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Affordable Care Act Filing Tips

The creation of the Affordable Care Act requires citizens to enroll in a health insurance program or else pay a tax penalty. Individuals who already have health insurance through their jobs or programs like Medicaid, Medicare, or Veterans Affairs health benefits do not need to seek out additional coverage to fulfill ACA requirements. Review Affordable [...]

Tax Refund FAQ

Are you due for an IRS tax refund? Help yourself know what to expect by reviewing the following tax refund FAQs courtesy of the Los Angeles tax preparation firm Wallace & Associates. When Will I Receive My Tax Refund? The majority of IRS refunds are issued within 21 calendar days. How Soon Can I Start [...]

Types of Tax Fraud

Tax fraud is defined as the willful violation of a person’s legal responsibility to pay the federal and state government necessary taxes. Both civil and criminal penalties surround tax fraud, with civil penalties including up to 75 percent of the amount due and criminal penalties including additional fines and sanctions. Learn about some of the [...]

How Charitable Tax Deductions Work

Charitable tax deductions are subtracted from your adjusted gross income to decrease tax burdens following contributions to nonprofit organizations. If you regularly make charitable contributions, be sure to discuss them while working with your Los Angeles tax preparation firm. Take a moment to learn more about how charitable tax deductions work: Types Of Charitable Deductions [...]

Tax FAQs for the Self-Employed

A self-employed person is defined as anyone in business for him/herself, such as an independent contractor, sole proprietor, or partner. If you are self-employed, you must file an annual tax return, and pay income as well as self-employment tax. Take a moment to review frequently asked questions about taxes for the self-employed, and you can [...]

Types of Individual Tax Credits

As an individual taxpayer you may be entitled to a number of tax credits, all of which are subtracted from the amount of tax you owe for the year. If unsure about the types of tax credits you qualify for, review options with your Los Angeles tax consultant at Wallace & Associates. Take a moment [...]

Asset Protection Tips

Learning how to best protect your assets is something that provides innumerable benefits should emergency or other challenging situations occur. Asset protection is one of many comprehensive services available through the Los Angeles accounting firm Wallace & Associates. Allow the accountants and tax consultants at this L.A. firm to provide some of their best asset [...]

International Taxpayer FAQs

Understanding how to file taxes when living abroad doesn’t have to be a complicated process. The Internal Revenue Service offers an exhaustive list of frequently asked questions concerning international taxation on their official website to help citizens better understand what’s expected when living overseas while still a U.S. resident. Let’s take a quick look at [...]

LLC Income Tax Prep Services

Among the many tax preparation services Wallace & Associates offers to its Los Angeles and surrounding-area clients is LLC income tax prep. If you’ve recently formed a Limited Liability Company and will be doing taxes for said company for the first time next year, review what assistance the Los Angeles tax consultants provide. The IRS [...]

Your Rights As A Taxpayer

Taxpayer rights are something every U.S. citizen should know and understand. The Internal Revenue Service offers a Taxpayer Bill of Rights on its official website as per the National Taxpayer Advocate, something the Los Angeles tax preparation experts at Wallace & Associates strongly recommend familiarizing yourself with. Review and keep in mind the principles within [...]

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