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.
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
IRS – FTB – CDTFA – BOE – EDD Tax Help
We are A+ accredited member of the Better Business Bureau.
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.
IRS – FTB – CDTFA – BOE – EDD Tax Help
Please call us at 562-204-6700 or email us to schedule an appointment.
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 877-788-2937.
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 877-788-2937. Free tax consultation.
What is an Enrolled Agent?
An Enrolled Agent (EA) is a Federally Authorized Tax Practitioner who has technical expertise in the field of taxation and who is empowered by the United States Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.
Our tax firm is led by Mike Habib, EA, the firm’s main office is in Whittier California, we provide professional tax services help for clients throughout Southern California including Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and throughout Los Angeles County, Orange County, Corona, San Bernardino County, Riverside County, the Inland Empire, the San Fernando Valley and the San Gabriel Valley.
2011 year-end tax planning strategies for individual and business taxpayers.
Mike Habib, EA Introduces Tax Planning & Tax Coaching Service
Whittier, CA, November 04, 2011 –(PR.com)– Mike Habib, EA is pleased to announce he has added tax planning and tax coaching to his firm’s services. The new service gives individual and business taxpayers a plain-English plan for beating the IRS – legally by taking advantage to every tax break they deserve.
“Other traditional tax planning firms’ crunches numbers to illustrate ‘what-if’ scenarios based on future assumptions,” said Mr. Habib. It gives clients dry numbers, in more detail than they need or want. But clients don’t want numbers. Clients want savings.
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please contact 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.
IRS has issued detailed guidance on the 2010 Tax Relief Act’s 100% bonus depreciation rules for qualifying new property generally acquired and placed in service after Sept. 8, 2010 and before Jan. 1, 2012. Overall, the rules are quite generous. For example, they permit 100% bonus depreciation for components where work on a larger self-constructed property began before Sept. 9, 2010, allow a taxpayer to elect to “step down” from 100% to 50% bonus depreciation for property placed in service in a tax year that includes Sept. 9, 2010, permit 100% bonus depreciation for qualified restaurant property or qualified retail improvement property that also meets the definition of qualified leasehold improvement property, and provide an escape hatch for some business car owners who would otherwise be subject to a draconian depreciation result.
Under the 2010 Tax Relief Act, a taxpayer that buys and places in service a new heavy SUV after Sept. 8, 2010 and before Jan. 1, 2012, and uses it 100% for business, may write off its entire cost in the placed-in-service year. A heavy SUV is one with a GVW rating of more than 6,000 pounds.
Do you owe unpaid back taxes? There are tax relief solutions to your IRS tax problems.
The IRS could file a federal tax lien to protect the US government from the back taxes owed by the taxpayer. Although the federal IRS tax lien attaches to all the taxpayer’s property, some property is exempt from the IRS levy. The following items could be exempt from levy to some extent:
(1) wearing apparel and school books,
The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act.
Enhanced small business expensing (Section 179 expensing). To help small businesses quickly recover the cost of capital outlays, small business taxpayers can elect to write off these expenditures in the year they are made instead of recovering them through depreciation. Under the old rules, taxpayers could generally expense up to $250,000 of qualifying property–generally, machinery, equipment and software–placed in service in during the tax year. This annual limit was reduced by the amount by which the cost of property placed in service exceeded $800,000. Under the Small Business Jobs Act, for tax years beginning in 2010 and 2011, the $250,000 limit is increased to $500,000 and the investment limit to $2,000,000. The Small Business Jobs Act also makes certain real property eligible for expensing. Thus, for property placed in service in any tax year beginning in 2010 or 2011, the $500,000 amount can include up to $250,000 of qualified leasehold improvement, restaurant and retail improvement property.
Extension of 50% bonus first-year depreciation. Before the Small Business Jobs Act, Congress already allowed businesses to more rapidly deduct capital expenditures of most new tangible personal property placed in service in 2008 or 2009 by permitting the first-year write-off of 50% of the cost. The Small Business Jobs Act extends the first-year 50% write-off to apply to qualifying property placed in service in 2010 (as well as 2011 for certain aircraft and long production period property).
Tax Relief Blog