May 19th, 2013 by Deepak Sharma

You may be working hard and earning big money but what is the use when you have not planned your taxes properly? Not planning for tax payments is as good as being unemployed because a lot of hard earned dollars are wasted in paying taxes due to the lack of planning. So it is imperative [...]

May 19th, 2013 by Deepak Sharma

Are you clear about you employment status – whether you are an employee or an Independent Contractor (IC)? If you are not sure, then it is good that you check the IRS website to understand tax implications on these employment categories. It is the duty of every citizen to pay taxes regularly no matter what [...]

May 19th, 2013 hobbies by Deepak Sharma

If you are a regular tax payer probably you would be ware of the fact that tax payers treat hobbies and businesses in a different way. For starters, this article tries to explain how both of them are different from the perspective of tax payments. Let us consider two examples to understand this case better. [...]

May 19th, 2013 home by Deepak Sharma

Do you own a home for which the mortgage is more than $ 1 Million? If yes then it is a wise idea to check how much mortgage interest you have been deducting from your tax returns over the past few years. All home owners who owe more than a million dollars on their home [...]

April 22nd, 2013 by Deepak Sharma

It is not uncommon for people to delay filling up their W2 forms for the tax return, till the eleventh hour and thus, end up making last moment errors. Even though this makes the entire process a lot more inconvenient and unpleasant, it is a fact that several residents do this every time. Thus, thanks [...]

April 22nd, 2013 by Deepak Sharma

It is the time of the year to pay taxes, again. Have you planned for your tax payment? If you are thinking about the various options available to pay your taxes, you should certainly consider paying taxes using your credit card. Don’t panic!! After all, paying your tax using your credit card is not a [...]

February 17th, 2013 Tax Audit by Deepak Sharma

BoE, IRS and FTB Tax Audit On The Rise | Protect Yourself We have seen an increase in Franchise Tax Board, Board of Equalization (Sales Tax) and IRS Tax Audits in recent months.  In last few months, California Sales Tax Officers have also visited the businesses in various counties including Alameda, Contra Costa, Santa Clara [...]

February 10th, 2013 Tax Audit by Deepak Sharma

“I am nervous and unsure about the impending audit from the IRS for my 2010, tax returns. I believe that they are pointing towards the irregularities in my deductions and income. I need to know whether I would be required to represent myself to them or can it be taken care of in case I [...]

February 3rd, 2013 home office, home office deduction, Video by Deepak Sharma

In this short video, Sanjiv Gupta CPA discusses the “Home Office Deduction”. What is considered as Home Office ? Please consider the IRS definition for Home Office. Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction.  Here [...]

February 3rd, 2013 home office deduction, rent, tax deduction by Deepak Sharma

Keywords that should come to your mind is “reasonable in amount”.   If you are renting from your family or friends than you should ensure that rent is a reasonable amount.  This is very important but not as important if you don’t know the landlord at all.  What is a reasonable amount you may ask?  Reasonable [...]