Magda Abdo-Gomez, Attorney at Law

November 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Laws - Changes
Date: November 1, 2018
- 0
- 1527

IRS Issues Guidance on Meal and Entertainment Expenses

My February 2018 newsletter explained that the 2017 Tax Act repealed the entertainment deduction as a business expense. The Act, however, did not change the deductibility of 50% of the cost of meals incurred in a trade or business. For additional details see https://magdaabdogomezlaw.com/entertainme...

October 01

Posted By: Magda Abdo-Gomez
Posted In: Taxpayer Rights
Date: October 1, 2018
- 0
- 1565

What are your Rights as a Taxpayer?

Most taxpayers believe that they have few, if any, rights when dealing with the IRS. The fact is that the Internal Revenue Code does provide taxpayers several rights. The problem is that these rights are scattered throughout the code and are difficult for taxpayers to find and understand. Although t...

September 04

Posted By: Magda Abdo-Gomez
Posted In: Amending Returns , Refunds , Tax Returns
Date: September 4, 2018
- 0
- 1740

Tips for Amending a Tax Return

If you discover an error after filing your tax return you can correct it by filing an amended return with the IRS. A return can be amended to correct income, credits and deductions and in most cases even changing a filing status. If you find you need to amend a return here are some things […]...

August 04

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Returns
Date: August 4, 2018
- 0
- 1463

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
- 0
- 1612

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
- 0
- 1707

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
- 0
- 1925

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
- 0
- 1804

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
- 0
- 1845

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
- 0
- 1894

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...