While tax season may be a time of dread for some, it is welcomed with open arms for those expecting a tax refund check. For some people, their tax refund will be the largest check they see this year; especially those who rely on Social Security disability payments to...
Finding Real Life Solutions To Your Tax Problem
Attorney Robert T. Leonard
Los Angeles Tax Law Blog
Reducing taxable income by earning nontaxable income
As we have noted in prior posts, January is the beginning of tax season. The IRS recently announced that the season has officially began since it will now be accepting tax returns. With the season beginning, many taxpayers will be seeking advice on how to reduce their...
Tax tips that newlyweds should pay attention to
There’s a reason that there are so many bridal shows at the beginning of the year. Retailers know that many couples get engaged during the holiday season; so future brides seeking to get married in the summer are already looking for wedding dresses. For those...
Personal events that may have tax implications this year
The great thing about January (and the beginning of a new year) is the optimism that people share. Optimism helps people take calculated risks and try to better themselves for the future. This is also the time of year when some people plan significant life events...
Tips for making charitable donations
In our last post, we highlighted a few of the new tax wrinkles that will apply during this year’s tax season. Even with those changes, the goal for many taxpayers is still the same: to reduce their taxable income as far as legally possible so that they can limit...
Changes expected for this year’s tax season
For most people, the holiday season is officially over. This means it’s time to take down the tree, take Christmas cards off the mantle and face the reality of overspending. It also means that tax season is poised to begin. For some people it means that a refund...
Will deductions reduce your taxable income?
During the holiday season it is not very common to think about one’s tax return. Indeed, in our prior post we warned against the seduction of tax refund anticipation loans, but that’s arguably the only way taxpayers are thinking about their returns. But...
Why the estate tax is still around today
If there are two constants in life, they are death and taxes. Even in death, there is an estate tax that may apply to things you leave behind. After all, as the old adage goes, you can’t take it with you. While this may be true, why would you want to leave money...
Employers will not longer be fined for reimbursing employees
While the news about politics has centered around President-elect Donald Trump’s transition team, little news about tax reform has hit the mainstream media. However, Congress has made some changes that could affect employers and employees alike as early as next...
Will the IRS come after you for a simple mistake?
Many people are terrified when doing their taxes, thinking that one small mistake is going to trigger an audit and leave them facing fines, fees and even jail time. They think of the IRS as this aggressive organization that is carefully watching their every move,...