LET’S review a few rules on federal, state, and local taxes: 1. California State Income Taxes in box 24 of your W2 are deductible. So are quarterly estimates paid by…

MINIMUM Wage –Minimum wage increases to $9 per hour effective July 1, 2014. Medical and Dental Expense Deduction – Federal law made it tougher to deduct medical expenses by raising…

(Part 2 of 2) Immigrants POLL workers: Permanent legal residents who are not citizens may serve as poll workers in California elections. Employer threats: Employers are prohibited from inducing fear…

(Part 1 of 2) MINIMUM Wage: Minimum wage increases to $9 per hour effective July 1, 2014. Identity Theft, Internet Online Tracking – Identity theft: State agencies and businesses are…

YES, of course. Direct deposit is the fastest and safest way to receive your tax refund. Here are reasons why you should use direct deposit of your refund: 1. Speed:…

THE Internal Revenue Service issued an alert about scams relating to Typhoon Haiyan (“Yolanda” in the Philippines). As you may have seen at CNN, Asian Journal, and other media, Haiyan…

ALMOST everyone is concerned with saving money on their taxes, but most people worry only about income taxes and ignore planning to avoid estate taxes, which can consume up to…

WHAT to do immediately -Gather family members. Plan, organize, delegate. Agree on main contact person. -Prepare lists of records to gather, tasks to do, people to contact. Establish responsibilities. -Establish…

S CORPORATION is a corporation that has elected to be taxed under Subchapter S of the Internal Revenue Code. This type of entity enjoys both the limited liability of corporations…

TOUGH times may necessitate dipping into your retirement funds before retirement. Look at the tax impact of such a move. You may be shocked to find out what you are…

THE Internal Revenue Service issued an alert about scams relating to Typhoon Haiyan (Yolanda in the Philippines). As you may have seen at CNN, Asian Journal, and other media, Haiyan…

IN A landmark case, the Supreme Court has held that a conviction for willfully filing a false tax return is a deportable offense under our immigration laws. It reached the…

1. IRS wants you to keep good records to document your income and support your expenses. It does not require you to keep records in any specific manner, but there…

WHEN buying and selling real estate, there is always that inevitable question: how do you hold title? Remember that your choice can have dramatic impact on estate taxes, liability protection,…

OUR column usually focuses on serious (and sometimes boring) subjects of tax and finance. Let’s depart from that dull setting and explore the lighter world of Murphy’s Law: 1. If…

1. File Electronically – Consider filing electronically instead of using paper tax forms. If you file electronically and choose direct deposit, you will receive your refund faster. 2. Check social…

1. YOU may claim exemptions for yourself, your spouse and your dependents. 2. Dependents must have a Social Security number (TIN is not good enough). 3. Exemption amount is $3,800…

How long do you have to keep tax records? How long can the IRS audit your tax returns? Let’s discuss 10 tips on statute of limitations so you can clean…

IF you paid someone to care for your child, spouse, or dependent, you may be able to claim the Child and Dependent Care Credit on your federal income tax return….

SOME business establishments pay cash wages “under the table.” Why?  Is it worth it? What are the risks? What does paying cash wages ‘under the table’ mean?  This common phrase…

THE Treasury Inspector General for Tax Administration (TIGTA, an agency that oversees the IRS) instructed the IRS to expand audits to prior and subsequent years. This means that if IRS…

LET’S discuss reasons why you should consider filing, even you are not required to: 1. You expect a refund. You have credits that can generate a refund – from taxes…

IF your mortgage loan is forgiven, you end up with income from cancellation of debt. Here are 10 tips to exclude the forgiven debt from your income. • Cancellation of…

A short sale occurs when you sell your property for a price that is short of the balance owed to avoid a foreclosure – with the consent of your lender….

THE IRS is back. In full force. Leaner. Stronger. After reeling from congressional hearings and keeping a low profile for many years, the IRS reorganized and is back. Their mission…

(Part 2 of 2) The Internal Revenue Service (IRS) announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by providing: Offer in Compromise (OIC) – more…

THE IRS issued new guidance requiring individuals with an interest in a “specified foreign financial asset” to attach a disclosure statement to their income tax return for any year in…

NEW Foreign bank account rules were designed to combat money laundering, terrorism, and tax evasion. Unfortunately, folks like you and me get snared in the process. We get penalized if…

YES. Some are. Let’s discuss taxes, penalties, and interest that are not dischargeable in a Chapter 13 filing. The Chief Counsel of the IRS examined which tax claims are nondischargeable…

Background WHEN is your return free from IRS audits? From your perspective, statutes of limitation prevent the IRS from collecting a deficiency in tax or beginning a civil or criminal…