Magda Abdo-Gomez, Attorney at Law

September 19

Posted By: Magda Abdo-Gomez
Posted In: Tax Penalties
Date: September 19, 2022
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- 1242

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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- 1406

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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- 1387

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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- 1307

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...

June 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning - Natural Disasters
Date: June 2, 2022
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- 1411

Reconstructing Records After a Disaster

It is hard to believe that we are almost half way through 2022. Once again hurricane season is upon us and with the yearly prediction of an active and more intense season, it is never too early to be prepared. By now all your important documents should be in an electronic format and backed up [&hell...

May 03

Posted By: Magda Abdo-Gomez
Posted In: Retirement , Tax Deductions
Date: May 3, 2022
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- 1540

A Health Savings Account as a Retirement Tool

Due to the high cost of health insurance, many taxpayers find themselves choosing a high deductible plan in an effort to lower their health insurance premium. For those who qualify, a health savings account (HSA) offers a way to pay for medical expenses with tax free dollars. The following informati...

April 01

Posted By: Magda Abdo-Gomez
Posted In: Retirement
Date: April 1, 2022
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- 1409

Understanding Roth IRAs

Last month I wrote about traditional IRAs. There is a second type of IRA known as a Roth IRA. Many do not understand the difference between the two. Like the traditional IRA, a Roth IRA is also an investment you set up to provide funds to you when you retire. Unlike a traditional IRA, however, [&hel...

March 01

Posted By: Magda Abdo-Gomez
Posted In: IRAs and Roth IRAs
Date: March 1, 2022
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- 1269

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
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- 1349

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
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- 1494

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 […]...