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Taxes

How to form a Corporation

A Corporation is an entity owned by shareholders while is separate legal constitution formed under state civil law. The life of corporations is perpetual in nature, and it must be registered with the California Secretary of State before starting to conduct business operations, as well as file the appropriate paperwork. What are the advantages of forming a Corporation? Forming a Corporation even when has a higher cost, can have [...]

How to fix your credit

Are you looking fix already your credit? Solving this kind of problems can be very time consuming and even more if you haven't check about your taxes in a long time. You might want to know about your credit.Whether you love or hate it, credit defines modern life—and great credit scores makes it easier to get loans, credit cards, mortgages and more. Unfortunately, consumers with fair or bad credit scores usually [...]

How to settle your Tax debt

Want to know how to finish all your tax debts?Getting behind on income tax payments is always a very bad idea. Not only will you owe the government money, the government eventually will catch on and hit you with a bill for what you didn’t pay with interest.An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a [...]

Tax planning for Selling a home

Are you looking to selling a house?All seller should be always aware about all taxes involving the sell of a house, they're a lot of documentation and planning going on. Some examples are like the Form 1099-S, “Proceeds From Real Estate Transactions.” A seller will receive this form if the gain on the sale of the home is not entirely excluded from income.The gain from your home can be tax-free [...]

Tax planning for Buying a home

Are you looking to buy a house? Planning for buying a house is a process that can be quite stressful, especially when thinking about potential tax implications. Let’s take a look at the documents you need to save and the tax issues you will need to consider.Buying a HouseThe new Closing Disclosure Form is one of the most important documents in the home-buying process. In an effort to better inform homebuyers [...]

Tax advantages of Owning a home

Do you know the advantages of owning a home?The main tax benefit of owning a house is that the imputed rental income homeowners receive is not taxed. Although that income is not taxed, homeowners still may deduct mortgage interest and property tax payments, as well as certain other expenses from their federal taxable income if they itemize their deductions. Additionally, homeowners may exclude, up to a limit, the capital gain [...]