Overview of Tax Cuts and Jobs Act

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…

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Year-end tax moves by December 31, 2017

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,…

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10 ways to avoid passport problems with the IRS

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….

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2017 guide for rental property owners and managers

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…

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10 questions and answers about new passport restrictions

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…

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Bankruptcy debt relief: Chapter 7 or 13?

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…

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IRS moves to revoke passports for unpaid taxes

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…

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Bankruptcy: Forget the past to move forward

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…

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Staying safe on the road

Everyone seems hyped up for the holidays, hurrying to wrap up their shopping and head on to parties and get-togethers. This holiday season, chances are, you will be spending much of your time traveling.  Since streets will be a lot busier (and in some places, raining, snowing or covered with ice and frost), it’s a…

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Driver’s license and car registration 101

When I first learned how to drive, I was baffled with how much paperwork is actually involved. However, it turned out to not be as scary and complicated as I thought. Car registration and the driver’s license are two of the most important components for every driver. Car registration is proof that you’re the owner…

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Does Godzilla live in your house?

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…

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15 dont’s during an IRS office audit

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…

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Is bankruptcy a good idea for you?

IF you are struggling with debt and have done everything you can to no avail, bankruptcy may be the only way for you to wipe the slate clean on your financial troubles. Some people have gotten so behind on their debt payments that it has become impossible for them to catch up. Creditors are calling…

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OIC Basics: Series 3

SERIES 1 we talked about the factors you need to consider before you decide choosing OIC,  and meeting the compliance requirements before proceeding. Series 2 we explored on what you can do if your offer is rejected and you have disagreed items. In general following are grounds for compromise: 1) Doubt as to liability: valid …

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