By Julie's Pilates Woodland Hills March 08, 2013
Gary is an excellent contributor to our community! His services are endless. Every person and business should consult with Gary this tax season with all the new changes! ...read more
By GloriaMorris August 06, 2012
Review ...read more
By PeterWebb June 07, 2012
Review ...read more
Passive Losses are Losses from such things as the sale of Real Property that are not allowable in the current year and are not recognizable until other passive income exists. Passive income is loss from the operation from a passive activity such as the operation of a Schedule E Rental activity that you have no involvement in. Active involvement in "Passive Activities" is the active involvement in day to day operations of the rental of the property. If you are involved in the operation of this property you are allowed up to $25,000 loss on the operation of the property. There are certain limitations to be able to take this Loss. The loss cannot be taken if your Modified Adjusted Gross Income "MAGI" If your MAGI is over $150,000. If the MAGI is in excess of $100,000 the allowable $25,000 is phased out $2 for every $1 over $100,000. MAGI is your Adjusted Gross Income adding back the amount of Allowable Passive Activity Loss from "Active Activities". Material Activities Losses allows "MAL" is another form of activity that allows all of you current loss to be taken. A discussion of this is complex. Generally you normally have to be an Active Licensed Real Estate Activity over 750 hours a year. This designation is complex and can't be described in this article, at this, time. Recent court cases have further defined some of the limitations relating to Limited Liabilty Companies, LLP's and other specific situations., If this situation comes up, it would be wise to research this before proceeding with your treatment on a return www.garykkatzcpa.com. ...read more
By Gary Kenneth Katz CPA February 25, 2013
Free Tax OrganizerOur tax organizer will help you organize your tax information and make sure you don't miss any important deductions. Please complete the following steps to take advantage of this tax organizer. 1. Click on the "View Tax Organizer" button below to bring up the organizer in a new window. 2. Print the organizer by clicking on the printer icon on the top of the screen. 3. Fill out all the information you can. 4. Call us and schedule a meeting. 5. Bring the completed tax organizer and all supporting documents to the meeting. ...read more
By Gary Kenneth Katz CPA January 13, 2013
Did you know that you are not alone in being delinquent in your back tax payment and/or filings. Did you know that the IRS doesn't want to persecute or prosecute you. They want their money. They know that people like yourself are out their and are scared to file or make a deal with them. Once you fall behind I know that you just want to put them out of your mind. You put them out your mind but they don't go away. They send you threatening letters and you just throw them into a drawer and try to forget them. The letters just pile up Eventually they make up a return for you. They send a letter to your employer. It is embarrassing!! If you own a house they threaten to put a lien on it. If you try to sell your house to get yourself out from under they won't let you until you pay the debt or make arrangements with them. Loan modifications are held up. If you own a business they can come out and put a lien on all of your assets. They will even come out to your business if you have let it go to far. If you have a wife your wife or husband their check is garnished too. If you are on social security they take 25% out of your social security check. Yes they can do it. California Franchise Tax and Board of Equalization or other state taxing agencies are even worse. You will hardly even be given a notice by California. They get their money first. You will suddenly be missing 25% of your paycheck. They think they are being fair. You contact them and they will only make a deal if you show them you can't afford to make large payments that you really can't afford. What can you do? It is not a mystery but you have to talk this over with someone. I am that someone. I can talk and plan a way around your problems. Just talking to someone who knows what to do will make you feel better. One by a professional can take the pressure off. You can feel better immediately. ...read more
By Gary Kenneth Katz CPA December 21, 2012
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to be... ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keys... ...read more
