Magda Abdo-Gomez, Attorney at Law

August 04

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Returns
Date: August 4, 2018
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Will you be Filing your 2019 Tax Return on a Postcard?

The IRS has issued a draft of the new Form 1040 for 2019. This form, much shorter than the one we are accustomed to, will be replacing not only the current Form 1040, but also Forms 1040A and 1040EZ. All US taxpayers (approximately 150 million) will be required to use the same form. The IRS [&hellip...

July 03

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts , Tax Planning - Natural Disasters
Date: July 3, 2018
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Hurricane Season is Here Beware of Storms and Scams

The kids are out of school, the thermometer hits 90° every day and afternoon thunderstorms are commonplace. South Floridians know these are signs that summer has arrived. However, we also know that it means hurricane season is here. Having weathered storms in the past, we all know enough to make su...

June 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: June 1, 2018
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New IRS Alert: A Twist on an Old Scam

Although tax scammers are active year round, the end of the tax filing season seems to be a “high season” for them. The IRS has issued an alert for a new twist on the old phone scam. By now just about everyone has received at least one phone call from [&hel...

May 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Withholding
Date: May 2, 2018
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What you Need to Know About Tax Withholding Under the New Tax Act

Our income tax system is known as a pay-as-you-go system. This means that as taxpayers we pay our income tax liability for the year as the income is earned. For employees, the income tax is withheld from wages as the income is earned. For self-employed persons estimated tax paym...

April 03

Posted By: Magda Abdo-Gomez
Posted In: Qualified Business Deduction , Tax Deductions
Date: April 3, 2018
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Overview of the Qualified Business Income Deduction

The reduction in the corporate tax rate under the 2017 tax act would have, without additional action, resulted in an inequity in the taxation of pass through entity income as individuals will generally have a higher income tax rate than the 21% corporate tax rate. To remedy the situati...

March 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Tags: deductions, tax
Date: March 2, 2018
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Itemized Deductions Under the New Tax Act

There seems to be a misconception that the new tax act has done away with itemized deductions. This is not the case. What the tax act has done is reduce the likelihood that taxpayers will need to itemize deductions. This has been accomplished through the increase of the standard deduction, and the t...

February 10

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: February 10, 2018
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Entertainment Expense Deduction Under New Tax Act

It was my goal this month to discuss the newly enacted pass through entity deduction. However, as I began to analyze the law, I realized that the provisions are a textbook example of complexity in the Tax Code. I decided to save you from the head spinning the law caused me. If you really want [&hell...

December 20

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: December 20, 2017
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The New Tax Law Steps To Take Before It Is Too Late

With the passage of the new tax law, we now have more certainty regarding what to expect for 2018. Although there are only ten days left in 2017, you may still have time to take action in order to take advantage of certain provisions before they expire. It should be understood that nearly all the [&...

December 04

Posted By: Magda Abdo-Gomez
Posted In: Year End Tax Planning
Date: December 4, 2017
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End Of Year Tax Planning Tips

Another year is coming to an end, and April 16, 2018 will be here before you know it. This is not a typo, we get an extra day to file our 2017 tax return. The IRS has announced certain changes for 2017, but due to the possibility of tax reform, it is impossible to know […]...

November 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Audits
Date: November 1, 2017
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Ten Tips For Dealing With An IRS Audit

In general, the IRS has three years from the date of filing to audit your tax return. If you have omitted 25% or more of your income, the time to audit increases to six years. If you have not filed your return, or filed a fraudulent return, the IRS can audit at any time. Although […]...