Magda Abdo-Gomez, Attorney at Law

February 02

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

December 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning
Date: December 2, 2021
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- 306

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...

August 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Planning
Date: August 2, 2021
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- 464

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 [&...

February 03

Posted By: Magda Abdo-Gomez
Posted In: Retirement , Tax Laws - Changes , Tax Planning
Date: February 3, 2020
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New Tax Law May Affect Your Retirement

On December 20, 2019 the SECURE Act became law. The goal of the new law is to encourage more Americans to begin saving for retirement or to boost already established retirement plans. What does this new tax law mean for you? IRA CONTRIBUTIONS Starting in 2020 individuals may contribute to a traditio...

January 06

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning , Tax Returns
Date: January 6, 2020
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Tips for Tax Season

Welcome to 2020! While it may seem as if April 15 is a long way off, now is the time to start preparing for tax season. Below are some helpful tips which may help filing your tax return less stressful. Gather your records. You should develop a recordkeeping system that keeps all your important infor...

June 03

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning , Tax Returns
Date: June 3, 2019
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- 882

Tax Considerations when Selling your Home

Whether you are planning for retirement and downsizing, or are in the process of upgrading to a larger home, it is important that you take into consideration the tax effect of selling your home. With proper planning it is possible for you to save taxes upon the sale of your home. Despite the many ch...