THE client is 74. Her husband passed away two years ago. Her only source of income is social security of $2,000 a month, which was her husband’s social security. Her own social security was $1,500 a month. So how come she only has $2,000 of social security and not $2,000 plus $1,500? Because when you…
1. THE standard deduction is doubled: Republicans want to simplify our tax code so more people can claim standard deductions instead of more complicated itemized deductions. This becomes a reality after the new law doubled the standard deduction from $6,350 to $12,000 for single filers, from $9,350 to $18,000 for heads of households, and from…
IF you’re in debt and are considering bankruptcy as an option for you to get needed relief, perhaps just hearing the word “bankruptcy” makes you extremely nervous. Maybe the word conjures up images in your mind of losing everything you have and not having a financial future. Relax. It’s not what you think. Regardless of…
AMOUNTS for tax returns in 2017 are compared with amounts in 2016. Exemption credits: a. $114 from $111 – Single, Married filing separately, Head of Household. b. $228 from $222 – Married filing jointly. c. $353 from $344 – Dependent. d. $114 from $111 – Age 65 or older. You are considered to be 65…
THE client is 50 and operates a business. There is a state court judgment against him for $80K. Is this judgment dischargeable in bankruptcy? The answer is: If the judgment is for breach of contract only, the $80,000 is dischargeable. If the judgment is affirmative for FRAUD, then the $80,000 fraud judgment is not dischargeable….
Q: I WAS severely injured in a recent car accident while returning to work on an errand. I had to undergo multiple surgeries. I missed several weeks of work and will need more time off for treatments. I am afraid to tell my employer about my need for more time off because I might be…
REPUBLICANS hail the Tax Cuts and Jobs Act as their biggest legislative achievement under President Trump. It’s the first major tax overhaul since the days of fellow Republican Ronald Reagan. The new tax law causes wide implications. It affects your decision to buy or rent a home or your decision to send your kids to private…
DO you need help with debt problems but are too embarrassed to even talk about them? Perhaps you’re under a lot of stress due to your finances but don’t even know where to turn for help. As a bankruptcy attorney, over the years I have met a lot of people who were simply too embarrassed…
A CLIENT wants Chapter 7, but can he avoid the presumption of abuse? The client is 55, married with a son and daughter who have just entered college. His income is $5,600 gross a month. The wife’s income is $5,500 gross a month. So, the combined gross of his household of four is $11,100 a…
2017 versus 2018 tax rates: individual income tax rates in 2017 in percentage are 10, 15, 25, 28, 33, 35, and 39.6. The 2018 temporary tax rates percentage are 10, 12, 22, 24, 32, 35, and 37 and will expire on 2025, under H.R.1 “The Tax Cuts and Jobs Act”. Your income tax return is…
THIS is our yearly wrap-up of some of the new laws that were created or that took effect in California in 2017 to continue to protect employees: California Prohibits On-Duty and On-Call Rest Breaks The high court ruled that an off-duty rest break means a time during which an employee is relieved from all work-related…
OUR recommendations of tax moves before year-end is a little different because of President Trump’s major tax overhaul and the time – or lack of it – to implement tax savings ideas in just before 12/31/17. Tax rates are going down, standard deductions are going up, and property taxes and state taxes are capped; therefore,…
ARE you seriously in debt and thinking of filing bankruptcy as a last resort? Individuals who have accumulated excessive debt are often left to ponder whether bankruptcy is their only realistic way to get out of debt. However, they hesitate to do so because of all the negative things they’ve heard about bankruptcy. Sometimes, these…
THE clients are husband and wife and they are still young. When I say young, this means anyone who is 65 and younger up to 17. The World Health Organization (WHO) has recently classified people between 17 to 65 as young and 66 to 79 as middle-aged. Check it out on the internet — I…
IF you owe more than $50,000 in delinquent taxes, penalties, and interest to the IRS, you are considered seriously delinquent. This puts your passport in jeopardy. Take action now before the State Department revokes or denies an application to renew your passport. Here are 10 tips to avoid passport problems: 1. Renew your passport now….
ARE you sick and tired of being in debt and having bad credit? Do you want to start over but simply don’t know where to begin? Is filing bankruptcy an option for you or are other options available? As we go into the New Year 2018, this is a good time to look at your…
THE bills described in this Rental Property Owner and Mangers Guide are rental housing related bills that were signed into law in 2016 and become effective January 1, 2017 unless otherwise specified. Certified Access Specialist Inspections AB 2093. Beginning January 1, 2017 to make sure that properties are in compliance with disability access laws, commercial…
THE client is 50 and operates a business. There is a state court judgment against him for $80K. Is this judgment dischargeable in bankruptcy? The answer is: If the judgment is for breach of contract only, the $80,000 is dischargeable. If the judgment is affirmative for FRAUD, then the $80,000 fraud judgment is not dischargeable….
Q: I AM a part-time hourly employee working in retail. I work between 20 to 30 hours a week. I recently got sick and had to be out for three days. I was told that I was not entitled to paid sick leave because I was a part-time employee. Is this right? A: No, you…
1. CAN you get a passport if you owe taxes? Of course, you can. But if your taxes, penalties and interest total more than $50,000, you fall under a new category called “seriously delinquent” that subjects you to passport restrictions. 2. What exactly are passport restrictions? The State Department will deny your passport application or…
IF you’ve made the decision to file bankruptcy in order to get a fresh financial start, which type of bankruptcy is right for your situation: Chapter 7 or Chapter 13? Here are some things to consider in choosing between the two. Be aware, however, that your income and expenses have a lot to do with…
PENALTY could still be relived even if you fail to file your tax returns and pay taxes owed if you have reasonable cause. How to establish reasonable cause • Facts. Provide facts, situations, circumstances that have not allowed you to file your tax return timely and pay taxes owed. • Ability. How the facts, situations,…
A CLIENT wants Chapter 7, but can he avoid the presumption of abuse? The client is 55, married with a son and daughter who have just entered college. His income is $5,600 gross a month. The wife’s income is $5,500 gross a month. So, the combined gross of his household of four is $11,100 a…
BETH Silverman worked as a Deputy District Attorney for the County of Los Angeles since 1994. In 2006, she joined the Major Crimes Division (MCD), an elite trial unit in the DA’s Office that prosecutes complex and high-profile homicide cases. In 2011, Gary Hearnsberger became the Head Deputy of the MCD and Silverman’s supervisor. Silverman…
1. CONGRESS created a new code section called “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.” The idea of this new law is to use travel to enforce tax collections. It was proposed and rejected in 2012. It was re-introduced in 2015, passed by Congress, and signed by President Obama. It’s taking foothold…
IF you are up to your neck in debt, you may feel that you have no choice but to file for bankruptcy. But perhaps you’re dreading to make that decision because you’re unsure if it’s the right option for you. One thing I’ve learned is that most people often get conflicting information from the wrong…
BEGINNING January 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impacts you? • Upon receipt of certification. The State Department will either deny application or revoke current passport or both. • You are overseas. Limited validity passport for direct return to the…
THE Japanese created Godzilla a long time ago. It’s a gigantic T-Rex on steroids that destroys Tokyo and the rest of Japan until someone comes to the rescue and kills it with nukes. Mr. Honda, the author, created the concept of Godzilla as a metaphor for the atomic bombs in 1954 when Hiroshima and Nagasaki, which were the recipients of…
Q: I work in a hospital on 12-hour shifts. During my meal break, I sometimes go to our break lounge to take a nap. My supervisor told me sleeping is forbidden. Since it is my 30-minute meal break, I feel that I should be able to spend it however I want. What are my rights?…
1. DON’T volunteer information. A typical agent is a low-key, friendly agent. They get your guard down by playing a nice guy role. Don’t be deceived by it. Remember that he (includes her) is not on your side. He may appear to be, but he is not. 2. Don’t be a blabbermouth. Taxpayers are scared…
