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Income Taxes Archives

Would you prefer a larger tax refund or a bigger paycheck?

The middle of November is not a very popular time to talk about tax refunds; unless, of course, you closely follow politics and are anticipating substantial change through tax reform. Nevertheless, it is still important to think about your tax return during this time of year in terms of the interest free loans that you may be giving to the federal government because of the withholdings from your regular paycheck.

Year end tax planning tips

While many of our readers are preparing for office Halloween parties, it may be easy to lose sight of the fact that the end of the year will be coming soon. Indeed, 2018 may still be two months away, but with all the celebrations and time off that comes with the holiday season, the New Year will come sooner than you think.

How to hold on to profits after selling your home

One of the largest purchases a person will make in life is their home. It also follows that the largest sale a person may make is the sale of their home after it is paid off (or it increases in value). However, some people facing the prospect of a windfall from a real estate sale may be skeptical because of the impending tax liability that comes with realizing profits.

Why proper withholding is essential for non W-2 employees

In today's society, owing money is arguably just as common as borrowing it. But when it comes to owing the IRS, one cannot be too careful in making sure that Uncle Sam gets paid. For those who have W-2 jobs, having proper withholding may be easier than those who are paid on a contract basis or through commissions.

Are more people failing to report income from part-time jobs?

In today’s economy, part time jobs (affectionately called side hustles) are just as common as Twitter followers for pop stars. Whether it is to save up for a trip of a lifetime or to pay off credit card debt, more Americans, particularly millenials, are embracing part-time jobs.

How much in taxes will you owe from your next flip?

If you’re a fan of HGTV’s “Flip or Flop” series, you probably have considered flipping houses as an investment strategy or business. After all, the shows make it seem like renovating houses is a quick and lucrative process to make a great deal of money in a limited amount of time.

Can tax savings come from private placement insurance?

Tax savings comes in many forms. While many individuals and businesses focus sound financial practices, others may flock to insurance to limit what is owed to Uncle Sam. According to a recent report, the use of insurance dedicated funds is becoming a mainstream method of providing a legal way to avoid paying taxes. These products have become so popular after being introduced in the midst of the last recession that major financial institutions are now offering them.

Top tax tips for newlyweds

To most people, June is the beginning of wedding season, especially for those who became engaged during the holidays. Indeed, it is natural for soon-to-be married couples to stress out about the details of their special day, but after the wedding, reality and real life will set in. With that, newly married couples will have to consider how tax laws will affect their new life together.

Current expenses vs. capital expenses

While many small businesses are preparing to take some time off for the holiday weekend it is only a matter of time before the focus turns to tax planning for next year’s tax season. Indeed, some businesses pay their taxes quarterly throughout the year. However, others wait till they have tabulated all of their expenses, revenue and capital investments before paying taxes.

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Law Offices of Robert T. Leonard, APC

Woodland Hills Office
21700 Oxnard Street
Suite 2060
Woodland Hills, CA 91367

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

Los Angeles Office
10100 Santa Monica Blvd.
Suite 300
Los Angeles, CA 90067

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
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