Tax Matters

Tax Matters

Telephone: 949.515.2862 | Fax: 310.857.6108

Additional Information

Welcome to the Resource Center. Visit this area to find out what is new in taxes or gain insight in financial management.Topics will be continually added to this area based upon your needs. If there is a topic you would like to see added, please send an email by clicking below. Your feedback is important.

Enrolled Agents

History of EAs

The Civil War . . . Horses . . . Confiscated Property

Enrolled Agents

What is an Enrolled Agent?

Tax Topics - 2006

Tax Law Changes in 2006

Taxpayers should be aware of important changes to the tax law before they complete their 2006 Federal income tax forms. Here are some changes that may affect your return.

Educational Incentives

The beginning of the school year can bring a feeling of emptiness to a household when your child goes off to college. Remember that child you sent off to kindergarten 18 years ago and you thought college was a long way off? It's amazing how quickly that toddler grew into a young adult, graduated from high school, and left you with that empty nest.

Tax Savings on Your Medical Expenses

One of the most crucial issues facing society today is the escalating cost of healthcare. In an effort to hold the line on rising costs of policies, costs are being shared or benefits are being decreased. As a result, you may have to shoulder a greater portion of the premium or pay for some or all your medical services. You may have choices that can affect your tax situation. These choices may be in the form of pre-tax options or Itemized Deductions. Here's a look at some issues that could help you make your income go further by paying less tax. The answers to some of the following questions may help you make those decisions.

Retirement Issues

We look forward to retirement being the Golden Years of life. Whether it is or not depends on how well you plan for it. No matter what your age, it's not too soon to begin planning.

End of the Year Tax Planning

As the 2006 filing season approaches, it's time to do an ANNUAL TAX CHECK-UP to see what can be done to reduce the 2006 taxes and make any necessary arrangements for 2007.

Why Would You Contact a Tax Professional after April 15?

Have you visited your doctor for your annual physical? Have you seen your dentist one or two times in the past year? Your financial health is no different than your physical health. To stay healthy you must take care of yourself, eat right, exercise, and above all, be aware of any changes that happen to your body.

Organizers

Airline Personnel

Click here to view our Airline Personnel Organizer.

Automobile Salesperson

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Beauty Services

Click here to view our Beauty Services Organizer.

Charitable Contributions

Click here to view our Non-Cash Charitable Contributions Organizer.

Clergy

Click here to view our Clergy Organizer.

Construction Workers

Click here to view our Construction Workers Organizer.

Educators

Click here to view our Educator Organizer.

Entertainers

Click here to view our Entertainers Organizer.

Tax Organizers

Firefighters

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Homeowner's TaxSaver - Page 1

Click here to view our Homeowner's TaxSaver Organizer.

Homeowner's TaxSaver - Page 2

Click here to view our Homeowner's TaxSaver Organizer.

Law Enforcement

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Medical Expenses

Click here to view our Medical Expenses Organizer.

Medical Fields

Click here to view our Nurse & Medical Related Fields Organizer.

Real Estate Agents & Brokers

Click here to view our Realtor Organizer.

Rental Property

Click here to view our Rental Property Organizer.

Self-Employed - Page 1

Click here to view our Self-Employed Organizer.

Self-Employed - Page 2

Click here to view our Self-Employed Organizer.

Vehicle, Travel & Entertainment

Click here to view our Vehicle, Travel & Entertainment Organizer.

Smart Finance

Tuition Programs

Smart Banking

Have you noticed that most major banks are announcing record profits? What can you do to become a smart bank shopper? Here are some tips.

Glossary of Financial Terms

No matter where you go, what you read or hear, there are plenty of terms to identify persons who are available to help you with various financial matters. Add to that the equally numerous terms that cover those financial matters and it can make your head spin. Here’s a short list of often-used terms to help you sort out whom and what are important to your financial situation.

Tax Tips

Tax Tips

State Tax Links

Tax Interview

It's never too early to begin gathering, sorting and organizing your paperwork in anticipation of filing your next year's income tax returns. Be sure to bring the following (where applicable) with you to your interview.

Recordkeeping Requirements

How long should you keep tax records? If your attic is getting filled up with old records, perhaps this will help.

Individual Return Key Filing Dates

Key Federal filing dates for Individuals are listed here.

Tax Topics - 2004

Health Savings Accounts

New! Health Savings Accounts Reduce Costs

Gambling

What attracts people to Las Vegas besides the glamorous lights, beautiful hotels, and big name entertainment? Of course, it’s the gambling center of the U.S. When you think of gambling, winning always comes to mind; but the tax consequences aren’t as much fun to think about.

Tax Topics - 2012

The American Taxpayer Relief Act - Tax Changes

I'm sure you've heard and read about the New Year's Day passage of the American Taxpayer Relief Act. Here is a rundown of the items that may affect you when we prepare your 2012 taxes and plan for 2013.

New Requirements for 2012

We hope that 2012 has been a happy and prosperous one for you and your family. Both the IRS and the California Franchise Tax Board have new requirements and this means we may need documents and information we have never needed in the past. Here is a list of new information we will need from you to prepare your tax returns.

Tax Topics - 2003

Jobs and Growth Tax Relief Reconciliation Act

President Bush signed the Jobs and Growth Tax Relief Reconciliation Act of 2003 on May 28, 2003. The following is a brief summary of the more notable tax provisions. Many of the provisions in this new tax law are only temporary, applying to 2003 and 2004.

Gifts and the IRS

Graduation, wedding, birthday, holiday, new house, new baby, new job, just because - all reasons we give family and friends a gift. Your imagination and financial resources are the only limits on how you express yourself when making a gift. Or, are those the only limits?

Hobby Income

For years individuals have expanded a hobby into a successful full-time business that supports themselves and their families. Others merely fill their leisure hours with a hobby that is fun and gives great enjoyment. However, there is also that in-between stage where the sale of items produced in leisure time causes income tax problems that taxpayers need to be aware of.

LLCs

Is a Limited Liability Company (LLC) the Right Choice for My Business?

Your Estate

Keeping your estate papers in order is not as difficult as you may think and in the end, will save your executor additional hours of searching and very possibly save dollars that otherwise would be paid to attorneys and accountants to resolve the unknown.

Itemized Deductions

Itemized Deductions on Form 1040 Schedule A - What Happened to Them?

Tax Topics - 2005

2005 Quick Tips

IRAs for children, HSAs, educator expenses, working and receiving Social Security benefits, ROTH Traditional IRAs, day camp.

Washington Watch

Washington Watch . . . Stay tuned to Congressional and Federal Court actions in Washington this year. Taxes, investment income, and retirement savings seem to be in constant debate.

Check 21

Proving Deductions Without Canceled Checks; Careful recordkeeping becomes more important than ever.

Helping Hand

Paying expenses for others won't get you a deduction.

Noncash Charitable Contributions

Recent changes affect your contribution deduction!

Rebates on New Car Purchases

Is this income taxable?

Sales Tax Deduction

Is this option right for you?

Medicare Prescription Drug Benefits in 2006

The Medicare Prescription Drug Benefit starts at the beginning of 2006 but the time to enroll is right around the corner (November 15). You may still have many questions about the program, so let's cover some important points.

Katrina

On September 23, 2005, the President signed the Katrina Emergency Tax Relief Act of 2005, which contains 21 separate tax provisions that apply to victims of the hurricane and those assisting and/or making contributions to the relief operations. The special relief provisions in this act are specific only to victims of Hurricane Katrina. Victims of Hurricane Rita or other disasters are not covered by the new law; at least not yet. Here are a few of the provisions that might benefit you.

Was Your Tax Refund Too High or Low?

Adjusting your withholding solves the problem.