Race Street Tax Service is a full-service bookkeeping firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. On this website, you will find information about Race Street Tax Service, including our list of services.
We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around San Jose, Race Street Tax Service has years of valuable experience assisting professionals with their accounting needs.
We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around San Jose, Race Street Tax Service has years of valuable experience assisting professionals with their accounting needs.
Services
About Us
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Race Street Tax & Bookkeeping Service was founded in 1976. We have continuously provided excellent service to hundreds of small businesses in the Bay Area. Our long-term clients are like family to our team. As a strong small business with a great track record, we are able to provide the individual attention our clients need and deserve.
Services
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Race Street Tax Service provides a wide range of services to individuals and businesses in a variety of industries. At Race Street Tax Service, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
Business
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Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins. However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
Financial
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Following are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Due Dates
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It's possible there could be additional extensions, so check with your tax advisor for the latest information. Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
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