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January 2016 Archives

Life events that have tax implications

There’s an old adage regarding the payment of taxes. Essentially, there are two certainties in life: death and taxes. In fact, taxes have been a part of your life since you were born, and you will certainly have to deal with them until you pass away.

Is Uncle Sam entitled to your gambling winnings?

Last week’s Powerball drawing made national headlines as the ultimate jackpot eclipsed $1 billion for the first time. While many people did not want to join in on the 1 in 292 million chance of getting all the numbers correct, scores of people bought tickets hoping to be lucky enough to score big.

Why bunching expenses may be helpful

In our prior posts, we have discussed the finer points of what goes into determining what your taxable income is. Essentially, it is your total gross income minus allowable exemptions and deductions. Indeed, many people rely on deductions to lower their income (and in turn, their tax burden), but while they may feel as if they have a number of deductions, they may not make a significant difference on their own.

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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
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Woodland Hills Tax Law Office

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