Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
Are your car registration fees tax deductible on your Form 1040? Yes, they are deductible as an itemized deduction on Schedule A of Form 1040 under the tax section. What portion of the car registratio...
See Full GuideCan you deduct property taxes that you pay on multiple taxes on your federal income tax return? Yes, property taxes are deductible on your personal income tax return. They can be deductible on Schedule...
See Full GuideAre the amounts that you pay for Medical Expenses deductible for Federal income tax purposes? Yes, the amounts that you spend for medical expenses are deductible on Schedule A of Form 1040 to the the e...
See Full GuideAre the amounts that you pay for State Income Taxes Deductible on your Federal Income taxes. The answer is generally yes. You may deduct the state income taxes that you pay during the year on Schedule ...
See Full GuideCan you take a deduction for a casualty loss? Yes, but first we should define exactly what a casualty loss is for tax purposes. Casualty losses are damage to property that is caused by fire, theft, v...
See Full GuideWhether your business is considered a business for profit or a hobby for federal income tax purposes can have a serious impact on your overall tax filing. In general, a taxpayer may deduct the ordinary...
See Full GuideIf you are the proud owner of a single member Limited Liability Company ("LLC") it is disregarded for federal income tax purposes. What does this mean? It means that you do not prepare a federal income...
See Full GuideIt is a common event. You decide to incorporate your business, but you do not start the new corporation at the beginning of the tax year. How do you then report your business for tax purposes in the ye...
See Full GuideIf you did not notice, the estate tax in 2010 is zero. This happened as a result of the Bush tax act that continually increased the estate tax life-time exclusion amount over a 10 year period until the...
See Full GuideWhen you own rental property it is improtant that you maintain the tax basis of the property. When you eventually sale the property the basis will be deducted from the sales price along with any closin...
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