FOR 2015 INCOME TAX RETURN IT’S the last quarter of 2015 and in a few months during income tax season, you would want to minimize any income tax dues as…

T WAS a typical appointment on a busy tax season last April. A representative for a Hispanic male in his mid-60s visited my office for a living trust preparation. So…

TAXPAYERS who have filed income tax returns using Schedule C, Profit or Loss from Business, usually get surprised when they receive a notice from the Los Angeles City requiring them…

ON A typical Tuesday during this tax season, I’ve had three new tax clients (who were previously with other preparers) – all of them have just recently been audited on…

WE SEE these too often among our kababayans in the home care or home health business. Receiving 1099-Misc seems to be the overwhelming means of income reporting in this field of work….

INCOME tax season brings with it promises of easy and quick access to money. We have often heard some tax preparers, even the big chains, offering Refund Anticipation Loans (RALs)….

IT’S PROBABLY the cliché of our economic times: foreclosures and short sales one after the other have triggered too many sleepless nights among honest Americans who were trapped into mortgages…

CONSIDERING our close relationship ties, it is most likely that at least once in your life you’d be asked to co-sign for a loan for a family or a friend-…

INCOME taxes. For the lower income earner, it is a welcome relief as the government bestows tax credits and benefits. But for the medium to higher income earner, it’s usually…

MORE and more taxpayers have been receiving it from the IRS….. the audit letter asking to substantiate tax deductible expenses claimed in a prior tax year. In fact, some taxpayers…

GOING to college is a good thing as it can open greater opportunities for employment and has the potential to transform someone to higher level of success. There are various…

THE Bush-Era Tax Cuts was set to expire on December 31, 2011 and one of those that would have been greatly impacted is the Child Tax Credit (CTC), one of…

DESIGNED to supplement the wages or earned income through self-employment of working families, the Earned Income Tax Credit (EITC) benefits taxpayers who are either low or moderate income earners by…

HOW much of their home office expenses can be deducted is one of the most misjudged tax questions faced by home workers. The reality of home office expense deductibility is…

TOO many times, taxpayers receive a surprise letter from the IRS, and even the Franchise Tax Board, on taxes owed from a cancelled debt acquired through debt settlement or debt…

“I’VE never felt so vulnerable about this disease until now”, I told my neurologist in an unusually poignant voice. Diagnosed with systemic lupus erythematosus (simply called lupus) in September 2007,…

WHILE we approach the last quarter of the year, this serves as a reminder that it’s neither too early nor too late to plan and strategize your income taxes for…

CONSIDERING our close rela­tionship ties, it is most likely that at least once in your life you’d be asked to co-sign for a loan for a family or a friend-…

YOU’RE probably one of those employees wanting to tap your 401(k), 403(b), or other retirement accounts to get you through dire financial need. With unemployment rate hovering at more than…

WHEN someone dies without a Living Trust, the decedent’s es­tate is subject to a probate. Pro­bate simply means “to prove the will”. The process is designed to prove that the…

TOO many times, I encounter relatives or friends going through the dilemma of not being able to handle an elderly relative’s financial, legal, and medical affairs after such relative becomes…

FOR quite a few taxpayers who have deferred on filing their 2010 income tax returns, the deadline is just by the corner. The most prudent action would be to file…

THE fact that a lot of existing Living Trusts are not properly funded is a scare to behold. Once your Living Trust was drafted and finalized, you think your assets…

LAST week, Ana (not her real name), approached me regarding her situation. She has “loaned or invested” $182,000 to someone who is now missing with the lure of extremely high…

GOING to college is a good thing as it can open greater opportunities for employment and has the potential to transform someone to higher level of success. There are various…

TOO many times, taxpayers receive a surprise letter from the IRS, and even the Franchise Tax Board, on taxes owed from a cancelled debt acquired through debt settlement or debt…