The Franchise Tax Board Increases Levies by 75 Percent

As you know, we at Simons Accountancy keep up with the latest changes and updates to the world of taxation, and this blog post is being posted to keep our clients and readers informed. And this could potentially be very damaging to some California taxpayers. It’s no secret that Sacramento’s lawmakers and politicians have had […]

How Do I File My Taxes with a Short Sale or Foreclosure

Many people have asked me recently: How do I report my property when I’ve had a short sale or foreclosure? There’s no easy answer, even though there’s a lot of information out there, for sure. But even true professionals don’t know how to handle foreclosures in a tax-return situation correctly. For example: I told a […]

Should You Use Tax-Preparation Software, or Not?

You’ve seen infomercials boasting about free software programs that allow you (yes, you!) to file your own tax returns. But the question is: How reliable are these programs, and should you use them? The answer is pretty simple. If you have a general understanding of the US tax law and if you have enough common […]

Why Do You Have to Keep Your Receipts?

This is a question I get asked all the time: Why do I have to keep all these receipts? There’s one main reason: If you want to deduct it, you need proof. In the event that you’re audited, the IRS requires full documentation. Most people don’t understand that, when under audit, one of the rules […]