Fagan & Fagan, LLP

Here are the business tax due dates for February 2021.

Here are the February 2021 individual tax due dates:

Between 2010 and 2018, about 0.6% of individual tax returns resulted in an audit (that's about 250,000 taxpayers). Here are some of the red flags that could cause the IRS to audit your tax return.

As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. These items can save you a significant amount of taxes.

The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment.

A little inspiration from Fagan & Fagan LLP to start your week.

Learn about taxes from your friends at Cerritos based Fagan & Fagan LLP.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.

Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.

Tap into your full potential. Wednesday Wisdom from Fagan & Fagan LLP

To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.

Fagan & Fagan LLP - Some Monday Motivation for our friends and colleagues.

Here is a fun fact for your Friday from Fagan & Fagan LLP.

A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.

Wednesday Wisdom and Fagan & Fagan LLP = Success

An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.

Looking for a sign? Here's your Monday Motivation from Cerritos based Fagan & Fagan LLP

First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?