You might have a generous heart, willing and able to support those in need. Perhaps you have items cluttering your home and want to donate them to create space. You gift money to your loved ones at the end of the year. Or, maybe tax deductions are the impetus for your...
Finding Real Life Solutions To Your Tax Problem
Los Angeles Tax Law Blog
Tax audits: prepare for the worst, despite doing your best
The past year has proven devastating for small multiple business owners. Trying to keep your doors open despite pandemic-related challenges probably stretched your finances – and your patience – to the limit. Unfortunately, the IRS might reward your strategic efforts...
Tax liability: it might be in your best interest to compromise
Nobody likes being in debt. Although most Americans thrive on the credit available to them, owing money to the IRS can seem more problematic than other financial obligations. Fortunately, there are payment plans available. An offer in compromise, for example, could...
What happens when you owe the government money?
Undoubtedly, no American feels good about a pending tax bill, especially considering how 2020 devastated finances. Deductions from a paycheck are one thing, but when you find yourself out of work, scrambling to make ends meet, it only makes sense that you wouldn’t...
What should I know about tax audits?
Filing a tax return often feels like a gigantic relief. Once you’re through scrounging for the proper documents to support your reported income and, perhaps more importantly, deductions, you get a break from thinking about the IRS. Until you get audited, and then...
Tax Day 2021: What’s the deadline?
Many Americans experience increased stress and anxiety during the first few months of each new year. Gathering earning statements, calculating home office expenses and preparing to pay your tax bill can fill the approach of April 15 with an overwhelming sense of...
“Home Advantage”: The Truth About Deductions for a Home Office
If you’re an employee who’s been working from home during the past year because of the pandemic, you might wonder what tax deductions are available. The bad news: You can’t take any deductions if you’re an employee, either full or part-time. The (possibly) good news:...
Borrowed money may be a gift if businesses meet conditions
Despite the pandemic’s economic impact, many businesses were able to remain open due to the Paycheck Protection Program (PPP). However, organizations that benefitted from PPP loans need to determine whether they fulfilled loan forgiveness requirements or must begin...
Recent case will impact employee status in CA: 3 things to know
State and federal law requires business owners to classify their workers in one of two categories: employee or independent contractor. The designation is important, as it will impact a business’ tax obligations, insurance needs and requirement to pay overtime. The...
What does the IRS have to do with saying “I do”?
For many couples, getting married involves a substantial investment, no matter the size of the wedding. Making a commitment to your spouse might be the best day of your life. It may also be the most expensive. However, legally wed couples typically experience some...