Fantasy football player rankings are always sought of by gamers in making the winning choice on their fantasy team. Since these players most likely dictate the performance of their teams, elite players, primarily in the quarterback posts will be a great pull for gamers. And since NFL 2010 is just around the corner, then fantasy football season is also here. I can hear the cheering of those fantasy sports fanatics. Their excitement is...more
The reason why many people find taxation procedures and laws to be difficult is not because the concepts are hard, but it is because they do not understand many of the related terms and phrases. For you to learn more about taxation and how to avoid fines and penalties while at the same time minimizing your tax liability, you must be willing to learn the basic terms. Here are some of them:Withholding TaxThis is the tax that is usually deducted at...more
This week, let's get into the details of the first one.Planning Tip #1:Implement the tax recommendations from your CPAWhen my team prepares a tax return, we are not just focused on that one year. We are also looking for tax saving opportunities in future years. Now is the ideal time to discuss these opportunities with your CPA.Tax Saving Opportunities to Discuss with your CPAHere are just a few of the tax saving opportunities we recommend to clients after preparing their tax returns.Protect Your Tax Savings with Annual MinutesWhen you receive your tax return from your CPA, do you get anything besides your tax return?When the ProVision team completes a business tax return, we include a Minute Checklist. A Minute Checklist includes key items the ProVision team found during the tax return preparation that should be recorded in the company's minutes.Minutes are a powerful tool to protect your tax savings and tax strategy!Annual minutes summarize the activity for a year. This is an ideal place to document the activity in your tax strategy, such as:Your salaryYour bonusYour distributions Loans to/from your company from/to you or your other companiesInvestments purchasedInvestments...more
This week I'll share my third planning tip, but before I do, I want to share a very important item that could significantly impact your tax planning:If the IRS believes that your tax planning doesn't meet their standards, then they can fine you an amount equal to 40% of the tax they think you should have paid.This is a new law included in the...more
When you are preparing your taxes it is normal to get stressed out about your financial situation. There can be a lot of problems that come up when you are paying your taxes, and you want to be well aware and prepared for these. To avoid the major stresses that come with the tax seasons there are a few basic things you can do that will help you...more
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Are you looking for the best income tax attorney in Los Angeles? Then look no further. The fact of the matter is, we understand there's nothing worse than being audited by the IRS and its partners. And as a taxpayer, you know you have the right to...more
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