Dominic Wong, CPA, MBA

03/21/2023

Cost Accounting 101.

66K Likes, 1,159 Comments - Anna Macfarlane () on Instagram: "And ice cream!!! 😆😆😩 From "

02/15/2022

How high are individual income tax rates in your state?

Top three:

California 13.3%
Hawaii 11.0%
New York 10.9%

Would you consider moving to a state with lower income tax or even no income tax?

04/03/2020

Most of the stores are close but we are open!

We are committed to help you with tax matters. Send us a private message on Facebook or email us at [email protected] to set up an online appointment today.

03/18/2020

Here is an update on tax returns deadline and payment relief:

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.

1. The filing deadline for tax returns remains April 15, 2020.

2. If you can’t file by the April 15th 2020 deadline, you may request a six-month extension to file your return.

3. This payment relief includes:

a. Individuals:

Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.

b. Corporations:

For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

The best strategy is to complete your tax returns as soon as possible. If you are due a refund, you should file it right away.

Note: The tax relief is currently for Federal returns only.

If you need help in preparing your tax returns, tax extensions, estimated tax payments or tax planning, I am available for online or phone appointments. Please send me a private message at [email protected].

03/12/2020

The tax filing deadline may be extended this year. Currently the 2019 individual income tax returns are due on April 15th.

The best practice is to finish your tax returns first. You will have a much better picture to make your decisions.

If you need a CPA to assist you to prepare your returns or handle other tax matters, please reach out to me at [email protected] or send me a private message through Facebook.

Treasury chief Steve Mnuchin compare the outbreak to a "hurricane" in proposing to aid affected businesses.

02/06/2020

Trying to calculate the cost basis for Charter Communications and AT&T. Thanks for the mergers and spinoffs of AOL, Time Inc., Time Warner Cable and Time Warner over the years. These calculations are more challenging than the expert level of Sudoku puzzles.

01/29/2020

If you need professional help with your tax returns, please feel free to contact me through private message on Facebook or email me at [email protected].

Below is a reminder on tax documents and records:

According to the IRS, taxpayers should make sure they have all their year-end statements in hand before filing. This includes Forms W-2 from employers and Forms 1099 from banks and other payers. Taxpayers should confirm that each employer, bank or other payer has a current mailing address or email address. You should have received your year-end forms or they are available online by now. Please review them carefully. If any of the information shown is inaccurate, contact the payer right away for a correction.

Filing too early, before receiving a key document, often means a taxpayer must file an amended return to report additional income or claim a refund. It can take up to 16 weeks to process an amended return and issue any related refund.

01/24/2020

I took a quick look at a potential client's self-prepared prior year tax returns and found a missing deduction already.

01/16/2020

If you need help with your tax returns, please feel free to reach out to me. I am accepting new clients.

"The tax code is complicated, and if your personal situation is at all complex -- say, you've recently started a business or pay taxes in multiple states -- then it could pay to enlist the help of a tax preparer to ensure that you file your return correctly and don't miss out on important tax breaks. But the longer you wait to find the right person to do your taxes, the more likely you are to get closed out. Tax professionals tend to be extremely busy from late January on, so get moving if you're hoping to outsource your return this year.

You never know when a seemingly innocent tax mistake could hurt you financially. Steer clear of these blunders to avoid problems with the IRS and, ideally, save yourself a chunk of money in the process."

Stay away from these -- your finances depend on it.

01/15/2020

TAX ALERT

If you run a business, you may need to issue Form 1099-Misc to each of the non-employee (subcontractor) if you paid for their service for $600 or more in 2019. You need to send these forms out by January 31, 2020.

If you need help in preparing & filing these forms, please reach out to me through PM on Facebook or email me at [email protected].

01/09/2020

Are you ready for your taxes? The IRS will start accepting tax returns on January 27, 2020.

PM me if you need help.

07/22/2019

This is the tax returns that I filed for my first client: Yours truly.

This was prepared during my college years. I read the instructions and filled it out by hand. Back then you are required to attach a copy of your W-2 on the front page.

Do I get any refund? Of course!!!!!