E-Filing Day: When You Can Expect Your Refund

The question most taxpayers ask isn’t when you can start filing your taxes this year, but when you can expect your refund. Of course, that depends on several factors, such as when you send your return, if you’re expecting a refund by direct deposit or paper check and if you’re filing for Earned Income Tax [...]

IRS Taxation of Bitcoins and Virtual Currency

Bitcoin and other virtual currencies have exploded in popularity in recent years. Individuals hold cryptocurrencies as capital assets, retailers accept e-currencies as forms of payment, and even some employers pay their employees with Bitcoin. Because of the increasing circulation of Bitcoin, a lot of people have questions about how the convertible virtual currency is treated [...]

3 Things to Watch For When Paying Taxes on Gambling Winnings

When tax time rolls around, remember the IRS counts any money or prizes you won through gambling as taxable income. Being aware of what is taxed and what you will owe in taxes can be tricky, and many people use a tax expert agency to sort everything out for them. Here are a few tips [...]

3 Times Your Health Insurance Can be Claimed as a Tax Deduction

You work hard for your money and you might be able to keep more of it in your pocket by claiming your health insurance as a tax deduction. Tax laws can be confusing and it might help to enlist the aid of a Los Angeles tax specialist. As you navigate your tax forms, keep in [...]

Is Your Office Party a Tax Deductible Expense?

If you’re planning on throwing a Christmas celebration or New Year’s bash for your office, you may be worried about the cost. Office holiday parties can cost a lot, but your festive bash can be fully tax deductible if you do it right. Here at Wallace & Associates, your local Los Angeles tax specialist, we’re [...]

How to Avoid Getting Audited

No matter if it’s currently tax season or several months away from Tax Day, it’s best to know what to do to avoid the potential for being audited. Besides working with an experienced and reputable Los Angeles tax specialist from Wallace APC, there are a few more steps you can take to keep the IRS [...]

How Are Holiday Bonuses Taxed?

One of the many perks of Christmastime is the holiday bonus, a gift of appreciation from your employer after a year of hard work. Unfortunately, tax season comes right after. As any Los Angeles tax specialist will tell you, it’s wise to know how taxes will affect this payment before you spend it all, so [...]

Top Tax Mistakes Most People Make and How to Fix Them

Even if you expect to get money back when filing your taxes, you still might be a bit nervous about making a mistake that might draw negative attention from the IRS. Working with a Wallace APC Los Angeles tax specialist can most certainly help someone in your situation, but the same is true of knowing [...]

What’s the Easiest Way To Fill Out a Tax Return?

Nothing spoils the new year like having to think about filing your taxes, and nothing makes it more tolerable than knowing there’s an easy way to get it done. You have a few options for how to fill out a tax return, but only one is the easiest and most cost-effective way to do it. [...]

How to Estimate Your Tax Refund

The end of the year will soon be here, which means tax season will be here before you know it. During the holiday season, it’s a good idea to sit down with a Los Angeles tax specialist to see how much you can expect to receive a refund next year. Not only that, but meeting [...]