Category Archives: Uncategorized

Year End Tax Planning For Individuals

Accelerating Income In most years, taxpayers adopt a strategy of deferring income, but with the Bush-era tax cuts set to expire on December 31, 2012, income tax rates and capital gains taxes set to rise, and a 0.9 percent Hospital … Continue reading

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Sounds like you are the most connected tax guy I know….let’s stay in touch….I may need some tax help down the line…..if I have 10K outstanding with the IRS, what is the chance of me calling them up and saying “hey, will you take 5K” and them accepting? Or do you need an attorney….?

The IRS does have a program called Offer in Compromise which is basically call them up and say I will pay this much.  Only thing is you file a form and you probably need someone with some expertise to fill … Continue reading

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I do have a tax-related question – be careful what you ask for! Just simply, do you know (or know how I can find out) how many hours you have to work in New York State to be subject to State and NYC tax, when you live out of state (in this case, CA)?

That is a great question, thank you really, I will probably use it in one of my blogs one day.  Here’s the 411.  If you are physically present in NY when you are working you owe tax to NY (NYC … Continue reading

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Thanks, Ray. Quick question. My 83 year old father-in-law owns his home in Anaheim (he’s the only one on title). My wife is an only child. What is the best way to “protect against (future) probate” (tax-wise)? Have him create a Living Trust? Just add my wife to title as Joint Tenants? Do you have a recommendation? Thanks…(

It is sort of a legal question more than a tax question, so I will start out with saying I am not giving you legal advice.  My clients ask me questions that seem to be legal all the time so … Continue reading

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I do have bit of a thorny tax question for you. I’m a professional basketball player who played overseas since 2006 (Out of college). I never filed taxes for any season, as I was told bringing home less than 70k, I didn’t need to. I just brought my fiancé here from Czech Republic on a K1 Fiancé Visa. She is here, we married and now I must prove I can sponsor her. They require at least the 2010 tax return, but suggest having 2008 and 2009 tax returns for further evidence. We’re filling out an Affidavit of Support and will be sending it in soon. I e-filed for 2010, but heard that previous years, 08 and 09, will take 3-6 months, at this present non-tax season time, to obtain an IRS receipt proving I filed. Is there a way around this? We need to start the process because she’ll get her Green Card quicker. Should I just file now for back taxes and tell them I back filed, but haven’t received the IRS tax receipt yet. Any useful information will help me greatly. It is quite thorny! Thank you for your help.

This is a really great question, thank you.  Like so many things with taxes you only got part of the message.  Taxes are crazy with rules that are a lot more complex than they should be.  So here is the … Continue reading

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What progress did you make in determining the Provident and Desert Capital loss for 2010? I know that my father already deducted his losses of Provident in 2010 I do think that you are being way too conservative. Here’s why: I did talk to the Fraud Recovery Group and they have been filing these as section 165 theft starting in 2009. Their filings are accompanied by a lawyer’s opinion of why it should be counted as a theft loss;

On Provident, I don’t see anything that makes it seem like a theft loss to me yet.  It may be, and I might just be too conservative, but the way I am looking at it right now is it’s still … Continue reading

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I would enjoy hearing more about how one can beat the IRS…

Here’s a quick stab. Legally Beating the IRS is individual to each client but I can give you some ideas. Let’s start with the issue you are having with the IRS. Not too clear but your description sounds like the … Continue reading

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Do you know much about dual citizen’s Canadian and American and filling taxes in both countries and what deductions are available?

Not experienced in preparing Canadian returns and not in a hurry to learn.  About twenty years ago a fellow asked me to prepare a return for Quebec, I think.  So I said sure and ordered a book to learn the … Continue reading

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I am a freelancer and looking for a new tax pro to prepare next year’s returns. Do you prepare returns?

I do both consulting and preparation, though truthfully mostly supervise the preparation.  I have a lot of great preparers with me.  As for costs, I generally like to have one or two visits either on the phone or in person … Continue reading

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I may need a new “tax guy.” I own a small business (LLC) and recently received a big salary increase (yes it does happen even in this economy.) I employed a CPA prior to last year’s taxes. It just seemed he was plugging the info into the same software I was plugging it into. What are your rates for doing taxes per annum?

Prices?  Don’t have enough information.  I have a lot of clients we do for around $100 and some that pay $5,000 or more.  So it is pretty hard to even guess.  Also the bigger question I would like to think … Continue reading

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