Articles Posted in Tax Planning

Dear Client:

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

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Dear Client:

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to act on a number of important tax breaks that expired at the end of 2014. Some of these tax breaks ultimately may be retroactively reinstated and extended, as they were last year, but Congress may not decide the fate of these tax breaks until the very end of 2015 (or later). These breaks include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the-line-deduction for qualified higher education expenses; tax-free IRA distributions for charitable purposes by those age 70- 1/2 or older; and the exclusion for up-to-$2 million of mortgage debt forgiveness on a principal residence. For businesses, tax breaks that expired at the end of last year and may be retroactively reinstated and extended include: 50% bonus first-year depreciation for most new machinery, equipment and software; the $500,000 annual expensing limitation; the research tax credit; and the 15-year writeoff for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.

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Dear Client & Perspective Client:

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until next year). These breaks include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the-line-deduction for qualified higher education expenses; tax-free IRA distributions for charitable purposes by those age 70-1/2 or older; and the exclusion for up-to-$2 million of mortgage debt forgiveness on a principal residence. For businesses, tax breaks that expired at the end of last year and may be retroactively reinstated and extended include: 50% bonus first year depreciation for most new machinery, equipment and software; the $500,000 annual expensing limitation; the research tax credit; and the 15-year write-off for qualified leasehold improvements, qualified restaurant buildings and improvements and qualified retail improvements.

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Tax preparation can be a very difficult task, especially when you are not good with numbers. Many people try their hands in doing their own taxes but end up in even more confusion and frustration. Seeking professional help is a better idea when it comes to tax preparation. Mike Habib EA, a tax professional, can help save you money and time, all the while relieving you from stress.

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I want to discuss the difference between a CPA and an EA. Most people refer to any accountant, tax preparer, bookkeeper, etc as a CPA. However there are differences between a CPA, an EA and a tax attorney. All 3 are regulated by the IRS’ circular 230.

The distinction between the two designations is very important, since my specialty is federal taxation and tax accounting. I have chosen to earn the Enrolled Agent license from the US Department of the Treasury because it does not limit the geographic area in which I may practice. In other words, I can work with clients in any of the 50 United States (or its territories), unlike a CPA (certified public accountant), or a tax attorney, who has a license that is state specific.

Get professional tax help today, call us at 1-877-78-TAXES [1-877-788-2937].

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In March 2010, President Obama signed the Patient Protection and Affordable Care Act (the “Affordable Care Act”) into law. While some provisions of the ACA have already gone into effect, a number of new provisions are scheduled to take effect January 1, 2014.

Although we do not intend this newsletter to be the answer-all to the ACA, we thought this would be a good time to look at some of the provisions that might affect you.

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Tax Return Preparation
For your tax returns, you want a professional tax firm EA or CPA firm you know you can rely on their tax expertise. Our tax professionals will make sure your federal and state income tax returns, business tax returns and trust and estate tax returns are prepared right from the get go. Our specialized boutique tax firm is trusted by dentists, doctors, lawyers, investors, executives and other professionals and high net-worth individuals. Individuals and businesses from all walks of life have been relying on our firm for quality tax preparation, representation and planning for many years.

Serving Long Beach, Lakewood, Los Alamitos, Seal Beach, California
We are A+ accredited member of the Better Business Bureau, we are also an endorsed local provider ELP by Dave Ramsey.

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Mike Habib, EA tax firm provides a wide range of tax preparation, tax planning, tax representation and consulting services. We professionally prepare individual and business tax returns including Federal, State and e-filing. Clients come to us for expert assistance with any tax notice or IRS problem. We serve Pico Rivera, El Monte, CA and other surrounding cities.

Please call us at 562-204-6700 or email us to schedule an appointment.

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If you work in the entertainment industry you know that it has its share of advantages, but it can get tricky at tax time. Depending upon your role – whether you are an entertainer or involved in one of the many other aspects of the industry – you know how busy your schedule gets and how complex your income and expense records can be. The IRS still requires you to file your income tax returns on time, and accurately.

In all probability your return isn’t quite as straightforward as someone who works at a corporation, goes to the same job every day, and gets a weekly or monthly check with all of the taxes taken and accounted for. That’s why it’s even more important to get the right kind of help during tax season; for some entertainers, it may also be advisable to get guidance throughout the year due to the complexity of transactions for income, expenses, and investments particular to this industry.

Don’t compromise on your tax representation!

A tax professional with experience in the entertainment industry can provide you with the best advice.

Our tax firm led by Mike Habib, EA, handles various tax aspects for clients in the Entertainment Industry, for a free confidential consultation, call us today at 1-877-78-TAXES [1-877-788-2937].

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Our firm prides itself for providing various tax services to many Union members. Services such as:

Tax preparation service: we will professionally prepare your federal and state tax returns,
Tax planning: we will work with you to legally strategize and minimize your tax liability,
Tax problems: we will represent you and resolve any unpaid tax debt, or release tax levies such as wage garnishments, bank levies, unfiled back taxes, offer in compromise, and or affordable payment plans,
IRS audit representation: do not face the IRS on your own, we can represent you without you appearing,
Estate & Fiduciary tax: we can prepare and plan your estate and fiduciary tax matter.

For Nationwide Union member call 1-877-78-TAXES [1-877-788-2937]. Free tax consultation.

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