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Tax Tips

Recent developments that may affect a client’s tax situation

Recent developments that may affect a client’s tax situation

There were a number of important tax developments in the first quarter of 2016 and here’s some worth consideration. 2016 inflation adjustments announced for two tax breaks. The “Protecting Americans from Tax Hikes Act of 2015” (the PATH Act) made permanent the annual election to expense under Sec. 179 up to $500,000 of assets placed in […]

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IRS – Tips for Those Who Missed the Tax Deadline

IRS – Tips for Those Who Missed the Tax Deadline

Tips for Those Who Missed the Tax Deadline Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. If you missed the tax filing deadline: File and pay soon. If you owe taxes, you should file […]

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Taxpayers can now pay IRS in cash at 7-Eleven

Taxpayers can now pay IRS in cash at 7-Eleven

IR 2016-56 IRS’s “Pay with Cash at a Retail Partner.” IRS has announced a new payment option for individual taxpayers who need to pay their taxes with cash. Under the new arrangement that IRS provides in partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company, individuals can make a payment without the need of a […]

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Tax Tip – Good Records Key to Claiming Gifts to Charity

Tax Tip – Good Records Key to Claiming Gifts to Charity

Tax Time Guide: Good Records Key to Claiming Gifts to Charity IRS YouTube Videos: Charitable Contributions: English | Spanish | ASL  Exempt Organizations Select Check: English | Spanish | ASL WASHINGTON ― The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2015 tax returns. This is the fifth in a […]

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Tax Tip – Check Refund Status Online With Where’s My Refund?

Tax Tip – Check Refund Status Online With Where’s My Refund?

Tax Time Guide: Check Refund Status Online With Where’s My Refund? IRS YouTube Videos When Will I Get My Refund?:  English | Spanish | ASL WASHINGTON — The Internal Revenue Service today reminded taxpayers that they can quickly check the status of their tax return and refund through “Where’s My Refund? on IRS.gov. This is the sixth in a series of […]

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Tax Tip from IRS: The Small Business Health Care Tax Credit: Seven Tax Tips for Employers

Tax Tip from IRS: The Small Business Health Care Tax Credit: Seven Tax Tips for Employers

The Small Business Health Care Tax Credit: Seven Tax Tips for Employers Do you own a small business or run a tax-exempt organization with fewer than 25 full-time equivalent employees? If  you do, the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on […]

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Tax Tip – Setting the Record Straight about Health Care Law Forms

Tax Tip – Setting the Record Straight about Health Care Law Forms

Setting the Record Straight about Health Care Law Forms As you’re wrapping up your tax return, the IRS wants to help you understand the differences among forms and documents related to the Affordable Care Act. Here are five tips for individuals navigating the filing requirements related to the health care law. 1. Don’t send health care information […]

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IRS Tax Tips to Help You Determine if your Gift is Taxable

IRS Tax Tips to Help You Determine if your Gift is Taxable

Tax Tips to Help You Determine if your Gift is Taxable If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips for gifts and the gift tax. 1. Nontaxable Gifts. The general rule is […]

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Tax Tip – Six Tips You Should Know about Employee Business Expenses

Tax Tip – Six Tips You Should Know about Employee Business Expenses

Six Tips You Should Know about Employee Business Expenses If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two […]

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IRS Offers New Cash Payment Option

IRS Offers New Cash Payment Option

IRS Offers New Cash Payment Option WASHINGTON — The Internal Revenue Service announced today a new payment option for individual taxpayers who need to pay their taxes with cash. In partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company, individuals can now make a payment without the need of a bank account or credit card […]

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Tax Tip – What You Should Know about Children with Investment Income

Tax Tip – What You Should Know about Children with Investment Income

What You Should Know about Children with Investment Income Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income: 1. Investment Income. Investment income generally includes […]

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Tax Tip – Can’t Pay Taxes On Time? Don’t Panic – – Here Are Five Tips

Tax Tip – Can’t Pay Taxes On Time? Don’t Panic – – Here Are Five Tips

Can’t Pay Taxes On Time? Here Are Five Tips from the IRS The IRS urges you to file on time even if you can’t pay what you owe. This saves you from potentially paying a penalty for a late filed return. Here is what to do if you can’t pay all your taxes by the […]

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Tax Tip – – Need More Time to File Your Taxes?

Tax Tip – – Need More Time to File Your Taxes?

Need More Time to File Your Taxes? Per IRS: The April 18 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS. Here are five things to know about filing an extension: 1. Use IRS Free File to file an extension. You […]

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Can’t Pay Taxes On Time? Here Are Five Tips

Can’t Pay Taxes On Time? Here Are Five Tips

Issue Number:    IRS Tax Tip 2016-48 Inside This Issue Can’t Pay Taxes On Time? Here Are Five Tips The IRS urges you to file on time even if you can’t pay what you owe. This saves you from potentially paying a penalty for a late filed return. Here is what to do if you can’t pay […]

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Tax Tip – Must-Know Tips about the Home Office Deduction

Tax Tip – Must-Know Tips about the Home Office Deduction

Must-Know Tips about the Home Office Deduction If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to […]

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IRS Tax Tip – Tip Income; How It Affects Your Taxes

IRS Tax Tip – Tip Income; How It Affects Your Taxes

Tip Income; How It Affects Your Taxes If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: Show all tips on your return. You must report tip income. This includes the value […]

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IRS Offers 10 Tax-Time Tips

IRS Offers 10 Tax-Time Tips

IRS Offers 10 Tax-Time Tips The April 18 deadline to file your federal tax return is less than two weeks away. Don’t wait until the last minute. If you haven’t filed yet, the IRS has these 10 tax-time tips to help you. 1. Gather your records.  Make sure you have all your tax records. This includes […]

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Why we no longer fear the IRS

Why we no longer fear the IRS

Note:  the below newspaper article is the opinion of the author and not my opinion.  The point I believe the author is trying to make is that the IRS needs more staffing to conduct audits-examinations and carry out their overall function; and I wholeheartedly agree to that extent.  However, to the extent the article implies […]

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Reporting Foreign Income: Eight Tax Tips from the IRS

Reporting Foreign Income: Eight Tax Tips from the IRS

Reporting Foreign Income: Eight Tax Tips from the IRS Did you receive income from a foreign source in 2015? Are you a U.S. citizen or resident who worked abroad last year? If you answered ‘yes’ to either of those questions, here are eight tips to keep in mind about foreign income: 1. Report Worldwide Income. By law, […]

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The tax advantages of those who seek financial advice

The tax advantages of those who seek financial advice

(Reuters) – With tax season at hand, investors should consider one of the ways in which their financial advisors can earn their keep: tax advice. Though diversification is sometimes called the only free lunch in investment, I’ve long thought that title better belongs to tax avoidance. The thing about tax savings is that they are […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney