Magda Abdo-Gomez, Attorney at Law

December 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning
Date: December 2, 2024
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Year End Tax Planning Tips

The holiday season is underway and 2024 is winding down. Tax season is only a month away. There is still time to take steps to reduce your tax liability and to ensure your return is accurate. An accurate return avoids delays in processing which can slow down refunds. Now is the time to act. Gather [...

November 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Credits
Date: November 1, 2024
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Education Tax Credits

The Internal Revenue Code provides two education credits to offset the costs of higher education. The first is the American Opportunity Tax Credit and the second is the Lifetime Learning Credit. With tax season just around the corner, it might be a good idea to determine whether you will qualify for...

October 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning , Tax Withholding
Date: October 1, 2024
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Time for a Tax Check Up

The fall season is officially here. Tax season will be here before you know it. This is the perfect time to review your tax withholding and/or payments to make sure you do not owe taxes when you file your return next April. Taxpayers who are especially vulnerable to owing taxes at the time of filing...

September 03

Posted By: Magda Abdo-Gomez
Posted In: IRS News , IRS Scam Alerts
Date: September 3, 2024
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IRS’s Efforts to Combat Tax Scams

If it seems as if every few months my newsletter deals with the IRS’s announcement of a new tax scam, you would be correct. The IRS reports that this past tax season there was an increase in activity involving tax scams aimed at defrauding taxpayers and in efforts to discover gaps in government an...

August 08

Posted By: Magda Abdo-Gomez
Posted In: Businesses , Hobbies
Date: August 8, 2024
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Hobbies and Businesses: What you need to know

From wine making to collecting trading cards, many taxpayers have activities they are involved in. If the activity generates income, is the activity considered a business? Is the income taxable? Are expenses incurred in carrying on the activity deductible? The answer to these questions and their tax...

July 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: July 1, 2024
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IRS Issues Taxpayer Alert Regarding Tax Scams

Although the IRS has issued numerous warnings to taxpayers regarding tax scams involving tax credits and inaccurate tax advice posted on social media, thousands of taxpayers filed tax returns this tax season claiming inflated tax refunds. The IRS has issued a warning that taxpayers who have claimed ...

June 03

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning - Natural Disasters
Date: June 3, 2024
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Disaster Preparation Tips

Hurricane season is here once again. However, disasters include not just hurricanes. Disasters can be natural or man-made events and can happen at any time. It is important that you take steps to protect important tax and financial information. Now is the perfect time to review your disaster emerg...

May 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: May 1, 2024
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IRS’s 2024 Dirty Dozen

Each year the IRS issues a list of scams it refers to as the Dirty Dozen. The purpose of publishing the list is to alert taxpayers to schemes that may cause them not only financial harm, but which may also result in identify theft. The schemes which made this year’s list are: Phishing and smishing...

April 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: April 1, 2024
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Tax Time Guidance

Tax day is only two weeks away. It is not too late to take steps that may save you money. IRA Contributions: If you qualify for a traditional IRA, you have until April 15 to make a contribution for 2023. You can contribute up to $6,500, or $7,500 if you are over the age of […]...

March 02

Posted By: Magda Abdo-Gomez
Posted In: Employees , Independent Contractors
Date: March 2, 2024
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Independent Contractor or Employee?

There seems to be a lot of confusion regarding the classification of workers. The employer and worker believe that whether a worker is an employee or independent contractor is something that can be agreed to by the parties. Many times, the employer believes that the status of the worker depends on w...