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

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RESOURCES

February 6, 2020

Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn't exceed certain thresholds, then you don't need to file a federal tax return. 

Consider your gross income thresholds

Most taxpayers are eligible to take the standard deduction. The standard tax deduction amounts that you're eligible for are p...

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...

December 6, 2019

Knowing where you fall matters a lot when it comes to filing your taxes.

Specifically, if you’re an employee, the company you’re working for is responsible for withholding taxes throughout the year, as well as costs like the employer’s share of Social Security and unemployment taxes. If you’re an independent contractor, you’ll need to be paying quarterly t...

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 27, 2017

Bonuses are considered excellent way to motivate employees and reward top performers; however, they can also quickly change one’s tax return and the amount of taxes initially withheld depending on the payout. IRS regards bonuses as supplemental wages, which are not regular wages. For more details, see Publication 15 (2017), (Circular E), Employer’s Tax Gu...

December 26, 2017

IRS has published “Notice 2014-21” describing how existing general tax principles apply to transactions using virtual currency. Here are a handful of primary contents of this notice.

1. For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

2...

December 22, 2017

Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or if you receive an IRS notice. You must keep records, such as receipts, canceled checks, and other documents supporting an item of income, a deduction, a credit appearing on a return, etc. Here are the list of a handful of ti...

December 21, 2017

The Electoral College has confirmed new president-elect making great changes next year. For now, we still need to keep track of the routine things involved in bookkeeping and tax. Here are some quick steps:

1. Make charitable contributions before year-end

This is an exceptional way to reduce your tax burden for the year as well. Remember to look up the...

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...

November 29, 2017

In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. Scammers use the regular mail, telephone, fax or email to set up their victims. This page looks at the different scams affecting individuals, and businesses.

1 IRS-Impersonation Telephone Scams

An aggressive and sophisti...

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