Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
If you are unable to pay your taxes that are currently due you should always file the tax return. Not paying the tax on the filed tax return is not a crime, but not filing the tax return at all is a cr...
See Full GuideWhen you sell a rental property you will need to compute your capital gain or loss on the sale of the property to determine how much tax you will have to pay on the transaction. The first thing that y...
See Full GuideThe Self-Employment tax is the equivalent of Social Security and Medicare Taxes for the Self-Employed. So who has to actually pay this tax? According to the IRS tax publication: You must generally pay...
See Full GuideThe earnings from an S-Corporation that pass through to its owners is still not subject to the Self-Employment Tax. This break may not last much longer since President Obama has mentioned that he would...
See Full GuideMany taxpayers are unaware that there is an injured spouse rule. Yes, I said "injured spouse rule." Most taxpayers have heard of the innocent spouse rule. It is not the same thing. With the innocent sp...
See Full GuideMany taxpayers that get into financial trouble do not realize that they can discharge taxes in a bankruptcy. Certain types of taxes are not dischargable, such as payroll, and sales taxes. These are fid...
See Full GuideI am often asked whether child support and Alimony are taxable. The answer is that child support is not taxable to the recipient and Alimony is taxable to the recipient. When you receive your divorce d...
See Full GuideMedical expenses are deductible on Form 1040, Schedule A to the extent that they exceed 7.5 percent of your Adjusted Gross Income. This is the last line on Page 1 of your form 1040. Often times this is...
See Full GuideThe Mortgage Debt Relief Act was passed in 2007 as a response to the Mortgage Debt crisis due to sub-prime lending. Congress felt it was necessary to provide relief from taxation of Cancellation of Deb...
See Full GuideWhen you are foreclosed on a rental property you need to know what your potential tax issues will be with regard to the foreclosure. First, you need to know that a foreclosure is considered a sale for ...
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