Tax Services, Solutions and Strategies

Time to amend your California 2013 Tax return for a refund?

If you ever had a short-sale or foreclosure of your property, you know the forgiven debt is treated as income.  This can be a sizable amount to add to your taxable income;  fortunately the federal tax code allows the exclusion for some or all of this income.  Often there are significant differences between federal taxes [...]

Common Taxpayer Misconceptions

Here is a list compiled by the National Association of Enrolled agents on the most common taxpayer misconceptions that lead to serious tax consequences. Many tax preparers would find these humorous. “My uncle has a foreign bank account and I’m also a signer on it – but he owns the account. I don’t have to [...]

Weird Write-Offs

The Write Off Boundary: Some examples of weird write offs and stuff that crossed the line. Pet food: If the pet food is used for strictly business animals, such as attracting feral cats to your junkyard that also attack vermin and snakes, making the junkyard safer for employees and customers, it counts. Buying it for your dog at home, and [...]