Magda Abdo-Gomez, Attorney at Law

May 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Records
Date: May 1, 2017
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- 2252

How Long Should I Keep Tax Records

Unless you filed an extension, tax filing season is finally over. Now the question is how long to keep the return, and the documentation relied upon to prepare it. The law requires you to keep returns and records which show whether or not you are liable for a tax for as long as they are material [&...

April 03

Posted By: Magda Abdo-Gomez
Posted In: Passports - Tax Debt
Date: April 3, 2017
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- 2018

Will Tax Laws Affect Your Travel Plans?

As you start to make plans for the summer, you might be considering travel. Did you check to see whether the IRS will let you travel? I bet not. The FAST Act, which was signed into law in December 2015, provides that if the Secretary of State receives certification from the IRS that a taxpayer [&hel...

March 01

Posted By: Magda Abdo-Gomez
Posted In: Mortgages - Tax
Date: March 1, 2017
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- 1963

Home Mortgage Interest Is Deductible Or Maybe Not

As a general rule individuals cannot take a deduction for personal interest payments. There are six exceptions to this general rule and the one homeowners are probably most familiar with is the deduction for home mortgage interest payments. Although the law does provide for the deduction of home mor...

February 03

Posted By: Magda Abdo-Gomez
Posted In: IRAs and Roth IRAs
Date: February 3, 2017
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IRAs and ROTH IRAs A Primer

Studies show that many Americans are not financially prepared for retirement. In case you or someone you know falls within this group, here is some basic information regarding IRAs and Roth IRAs which may help in becoming better prepared. What is an IRA (Individual Retirement Account)? An IRA is no...

January 04

Posted By: Magda Abdo-Gomez
Posted In: Mortgages - Tax
Date: January 4, 2017
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- 1390

Beware Of Expiring Tax Provisions Mortgage Loan Forgiveness

The Joint Committee of Taxation’s report issued on January 8, 2016, listed 37 tax provisions expiring in 2016; one on March 31 and all the others on December 31. However, one of these (number 19) may have a great impact on individuals. It is a general rule of taxation that forgiveness of debt is t...

December 02

Posted By: Magda Abdo-Gomez
Posted In: Year End Tax Planning
Date: December 2, 2016
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- 1312

Make The Right Moves End Of The Year Tax Planning Tips

December has arrived. April 18, 2017 will be here before you know it. Yes, we get an extra three days to file our 2016 tax return. While I know this is a busy time of year for most of us with holiday parties, family visits and traveling, it is important that you make time to […]...

November 11

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: November 11, 2016
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- 1285

How Will Trump’s Tax Plan Affect You?

The United States has a new president-elect. Regardless of personal opinions one thing is certain; change is coming to the Internal Revenue Code. Exactly what the changes will be remains to be seen. However these changes are expected to be big. What changes are anticipated and how will they affect y...

November 02

Posted By: Magda Abdo-Gomez
Posted In: IRS Collection
Date: November 2, 2016
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- 1399

IRS To Implement New Program

Just a mention of the Internal Revenue Service seems to instill fear in the hearts of many. Debt collectors are thought of as an annoyance that savvy debtors have learned to avoid by the use of caller ID. Now just imagine if the IRS and debt collection agencies joined forces. This scenario is now a ...

November 02

Posted By: Magda Abdo-Gomez
Posted In: Bankruptcy Claims
Date: November 2, 2016
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- 38498

Time-Barred Claims in Bankruptcy and the FDCPA Supreme Court Grants Certiorari

A creditor who is owed a debt may collect it from the debtor through all legal means. State statutes of limitation impose a time period during which the creditor may pursue collection in court. After this period expires, the creditor’s claim, while still outstanding, is deemed time-barred under th...

October 10

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns - Filing Deadlines
Date: October 10, 2016
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- 1308

Filing Deadline Is Approaching

Time is running out! I am sure that back in April it seemed as if October 15 was a long way away. If you applied for, and obtained, an extension from the IRS to file your 2015 federal income tax return the deadline to file is quickly approaching. Luckily since October 15 falls on a Saturday you g...