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What You Need To Know About Tax Return Preparation

Too many people take the information on their W2s and use it to fill in the blanks on their annual tax return. While doing this makes tax preparation decidedly easy, it can actually result in huge losses. If you want to maximize your return, you need to know how your choices when it comes to [...]

Ready To Retire? What You Need To Know and How To Make Your Financial Decisions

Retirement is one of the final milestones that a person reaches in his or her life, preceded by becoming an adult, turning 21, landing a first “big person” job, getting married, buying a house, having children and becoming a grandparent. Yet, unlike any of the other milestones (save for getting married and buying a house), [...]

How To Report Foreign Bank Accounts

It is not unheard of for people with large amounts of wealth to hide their money in foreign bank accounts. In fact, the practice is so common that it is a recurrent theme in Hollywood films and TV shows. Hiding money in foreign accounts is illegal, which is why American citizens who have foreign accounts [...]

How To Know When Your Company Is Ready for Computerized Payroll Services

When you’re small and just starting out, it makes sense to take care of the books yourself or to have a knowledgeable employee take care of the accounting. However, as your company grows, you may find that you or the designated employee is unable to keep up with billing, invoicing and payroll. When this happens, [...]

Will There Ever Be Electronic Tax Filing?

The short answer is yes, and it’s actually here already. The IRS has supported electronic filing for tax returns for over a decade now, and there is already a plan in place to make electronic tax filing the standard. Of course, due to a combination of technological limitations and practicality, the agency will need to [...]

What Are Your Chances of Getting Audited?

One of the most common questions tax advisors get from clients is this one. Everyone worries about audits because they are time consuming and heavy on your personal resources and time even when they do not find anything amiss. Luckily, the right tax preparation advice can lower your chances of getting audited. Overall Likelihood of [...]

5 Things You Need to Know About Real Estate Taxes

Tax preparation and payment advice goes way beyond just filing your income taxes on time. It also includes a comprehensive look at your commitments in other areas, like property taxes, estate taxes, and small business or self-employment taxes. When you work with tax advisors who really understand the range of your assets and income streams, [...]

3 Ways to Tell if You Need to Start With a Payroll Service

Outsourcing administrative services can be a great way to save your business money, especially if you’re able to bundle them. Many Encino tax consultants that work with businesses offer great bundled services, including payroll management, that allow you to get the help you need managing your weekly employee paychecks and following up with IRS tax [...]

What You Need To Know About the New Overseas Taxes

The tax code can seem confusing, especially when you add in regulations related to personal income earned in foreign countries. Recent changes in the tax law have caused some shifts in filing obligations and overall tax liability for people in certain situations. If you have an international component to your personal taxes, hiring Encino tax [...]

Can You Deduct Your 401k Savings From Your Taxes?

Are you looking for ways to reduce your tax liability this year? If so, you may think deducting your 401(k) contributions is a possible solution. However, as your Encino tax consultants will tell you, you cannot deduct contributions to your 401(k) plan from your income tax returns. Fortunately, your retirement plan still offers tax benefits [...]

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