Magda Abdo-Gomez, Attorney at Law

March 01

Posted By: Magda Abdo-Gomez
Posted In: IRAs and Roth IRAs
Date: March 1, 2022
- 0
- 674

Understanding Traditional IRAs

We have all heard of IRAs, or Individual Retirement Accounts, but many do not understand what they really are, how they work or the benefit they provide. Simply stated an IRA is an investment you set up to provide funds to you when you retire. If you qualify, the tax Code provides current tax incent...

February 02

Posted By: Magda Abdo-Gomez
Posted In: Businesses , Tax Planning
Date: February 2, 2022
- 0
- 744

Tax Responsibilities when Closing a Business

A business may be closed by its owner for different reasons. However, regardless of the reason for the closing, the business must fulfill its tax responsibilities and notify the IRS of its plans. The following steps must be taken by the business in order to meet its obligations to the IRS. File a fi...

January 03

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: January 3, 2022
- 0
- 867

Choosing a Tax Return Preparer

A new year is here! With the holiday season behind us, it is time to start preparing for tax season. Now is the time to start thinking about who will be preparing your return. If you have decided to hire someone to handle this task, it is important that you take the time needed to […]...

December 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning
Date: December 2, 2021
- 0
- 829

End of Year Tax Planning Tips

As we look forward to celebrating the upcoming holiday season, the last thing on our mind is taxes. However, tax season is just around the corner. Planning ahead helps you prepare accurate returns and avoids delays in processing which can slow down refunds. The IRS recommends that you take the follo...

November 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: November 1, 2021
- 0
- 866

Charity Fraud Awareness

Natural disasters, the ongoing pandemic, and the upcoming holiday season all trigger a giving spirit in all of us. Sadly, scammers are fully aware of this and take advantage not only of the generosity of donors, but also the charities themselves. In an effort to educate the public and the charities,...

October 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: October 1, 2021
- 0
- 887

Tax Implications of Hobby Activities

Many taxpayers have hobbies which can generate income. Especially during the pandemic, taxpayers who lost their jobs, or needed additional income started selling handmade items to produce income. But what are the tax implications of hobby activity? The Internal Revenue Code defines gross income as a...

September 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: September 1, 2021
- 0
- 914

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
- 0
- 983

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
- 0
- 997

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
- 0
- 993

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 […]...