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Best Ways to Get a Tax Break This Fall

Paying your taxes may be something you dread, but it’s not all bad news. You may be able to get a significant tax break or refund this year if you play your cards right. By claiming deductions, taking advantage of tax credits, and re-considering your filing status, you can increase your chances of catching some [...]

What to Do If You Realized You Made a Mistake After Filing Your Taxes!

Filing your taxes can be confusing. You may make some mistakes and only realize them after you’ve filed. Maybe you made a math error, made a typo, forgot to claim a deduction, or forgot to include a source of income. You may feel stressed out and worried about making an error on your tax return, [...]

Top 3 Benefits of Having a Dependent on Your Taxes

Raising children comes with many rewards. Believe it or not, some of these advantages are financial. While taking care of your kids can be expensive, you can save money via tax credits and deductions. Encino Company Payroll Services can help you understand how to claim dependents on your taxes so you can boost your tax [...]

Electric Car Tax Deduction and How to Claim It

Electric cars are amazing vehicles. If you are the proud owner of an electric car or are looking to get one, you may be wondering if you can claim any tax credits. Thankfully, the Qualified Plug-In Electric Vehicle (PEV) Tax Credit can help save you some big bucks. Here’s how to find out if your [...]

3 Steps in Finding Out Which Tax Bracket Your In

Taxes can be confusing and frustrating. One of the most complicated aspects of paying your taxes is determining your tax bracket. This is crucial knowledge so you’re aware of how much you’ll need to pay to the IRS. Thankfully, with the help of Los Angeles company advisors, you can figure out your tax bracket easily. [...]

How Does the New Trump Tax Plan Effect You?

When President Trump signed the Tax Cuts and Jobs Act into law, it called for sweeping tax law changes. The way it affects you depends upon your existing filing status along with your income and the deductions you take. Here are some highlights of the primary features of the new federal effective tax rates. Still [...]

How Are the New Tax Laws Effecting Home Owners?

Home values are soaring across the country. Since rental prices are also increasing, it may make purchasing a home appear more appealing than ever before. Make sure you do your research if you’re planning to buy a new home, though. Due to changes made by the Tax Cuts and Jobs Act, in some cases, the [...]

Are you qualified to get the 20% pass through deduction?

The Tax Cuts and Jobs Act, which was signed into legislation on December 22, 2017, gave birth to Section 199A. It allows a 20% pass through deduction to business owners of partnerships, sole proprietorships, LLCs and S corporations.  The motivation behind the new deduction is to permit these business owners to keep up with the [...]

Are State Taxes Deductible from Federal Taxes?

The short answer is yes. However, the complete answer is a bit more complicated. State taxes, personal property and real estate taxes are deductible if you itemize on your federal income tax returns. There are strategies that Encino Tax advisors can use to mitigate your tax obligations from year to year. Eligible Expenses Generally, income [...]

3 Steps to Calculate Your Federal Tax Rate

The US uses a progressive tax system, so you don’t pay federal income tax on your entire income. Instead, it’s divided into segments, known as tax brackets. There are seven different tax brackets, ranging from ten percent to 37%. Your filing status and taxable income dictates which tax bracket you are in and the tax [...]

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