Category: Business

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 two or three prior year tax returns. Due to the rigidity and stress that these tax audits brought to them, all of whom now don’t…

While the image of a puffy-cheeked ball player might first come to mind when mentioning chewing (“spit”) tobacco, the reality is that smokeless tobacco is also a daily habit to millions of everyday North Americans, both young and old. It’s important to know that, just because chewing tobacco is smokeless, it’s far from harmless. In…

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. If you are an independent contractor or a self-employed person, the company or the employer whom you provided your services will issue you Form 1099-Misc,…

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). With a RAL, the preparer promises you get your refund money within 2 days. RALs are private loans to taxpayers provided by financial institutions. The…

Have you ever asked yourself, “Could my smile be brighter?” or “Is it possible for me to get my discolored, (misshaped, chipped or crooked) teeth to look good?” Thanks to the wonders of modern cosmetic dentistry, the answer is very likely to be, “ Not only is it possible, but in many cases, it’s quick,…

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 which were designed to be too perplexing for the average Joe to fathom. IRS Publication 525 explains, “Generally, if a debt you owe is canceled…

Halitosis (bad breath) is a common oral health concern. Whether one’s chronic bad breath (as opposed to temporary “morning breath,” or bad breath from garlic, onions or other odorous foods) is caused by dental hygiene issues or gastrointestinal problems, the culprit can usually be traced back to bacteria – the root of many dental problems….

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- whether it’s for a vehicle, a mortgage, credit card, or a student loan. While it may be tempting to help someone in “dire” need, you…

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 dreadful experience as the idea of paying taxes creeps through their pockets and senses.  Whether we like it or not, we have to file our…

When we notice someone with discolored teeth,  we usually assume it’s due to smoking, a  high consumption of staining foods and drinks, or some other common reason.  There’s another cause of stained teeth that doesn’t usually come to mind, though: swimmer’s calculus. Swimmer’s calculus is defined as being hard, brown, tartar deposits that appear predominantly…

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 have been or will be receiving it for two to five consecutive years once their credibility with the IRS has been tarnished. There have been…

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 ways to finance a college education, one of which, and maybe the most popular means, is by obtaining student loans. It might seem overwhelming as…

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 the most popular tax credits for families and children. Had the Obama administration not extended the Bush-Era Tax cuts for another year, the CTC would…

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 providing generous tax credits. It is believed to have helped alleviate poverty for around 6.5 million families, affecting 15 million children every year. As part…

Dear Dr. Val, My gums are irregular and they make some of my teeth smaller than the rest . What can I do ? Thanks Gummy Bear Dear Gummy Bear, The shape, color and appearance of your teeth can easily be changed to create a beautiful smile with modern cosmetic dentistry techniques, such as tooth…

Enamel is the hard, protective outer layer of your teeth. If it erodes, it can be very uncomfortable, with symptoms ranging from tooth sensitivity and discoloration, to painful cracks in the teeth. What is tooth erosion caused by, and how can you prevent it? The acid in the foods and drinks we put in our…

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 much more complex than the common perception. When can home office expenses be deducted? The costs associated with maintaining a home office can be deducted…

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 consolidation. The general notion that once a debt has been reduced by a lender, the debtor is absolved of any other financial obligation has kept…

“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, I have managed to conquer the physical and emotional odds of having the rare, chronic and debilitating disease and I have a great family support…

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 2011. New year brings new tax laws. Plan now, not later because when the year is over, there is not much you can do anymore….

Felling a little listless today? why not perk yourself up, by pouring 15 teaspoons of sugar in your mouth? You probably laughed at the above suggestion, but if you’re a fan of energy drinks, that’s the approximate amount of sugar you’ll ingest if you indulge in a 16-ounce serving! Colas are another source of sugar…

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- whether it’s for a vehicle, a mortgage, credit card, or a student loan. While it may be tempting to help someone in “dire” need, you…

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 12% and consumer spend- ing continuously increasing, your choices must have been exhaust- ed so you’re left with no choice. You assume withdrawing your retirement…

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 decedent actually had died and that the will pre­sented for “proving” is actually the valid will. Today, it probably is best to describe probate as…