Magda Abdo-Gomez, Attorney at Law

September 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: September 1, 2021
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Education Expenses: Exclusions, Deductions and Credits

Students are back in school. For some parents, their students are off to college. While April 2022 seems a long way away, now is the time to determine if you will qualify for tax benefits for your child’s higher education expenses. By making the determination now, you can make sure that you have t...

August 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Planning
Date: August 2, 2021
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- 129

Tax Ramifications of Selling your Home

With home prices skyrocketing, many homeowners have taken the opportunity to sell their homes in order to cash in on their equity. However, many have not thought about the tax effect of that sale and may be in for an unpleasant surprise when they file their tax return. In the case of a home which [&...

June 01

Posted By: Magda Abdo-Gomez
Posted In: Taxpayer Rights
Date: June 1, 2021
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- 188

What to do if you Receive a Letter from the IRS

As you know all initial communication from the IRS will be in the form of a letter delivered to you by the US Post Office. The IRS sends out letters for reasons other than an audit. For example, the IRS routinely sends out letters advising a taxpayer that a balance is owed, that the refund […...

May 27

Posted By: Magda Abdo-Gomez
Posted In: Tax Penalties
Date: May 27, 2021
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- 204

Beware of IRS Penalties

Hard to believe that May is here. Although the deadline for filing the 2020 tax return has been extended to May 17, 2021, it is important that you file your return on time since failure to do so will trigger a late filing penalty. The penalty for late filing a tax return is 5% of […]...

April 09

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Laws - Changes
Date: April 9, 2021
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- 264

Changes to Meal Expense Deduction

When the Consolidated Appropriations Act was passed on December 27, 2020 everyone’s focus was on the additional stimulus payment and the extension of many of the credits which had been included in the CARES Act. One provision seems to have gone under the radar, but it affects many who incur expens...

April 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: April 1, 2021
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- 239

Deducting Personal Protection Equipment

The IRS has announced that the cost of personal protective equipment (PPE) such as masks, hand sanitizer and sanitizing wipes is an amount paid for medical care, if the primary purpose of the expense was for the purpose of preventing the spread of COVID. Thus, amounts paid for PPE by an individual t...

March 17

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns - Filing Deadlines
Date: March 17, 2021
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Tax Filing Deadline Extended

The IRS has just announced that the April 15, 2021 tax filing deadline for individual income tax returns for the 2020 year has been extended until May 17, 2021. This extension also applies to the payment of 2020 income taxes. Penalties and interest will begin to accrue if the taxes are not paid by M...

March 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: March 1, 2021
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- 258

The Home Office Deduction in Times of COVID

I discussed the availability and requirements of the home office deduction in a previous newsletter. https://magdaabdogomezlaw.com/claiming-home-office-deduction/ The Internal Revenue Service wants those individuals who qualify, to consider taking the home office deduction. The deduction would resul...

February 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: February 1, 2021
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- 324

The IRS is Ready for Tax Season, are You?

The IRS has issued a notice assuring taxpayers and tax professionals that tax forms and instructions will reflect all changes made by the numerous tax laws enacted as a result of COVID. Although not all returns are ready, the majority of the forms are and these have been made available to IRS part...

January 30

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 30, 2021
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- 309

Amendments to COVID Related Tax Laws

The law enacted on December 27, 2020 has made changes to certain provisions of the CARES Act which provided tax relief to employers affected by the pandemic. The law has also extended the deadlines for employees to pay back taxes which were deferred taxes. Payback of Deferred Taxes A presidential ...