Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
Should You Hire a Professional to Help Resolve IRS Problems?
The most common IRS tax problems are the following: tax money owed, no filers, and IRS levy and lien issues. Because IRS tax problems are a complicated issue, many address them in different ways. Some taxpayers decide to face the IRS on their own, while others hire a professional like CPA, Attorney, or EA. However, the best solution is closer [...]
Home Equity Tax Benefits
The Federal Tax Code has eliminated most interest expenses as a tax deduction. Therefore, interest expense on a car loan or credit card debt is not deductible as an itemized deduction. However, interest on debt secured by a first or second home can still be deductible. This includes a second mortgage or “home equity” loan or line of credit. However, [...]
Billions of Unclaimed Property- Is Some of it Yours?
Did you know that every U.S. state has an unclaimed property program that actively and continuously finds owners of lost and forgotten assets? In 2015 alone, $3.2535 billion unclaimed properties were returned to their rightful owners as a result of state unclaimed property program efforts. The amount of the average claim was $892. It’s estimated that there is still $41.7 [...]
Thinking of Buying a Business? Get a Asset Purchase Deal
You mentioned that you are thinking of buying a business. Some thoughts occurred to us and we thought we should send you a short note. When you are buying a business, you want to buy not only at the right price, but also in a manner that keeps your taxes as low as possible. One of the variety of ways [...]
Can Business Credit Card Help Grow Your Business?
Many business owners are reluctant to obtain and use a business credit card for their expenses, and with good reason. If there’s ever a month when you can’t pay your balance in full, you’ll throw good money away on interest – sometimes in exorbitant amounts. However, business credit cards do have their advantages, and can be an aid in expanding [...]
Tax Tips for Casual Gamblers
You might not consider yourself a gambler, but if you play the lottery or make the occasional bet at the horse track, the IRS says you are. Gambling winnings are taxable and must be reported on your tax return. That includes lotteries, raffles, races, and casino games. It includes cash as well as the fair market value of any prizes [...]