Magda Abdo-Gomez, Attorney at Law

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 […]...

October 04

Posted By: Magda Abdo-Gomez
Posted In: IRS Audits
Date: October 4, 2017
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Red Flags That May Trigger An IRS Audit

If you read last month’s newsletter you learned that the chances of getting audited by the IRS are relatively low for those earning less than $200,000. However, there are certain red flags which will trigger an audit regardless of income. Avoiding these red flags may further reduce your chances of...

September 14

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning - Natural Disasters
Date: September 14, 2017
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Hurricane Irma Important News From The IRS

Florida — Victims of Hurricane Irma that took place beginning on Sept. 4, 2017 in parts of Florida may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the State of Florida. Following the recent disaster declaration for individual...

September 05

Posted By: Magda Abdo-Gomez
Posted In: IRS Audits
Date: September 5, 2017
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Will The IRS Audit Me?

According to the Internal Revenue Service Data Book for 2016 approximately 1.2 million of the returns filed in calendar year 2015 were audited or .60 (.006) of all returns filed in that year. The audit rate for an individual income tax return filed in calendar year 2015 was .70 (.007). In the audit ...

August 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: August 1, 2017
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It’s Vacation Season But Not For Scammers

While we are all enjoying our summer vacations, it appears that scammers never rest. The IRS has announced that even though tax filing season is over for most, taxpayers should be on the lookout for “summertime scams”. Some of these are variations of prior scams, but it never hurts to be reminde...