Claiming Your Dependents

Who are your Dependents from tax filing perspectively? This could be confusing to a lot of taxpayers. Can the dependent have his or her own earned income? Do they have to live with you? Is there any age limit? These … Read More

Work Opportunity Tax Credit (WOTC)

If you are considering to hire, you may want to hire someone from a targeted group, defined under US Department of Labor, to get the credit up to 40% of the first $6,000 wages paid. The new hire from the … Read More

Rental Loss

The rental loss is automatically defined as passive loss which may not be offset against your ordinary income (such asW-2 or business income) when your adjusted gross income is over $150,000. Even your income is not to the point phasing … Read More

2016 Last-Minute Tax Planning Reminder – Health Insurance

If you are running your business as S-corporation, one of the common mistakes is you have not included the premium in your W-2. The rule requires you have the S-corp pay for the medical premium, but then you need to … Read More

Repair or improvement?

If you are rental property owner, I think your favorite question to your CPA is how you should define repair and improvement? You know the rationale behind is to classify the expenditure to repair expenses as much as possible because … Read More

New deadline for filing 1099 in 2017

If you pay your service providers over $600 per year, you may need to report the payment to IRS via 1099-MISC if the service providers are not corporation. The filing of 1099-MISC to the recipients remains unchanged which is still … Read More

Important 2016 tax saving you don’t want to miss if you are about to …..

If you are the owner of a non-residential property, you know the regular depreciation over the improvement is 39 years. Today I want to give you a good news enacted by Protecting Americans Tax Hikes.  If you use the commercial building for business … Read More