income tax / 29 posts found

IRS Warns: Obamacare Tax Must Be Paid

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In 2014 Obamas Affordable Health Care Act kicks in and will affect millions of individual Americans. You need to understand your “shared responsibility payments” and your exemptions. We will be covering these issues in our 3 part series on Obama Care. In Part 1 we are giving a general overview of these two primary issues that will affect millions of individuals in the upcoming month, “shared responsibility payments (tax)” and exemptions. If you have any questions concerning Obama Care feel free to call us at (562) 251-1300 So What Are Shared Responsibility Payments? The term “shared responsibility payment” refers to […]

10 Special Tax Benefits for Members of the Armed Forces

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Our military is one of the finest in the world. They put themselves into harm’s way every day fighting for what they believe is for the best interest of our nation. These brave men and women deserve and receive special tax benefits.  Below are 10 special tax benefits that apply to all members of the U. S. Armed Forces. If you are a loved one is in the military make sure you read this article. Some types of military pay are not taxable and special rules may apply to other tax deductions, credits and deadlines: Deadline Extensions.  Some members of […]

5 Tax Tips on Travel While Giving to Charity

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Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your services to charity. 1. You can’t deduct the value of your services that you give to charity. But you may be able to deduct some out-of-pocket costs you pay to give your services. This can include the cost of travel. To deduct out-of-pocket costs they must meet all of the […]

Is The IRS Your Puppet Master?

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Feel like the IRS is your Puppet Master? Put an end to your IRS problems and call Creative Tax at (562) 251-1300..  Audits, Collections, Amended Returns  it does not matter … We Can help!

Living Trusts: Why Anna Got One

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Don't get stuck with paying high estate taxes and fees.Call us and learn about How Our  Living Trust packages can not only save you money but give you peace of mind  Call us we can help (562) 251-1300   

Are You Affected By Obama Care AKA The Affordable Health Care Act?

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profile cover1Obama Care has within it numerous different taxes. However everyone one is not affected the same. Let's take a look at how Obama Care's taxes affect certain income groups.

Obama Care (Affordable Health care Act) Taxes for High Earners and Large Businesses

Most of the new taxes are on what on so called high end earners. This group includes anyone making over $200,000 and families that making over $250,000.  If you own a business with over 50 full-time equivalent employees making over $250,000 you are included in this group. Also if you are in an industry that profits from healthcare you are also included in this group. Essentially who will see gains under Obama Care are required to put money back in the program via taxes.

FACT: Tax increases generally affect single filers with an adjusted gross income (AGI) above $200,000 and married couples filing jointly above $250,000. Some of the tax increases don't kick in until single AGI hits $400,000 and married filing jointly AGI hits $450,000.

Obama Care (Affordable Health care Act) Taxes for the Average American With Health insurance

For most of the 85% of Americans with health insurance, making less than $250,000, most of the new taxes won't mean much of anything, however if you fall in one of the categories below  there are certain taxes that will affect you and your family.

 Obama Care (Affordable Health care Act)  Taxes for the Average American Without Health insurance

There are approximately 15% of Americans without health insurance. These are primarily younger Americans who are just starting out looking for jobs. They will be required to obtain health insurance (Note: this is called the Individual Mandate) or will they will face a "tax penalty".

Complete List of Taxes In The Affordable Health Care Act (Obama Care)

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It has begun. One of the most comprehensive tax bills has been passed. profile cover1. But it is also a huge tax reform bill. Over 35 new taxes and fees have been created by this bill. Many will affect you not just corporate America

This is a list of new Obama Care taxes. Collectively they are supposed to raise over $800 billion by 2022.

These Taxes May Not Directly Affect the Average American

2.3% Tax on Medical Device Manufacturers 2014

10% Tax on Indoor Tanning Services 2014

• Blue Cross/Blue Shield Tax Hike

Excise Tax on Charitable Hospitals which fail to comply with the requirements of Obama Care

• Tax on Brand Name Drugs

• Tax on Health Insurers

Did You Receive a Letter From The IRS? ..Don’t Panic!

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I highlyprofile cover1 suggest that you immediately pick up the phone and give us a call at (562) 251-1300 we can help.

Here are ten facts you need to know about IRS Notices and Letters

  1. Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons.
  2. I cannot emphasize this enough Don’t Panic! You often only need to respond to take care of a notice.
  3. There are many reasons why the IRS may send a letter or notice. It typically is about a specific issue on your federal tax return or tax account. A notice may tell you about changes to your account or ask you for more information. It could also tell you that you must make a payment.
  4. Each notice has specific instructions about what you need to do.

Top 10 IRS Audit Protection Tips

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profile cover1The tax filing season is almost ove and in the rush to get your taxes prepared before April 15 mistakes can be made that could trigger an audit. These 10 tips will help you save time and help to protect you in the event of an IRS audit:

1. Gather your records.  Collect all tax records you need to file your taxes. This includes receipts, canceled checks and records that support income, deductions or tax credits that you claim on your tax return. Store them in a safe place.

2. Report all your income.  You will need to report your income from all of your Forms W-2, Wage and Tax Statements, and Form 1099 income statements when you file your tax return.

Good News!! New Simplified Home Office Deduction Rules

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If you work from hoprofile cover1me, you should learn the rules for how to claim the home office deduction. This is the only deduction that allows you to take a portion of non-deductible expenses you’re your rent, home repairs, gas, electricity etc. and convert it to an above line deduction.

However to claim this deduction you have to keep records of your home office deduction expenses. This year the IRS has created a simpler option to figure the deduction for business use of your home. The new option will save you time because it simplifies how you figure and claim the deduction. It will also make it easier for you to keep records. It does not change the rules for who may claim the deduction.

Here are six facts from the IRS about the home office deduction.