WE do get tax benefits from our little rasca… lovable adorable children: • Dependency exemption:  A child can be claimed as a dependent starting from the year they are born….

1. DO not estimate income from interest, dividend, independent contractor or LLC. Banks, stock brokerage companies and LLCs send exact amounts to IRS via form 1099s and K-1s.  Estimates generate…

SURELY as April 15 comes along, some of you will procrastinate in filing tax returns. It can be habit forming as I see the same taxpayers come after April 15…

1. THE failure-to-file penalty is generally more than the failure-to-pay penalty. If you cannot pay all the taxes you owe, file to prevent that more costly failure-to-file penalty. 2. The…

• FILE your tax records neatly and orderly during the year. If you are not an organized person by nature as some of us are, just throw tax documents in…

1. QUALIFIED Residence Interest includes your principal and second homes. The homes could be a house, condo, mobile home, motor home, time share, or even a houseboat, as long as…

• YOU may deduct donations to qualified organizations.  Qualified organizations have tax-exempt status from the IRS. These include corporations or foundations organized in the U.S. for religious, charitable, educational, scientific,…

FOR those of you who itemize, the table below should be of special interest. For those of you who play the odds (you know what I mean), this table should…

PAY attention to your filing status because it determines your standard deduction, tax due, or refund. Here are 12 tips to help you choose your correct filing status: 1. There…

Exemption Credits: a. $108 –  Single, Married filing separately, Head of Household. b. $216 –  Married filing jointly. c. $333 –  Dependent. d. $108 –  Age 65 or older. e….

1. YOU are required to file a California tax return if your gross income exceeds: a. Single – $16,047. b. Head of household – $27,147. c. Married filing jointly –…

1. YOU are required to file an income tax return if your 2014 gross income reaches: Elderly and blind taxpayers add $1,200 to $1,550. 2.  Personal exemptions $3,950 Phaseouts for…

Premium Tax Credit for individuals and families IF YOU purchased health coverage from a state or the federal Marketplace and are eligible for the premium tax credit, file Form 8962,…

Affordable Care Act (ACA – ObamaCare) THE Individual Shared Responsibility provision of ObamaCare requires taxpayers to either: • Have qualifying health care coverage, • Qualify for an exemption, or •…

  * * * Sy Al-os Accountancy Corporation provides accounting and tax services to individuals, corporations, LLCs and business entities. The Firm has a niche in defending taxpayers audited by…

(Part 3 of 3) MATERNITY Leave: State universities may not require female graduate students to take leaves of absence for pregnancies and must allow those who do take leaves to…

(Part 2 of 3) FRACKING Bans. California’s Mendocino and San Benito counties passed measures banning fracking, a practice in which high-pressure liquid is shot through a drill hole in the earth…

(Part 1 of 3) BAN on Plastic Bags: New law requires that supermarkets and large pharmacies stop distributing plastic bags effective July 1, 2015. The ban will include convenience stores in…