What You Need to Know about 529 Plans

With high school graduations in full-swing, it’s a good time to take a closer look at an education savings plan that can help you set aside funds for college costs. Named after Section 529 of the Internal Revenue Code, 529 Plans are operated by state or qualified educational institutions to help families save for college [...]

Should I File a DBA?

A “Doing Business As” name, also called a DBA, is used to differentiate a business name from your personal name, names of your partners, or an officially registered name of an LLC or corporation. These names are also frequently called assumed or trade names. DBAs are filed with the state in which the business is [...]

Choosing to Be a Sole Proprietor or a Disregarded LLC

While you may not want to be disregarded in your personal life, there are times when it might be smart to designate your business as a Disregarded LLC. A Disregarded LLC, also called a Disregarded Entity, is a limited liability company (LLC) owned by an individual. LLCs are typically partnerships with liability protection. Unless the [...]

Amended Returns

We are all human. We all make mistakes, right? Even the dreaded Internal Revenue Service gives you a second chance if you make a mistake! It has happened to the best of us. You are diligent and gather all your tax documents. You double check everything on the tax return. You happily drop it in [...]

Your Odds of Being Audited

Being audited by the IRS is definitely a big fear for many taxpayers. Having to dig up old records and receipts to provide backup for deductions isn’t something any of us want to do. Yet, this fear rarely becomes a reality for the vast majority of individuals. According to the latest IRS Fiscal Year Enforcement [...]

IRS Fresh Start Initiative

Although most economists now believe that we’re no longer in a recession, the reality is many taxpayers are still hurting financially. To offer some relief to these individuals, the IRS has extended their “Fresh Start” initiative to help those who are struggling to pay their taxes. There are three components to this expanded relief initiative. [...]

Quarterly Estimated Payments

Every year, “tax day” represents not only the day personal income taxes are due, but for those individuals who file quarterly individual estimated payments, it is also the day that quarterly payments are due. Not sure if you need to file quarterly individual estimated payments? Estimated tax payment is the method used to pay tax [...]

Payroll Tax Returns

April 17th may mark the deadline for filing personal income tax returns, but for business owners, it marks the few weeks left before the first quarter employers’ federal tax return filing date. Also known as Form 941, this quarterly form must be filed by all employers subject to income tax withholding, Social Security, and Medicare [...]

Mortgage Forgiveness Debt Relief in California

Even though the economy is beginning to slowly regain strength, many homeowners are still finding themselves underwater on their mortgages due to the substantial drops in home values that have occurred over the last five years. For some, the answer is foreclosure, loan modification, or short sale. Prior to 2007, forgiven mortgage debt was considered [...]

Use Tax – When to File

With the recent controversy and legal cases involving large e-commerce retailers such as Amazon, the topic of Use Tax has definitely been in the news. This has spawned many questions from taxpayers about Use Tax. What is it? When should it be paid? And, how does one file a Use Tax return? Let’s take a [...]