Office: 2372 Morse Ave, Irvine, CA 92614
Phone: (949) 356-0840
Email: irvinetaxsolutions@gmail.com

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RESOURCES

January 28, 2020

The tax season is here again! This year, the IRS announced 4 recent changes in tax laws that can save you a lot.

1. Individual Income Tax

The IRS has increased the standard deduction, which can increase your taxable income.

New tax brackets in 2020:

The current standard deduction is $12,400 for singles, up from $12,200 in the prior year, and $24,800 for marri...

November 22, 2019

The IRS allows you to deduct a certain amount of medical expenses if you itemize deductions. Qualified medical deductions are expenses you paid during the tax year for yourself, your spouse, or your dependents.

Here is a list of Qualified Medical Deductions that apply to you:

  • abortion, acupuncture, addiction treatment, ambulance service, annual physical...

December 28, 2017

To be qualified for deduction, business meal and entertainment expenses must be directly associated with the active conduct of a trade or business, the production or collection of income.

People must be able to prove:

  • The amount of the expenditure

  • The time, date, and place of the expense

  • The purpose of the business discussion

  • The identifi...

December 20, 2017

The IRS has issued the 2018 optional standard mileage rates and starting on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

  • 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017)

  • 18 cents per mile driven for medical or moving purposes (up from 17 cents in 2017)

  • 14...

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