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Senior Citizen’s Replacement Dwelling Benefit (Proposition 60 and 90)

Senior citizens often sell their houses to move into new house. If you’ve lived in your house for a long time, you might qualify for this substantial tax savings. These constitutional initiatives allow senior citizens to transfer the trended base value from their current property to a new property if certain requirements are met. (Section…

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Estate Planning

Broadly speaking, it is an estate plan that encompasses the accumulation, conservation and distribution of an estate. A good plan will enhance and maintain the financial security of individuals and their families. Estate Planning Team Each member of the estate planning team has a particular specialty and takes parts to contribute with their integral role…

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Qualified Retirement Plans

Qualified retirement plans are set up by employers to provide employees with opportunities to save for retirement. A self-employed person or small business owner can also set up some of these plans, even if there are no employees in the business. Qualified Retirement Plans meets the requirements of Internal Revenue Code Section 401(a) and the…

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Cafeteria Plan

A cafeteria plan is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. Its name come from the earliest such plans that allowed employees to choose between different types of benefits, similar to a cafeteria. Employers who are offered such plan may obtain following…

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State Enterprise Zone (EZ) and Tax Incentive

The California Technology, Trade and Commerce Agency have designated economically depressed areas in California as Enterprise Zone to encourage and stimulate growth, development, and investment in the area. Taxpayers who invest, operate, or locate a trade or business within an Enterprise Zone may be eligible for special tax incentives, known as EZ credit. For example,…

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Government Audit Representation

U.S. tax system is based on self-reporting tax measures. When starting a business, you need to apply for various tax identification numbers and licenses to City, County, State and Federal governments. Due dates for tax returns are all varied by the type of taxes. Although you keep all due dates and report and pay full…

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Audit, Review and Compilation

1. Audit The term ‘audit’ has a specific meaning in accounting terms.    An audit of financial statements is an examination designed to provide the highest, but not absolute, level of assurance resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete, and fairly presented and that the…

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Real Estate Taxation

Hereon this article, you will find information regarding taxation of income and gain from real estate investments, such as house, condo, apartment, commercial property and land at individual level. A. U.S. Citizens and Resident Aliens 1. Rental Income (Reported on Form 1040, Schedule E) You generally must include in your gross income all amounts you…

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Capital Gain VS Ordinary Income VS Worldwide Income

Capital Gain A capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the purchase price. Conversely, a capital loss arises if the proceeds from the sale of a capital asset are less than the purchase price. Capital gains may refer to “investment…

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Bring money from Korea to U.S. or vice versa

The federal income tax is levied on the worldwide income of U.S. citizens and resident aliens and on certain U.S. income of non-residents.    Once the income was taxed, it is not conflicted against the Foreign Exchange Control Law, thus, the funds can be freely transferred between countries in general. However, you must report to I.R.S. in…

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