.
  • Your filing status is married filing separately, you live with your spouse at any time during the year, and your modified AGI is more than zero. You cannot make a Roth IRA contribution if your modified AGI is $10,000.00.

Tax Law Changes for 2024:
When you figure how much income tax you want withheld from your pay and when you figure your estimated tax, consider tax law changes effective in 2024.

Alternative Minimum Tax (AMT) Exemption Amount Increased:
The AMT exemption amount is increased to $81,300.00 ($126,500.00 if married filing jointly or qualifying surviving spouse; $63,250.00 if married filing separately). The income levels at which the AMT exemption begins to phase out have increased to $578,150.00 ($1,156,300.00 if married filing jointly or qualifying surviving spouse).

Reporting Requirements for Form 1099-K:
Form 1099-K is issued by third party settlement organizations and credit card companies to report payment transactions made to you for goods and services. You must report all income on your tax return unless excluded by law, whether you received a Form 1099-K or not. The box 1a and other amounts reported on Form 1099-K are additional pieces of information to help determine the correct amounts to report on your return. If you received a Form 1099-K that shows payments you did not receive or is otherwise incorrect, contact the Form 1099-K issuer. Do not contact the IRS; the IRS cannot correct an incorrect Form 1099-K. If you cannot get it corrected, or you sold a personal item at a loss, see the instructions for Schedule 1, lines 8z and 24z, later, for more reporting information.

Secure Your Tax Records From Identity Theft:
Identity theft occurs when someone uses your personal information, such as your name, SSN, or other identifying information, without your permission, to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.

Refunds For Returns That Were Filed LATE: 

If you were due a refund but neglected to file a return, you must file a return within 3 years from the date the return was due (including extensions) to obtain a refund.

Frivolous Tax Returns:

  • The IRS has published a list of positions that are identified as frivolous
  • The penalty for filing a frivolous tax return is $5,000.00
  • Remember to bring, fax, or scan via e-mail your relevant documents

Contact Information:

NOTE: Contact via email, voice mail or text messages are the preferred ways to reach Sandi. Please be patient. Sandi will return her calls in the same order in which she receives them. Understand that she works with clients nationwide, and therefore, works within all time zones.

Virtual Office Phones: (626) 5998999 or (562) 588-3873 
FAX: (626) 599-8073