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December 2015 Archives

How capital losses can reduce your tax bill

With many stocks meandering near the end of the year, some stocks in your portfolio may be as useful as your depleted fantasy football team. However, while these underperforming stocks may cause you some heartache, they could actually be a ray of sunshine when tax season comes around this spring.

How deductions can help reduce your taxable income

In our prior post, we highlighted the basics in how total gross income is calculated within the process of arriving at one’s taxable income. Essentially, gross income is calculated by including all of the income that you collect during the calendar year, including earned income through wages, benefits and overtime pay, as well as unearned income, which includes dividends, retirement benefits and Social Security disability payments.

What is used in determining taxable income

Next year’s federal income tax filing deadline of April 18, 2016 seems like a long way off in the midst of the holiday season. However, knowing whether you will be eligible for a tax refund, or will be owing money is an important question to be resolved in the New Year. Because of this, understanding what your taxable income is can be very helpful in your tax planning activities.

Options for avoiding tax refund anticipation loans

Who knows when exactly tax season starts. For accountants, it is likely the last week of January; because that is when people who anticipate a refund want to get their returns in so that they can collect on their windfall. However, with the holiday season in full swing, some shoppers may see their tax refund as a way to fund their gift giving scheme.

Tax changes for 2016 that you should know about

While many of the commercial you see on television are about the holiday season, it is important not to forget that the New Year is just around the corner. With 2016 coming, there are a number of changes that will take effect involving the U.S. Tax Code. Many of them will be beneficial to individual taxpayers, even though they may be slight in nature.

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Law Offices of Robert T. Leonard, APC

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21700 Oxnard Street
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Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Woodland Hills Tax Law Office

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