Magda Abdo-Gomez, Attorney at Law

March 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Credits
Date: March 1, 2023
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Understanding the Saver’s Credit

The Saver’s Credit is an incentive for low and moderate income taxpayers to contribute to a retirement plan by providing a tax credit of up to $2,000. Taxpayers who qualify for the credit have until April 18, 2023 to earn the credit by making contributions to an IRA or Roth IRA. The saver’s cred...

February 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Records
Date: February 2, 2023
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- 160

Tax Planning Includes Good Recordkeeping

An important part of tax planning is recordkeeping. Although we seem to focus on documents/records at tax time, good records should be maintained throughout the year. A good recordkeeping system can make it easier when it comes to filing a tax return, but it also helps you address any communication ...

January 03

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 3, 2023
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- 188

Tax Law Changes for the 2022 Filing Season

There have been some changes to the tax laws which you need to be aware of as you prepare for the tax filing season. THIRD-PARTY NETWORK TRANSACTIONS Taxpayers who receive money from third party networks, PayPal for example, must report all funds received as income on their return, unless the taxpay...

December 01

Posted By: Magda Abdo-Gomez
Posted In: Employees , Independent Contractors
Date: December 1, 2022
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Independent Contractor or Employee?

Many small businesses mistakenly believe that the classification of a worker as an independent contractor or employee depends on the age of the worker, or whether the worker is employed part time, full time or for a temporary assignment. Other employers believe that the classification of a worker is...

November 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: November 1, 2022
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- 294

IRS Warns Employers of Third Parties Promoting Employee Retention Credit Claims

In late October the IRS issued a warning to employers to be on the lookout for unscrupulous parties who advise them to claim the employee retention credit (ERC). The IRS has found that these parties are taking improper positions regarding the employers’ eligibility for the ERC and in the computa...

October 02

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: October 2, 2022
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- 259

Beware of Texting Scams

On September 28, the IRS issued a warning to taxpayers that the agency had noted a recent increase in IRS-themed texting scams. These scams seek to steal personal and financial information. Although the IRS has identified multiple texting scams throughout 2022, the IRS has issued the warning because...

September 19

Posted By: Magda Abdo-Gomez
Posted In: Tax Penalties
Date: September 19, 2022
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Act by September 30 to Qualify for Waiver of Certain Penalties

The Internal Revenue Code imposes a penalty for the failure to file returns on a timely basis. In order to avoid the late filing penalty, the taxpayer must prove that the failure to timely file a return was due to reasonable cause. Although it may sound simple, it is actually quite difficult to get ...

September 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: September 2, 2022
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- 276

What You Need to Know About Business Travel Deductions

It seems that everyone is traveling these days. You may have decided that the time has come to resume business travel. While it will come as no surprise that the costs of travel have increased drastically, you may be surprised to know that some of your business travel expenses may be deductible. H...

August 15

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: August 15, 2022
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- 290

Taxation of Virtual Currency

Cryptocurrency, virtual currency, Bitcoin. Are all of these the same thing? Are there tax implications for dealing in these currencies? While there are some differences between these currencies, the simple answer is that virtual currency transactions are taxable in the same manner as other property ...

July 02

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: July 2, 2022
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- 310

IRS’ Dirty Dozen For 2022

Each year the IRS announces its list of common scams that taxpayers may encounter. Although many of the scams target average taxpayers, some are complex arrangements that specifically target higher income taxpayers. This year’s list includes eight potentially abusive schemes that are wrongfully pr...