Magda Abdo-Gomez, Attorney at Law

July 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Withholding
Date: July 1, 2019
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IRS Releases Draft of new form W-4

An employer is required to withhold federal income tax from an employee’s wages. The employee is responsible for providing IRS Form W-4 to the employer so that the employer will know how much tax to withhold from the employee’s income. Once provided, the Form W-4 is effective until the employee ...

December 21

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Returns
Date: December 21, 2018
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The New IRS Form 1040 is Ready in Time for Tax Season

The new 1040 has been approved in time for the upcoming tax season. Forms 1040A and 1040EZ will no longer be available. Click https://www.irs.gov/pub/irs-pdf/f1040.pdf for a view of the new form. Do not be fooled by the”postcard” 1040. You will find that you may also need to fill out t...

November 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Laws - Changes
Date: November 1, 2018
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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My February 2018 newsletter explained that the 2017 Tax Act repealed the entertainment deduction as a business expense.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...

August 04

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

May 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Withholding
Date: May 2, 2018
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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...

December 20

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: December 20, 2017
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The New Tax Law Steps To Take Before It Is Too Late

With the passage of the new tax law, we now have more certainty regarding what to expect for 2018. Although there are only ten days left in 2017, you may still have time to take action in order to take advantage of certain provisions before they expire. It should be understood that nearly all the [&...

November 11

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