R.L. Lay & Associates: Los Angeles and Orange County Tax Preparation

Roy’s Monthly Tax Tips and News

Roy — Mon, 02 Aug 2010 17:34:01 +0000

Check it out on the toolbar to the right under “Tax News.”

The Standard Mileage Rate Changes for 2010

Roy — Sun, 07 Feb 2010 18:07:20 +0000

The rate will decrease to 50 cents a mile for all business miles driven from January 1, 2010 through Dec. 31, 2010.

There is no change in the rate for miles driven for charitable purposes which is 14 cents per mile.

The mileage rate for medical or moving purposes is 16.5 cents per mile.

Has your information been compromised?

Roy — Sat, 24 Jan 2009 00:48:52 +0000

The Federal Trade Commission (FTC) estimates that as many as 9 million Americans will have their identities stolen each year. Are you protected?

New Office Location

Roy — Fri, 07 Dec 2007 18:44:03 +0000

We’ve moved a half block west of old location. The new address is 2501 E. Chapman Ave., Suite 175, Fullerton, CA 92831. Same phone numbers and fax number.

IRS Warns Taxpayers of New E-Mail Scams

Roy — Thu, 07 Jun 2007 14:13:44 +0000

The IRS is alerting taxpayers to the latest versions of an e-mail scam intended to fool people into believing they are under investigation by the IRS Criminal Investigation division.

Recipients of questionable e-mails claiming to come from the IRS should not open any attachments or click on any links contained in the e-mails. Instead, they should forward the e-mails to phishing@irs.go.

Advice from the Internal Revenue about choosing a Tax Return Preparer

Roy — Tue, 16 Jan 2007 00:21:09 +0000

Home Improvements & Energy Credits

Roy — Mon, 28 Aug 2006 01:10:28 +0000

Many Americans improve their homes in the summertime. For 2006 you can add some tax breaks for the right kind of expenses. It’s all part of a large 2005 tax bill aimed at making us more energy conscious. There are two different credits available to homeowners. Note: “Homeowners” means exactly that - these credits are not available for a second residence, summer home, or rental property.

1) Residential Energy Conservation Property. This credit gives you a 10% direct refund for the cost of qualifying property. The credit is in place for 2006 and 2007, but is limited to a lifetime claim of $500. That’s $500 off on the first $5,000 spent.

What qualifies? Insulated windows, skylights, and doors. Any insulation at all. Main air circulating fans, non-electric water heaters, furnaces, and central air conditioning units. There are limitations - no more than $150 credit on a water heater, $200 on skylights, $50 on main air circulating fans, and others. The rules are technical - trust the labels on products at your favorite home improvement store. If you’re going to make a few changes, think energy! The tax savings offer a discount on your costs.

2) Residential Energy Efficiency Property. These credits are larger, but they involve high-ticket items. Key items are solar water heaters (but not for a swimming pool), solar electrical generating devices, and fuel cell plants. For solar water heaters and photo voltaic generators, the credit is 30% of the first $6,667 - a $2,000 maximum. For fuel cell plants, it’s $500 for each 1/2 kilowatt of capacity. No costs relating to swimming pools are allowed - apparently America already has the most energy-efficient swimming pools on earth! Again, the most knowledgeable people will be those selling the products. They’ll have the answers.