Business
These tax tips can make filing (1040) EZ: Sponsored content from JPMorgan Chase & Co. Kelly Perez
With Tax Day approaching, there’s no time like the present to get started on your 2022 returns and submit them well before the April 18 deadline. This year, you have a few extra days to complete your taxes. With the typical deadline of April 15 falling on a weekend, followed by Emancipation Day on Monday, this year’s filing date is on Tuesday, April 18.
With Tax Day approaching, there’s no time like the present to get started on your 2022 returns and submit them well before the April 18 deadline.
This year, you have a few extra days to complete your taxes. With the typical deadline of April 15 falling on a weekend, followed by Emancipation Day on Monday, this year’s filing date is on Tuesday, April 18.
“Though there are a few extra days to file, make sure to still give yourself ample time to gather and organize your tax information to take advantage of any and all tax deductions, or other tax breaks that may apply to you and your family,” says Kelly Perez, Wealth Advisor for J.P. Morgan Private Bank. “Many key deductions that may reduce your tax bill or provide a refund are often left on the table due to lack of preparation. Whether you file on your own or work with a paid tax professional, the initial groundwork is the key to maximizing your benefits.”
Ready to submit or get started? Here are some tips to help simplify the process, maximize your potential refund or minimize your tax burden before you finalize your return.
- Get organized. Make sure you have important documents like last year’s return, current W-2s, 1099s and mortgage interest statements on hand. You’ll also want to gather receipts for tax-deductible purchases, travel, charitable contributions and other potential write-offs. You can look online to find checklists of documents you might need to help you file.
- Be aware of tax law changes. While taxes are inevitable, what you may owe or get refunded might not be. As you finalize or start your 2022 tax return, be aware of changes to federal, state and local tax laws that could affect your refund or how much you owe. For example, if you benefited from the child tax credit, earned income tax credit or child and dependent care credit on your 2021 return, don’t be surprised if you get a smaller refund this year. Credits expanded as part of federal Covid relief packages have now returned to pre-pandemic levels.
- Are you working from home permanently? If you have a home-based business, you might qualify for a home office tax deduction. You can potentially write off expenses for a part of your home you only use for business purposes.
- To itemize or not to itemize. Determine whether you’ll itemize your expenses or take the standard deduction. If you think your qualified expenses will be more than the 2022 standard deduction ($12,950 for most singles and $25,900 for most married couples filing jointly), it might be worth it to itemize. Taking the standard deduction can make the filing process easier, but it could mean you pay more in taxes or receive a smaller refund.
- Contribute to retirement accounts. You can fund a traditional or Roth IRA through the April 18, 2023, tax filing deadline and have it count for 2022. Traditional IRA contributions lower your tax bill right now, while your Roth IRA withdrawals are tax-free in retirement. You can contribute up to $6,000 to an IRA each year, or — if you were 50 years or older in 2022 — up to $7,000 of your earned income.
- Seek help when you need it. If you have a more comprehensive tax return, it can be a good idea to work with a certified public accountant (CPA). If you need assistance in general, check if you qualify for free in-person or remote programs offered by the IRS or local organizations depending on your income, age and disability status.
- Go faster by going digital. Filing electronically will get your return to you more quickly than filing by mail. Selecting direct deposit to a bank account or prepaid card will make the process even faster.
- Need more time? If you can’t file by April 18, you can fill out a Form 4868 that will extend your filing deadline to Oct. An extension to file isn’t an extension to pay, so if you think you’ll owe, plan to submit an estimated payment amount when you file your extension.
The bottom line – Filing your taxes doesn’t have to be difficult. Getting organized now will help make tax season easier this year and put you in better shape for years to come. For more tips to help you make the most of you and your family’s finances, visit J.P. Morgan’s U.S. Tax Center at privatebank.jpmorgan.com/gl/en/insights/planning/us-tax-center.
Activism
Oakland Post: Week of April 24 – 30, 2024
The printed Weekly Edition of the Oakland Post: Week of April 24 – 30, 2024
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Bay Area
State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference
California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.
By Carla Thomas
California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco.
The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.
“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.
ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.
“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.
More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.
Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.
“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.
“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.
“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.
By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”
Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”
Cohen urged audience members to pass the initiative on the November 2024 ballot.
“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”
Business
Black Business Summit Focuses on Equity, Access and Data
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
By Solomon O. Smith, California Black Media
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.
Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.
“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.
Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.
Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.
The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.
Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.
“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.
The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.
Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.
“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”
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