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    Irvine, CA 92617
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CORE PERFORMANCE Member Articles


10 Questions to ask a Financial Professional

Before hiring a financial professional, you must ensure the service provided meets your needs. Start by recognizing what you want, then use these ten questions to scrutinize the advisor...


The 5 Retirement Basics for Future Retirees

Planning for retirement is a multi-step process that evolves. To have a secure, comfortable, and enjoyable retirement, you must create the financial cushion to fund it. Please pay...


7 Deductions Homeowners Can Use to Reduce Their Income Tax

Buying a house can be very expensive. First is the down payment. Then there are closing costs, including appraisal, inspection, and title search fees. And once you own it, your expenses,...


What Are Restricted Expenditures?

Restricted expenditures are common among non-profit organizations. The money donated is to solve a specific program or was contributed to be used after a particular time or event like...


Learning about Thrift Savings Plans

Are you a government worker? If yes, the government has made a system where you can start saving for retirement known as the Thrift Saving Plan. These savings are paid as contributions...


Microeconomics vs. Macroeconomics: What's the difference?

OverviewEconomics is divided into two primary categories: microeconomics and macroeconomics. Microeconomics studies individual and business decisions, while macroeconomics analyzes...


First Time International Taxpayers

As a non-citizen of the United States or living abroad, filing a first-time tax can be challenging. You have no experience and what it takes to file tax for the first time correctly....


Financial Advisors & When To Talk With One

A financial advisor is a professional with the acumen for developing, implementing, and maintaining finances. These professionals are best in making decisions concerning money, such...


How to Inform Uncle Sam of a Change of Address

One needs to keep Uncle Sam aware of any move as soon as possible. Fortunately, there are many ways to do this. It can be over the phone or by completing a form provided by the IRS...


Capital Allowances & Keeping Up With Changes

What are capital allowances?Capital allowances allow taxpayers to get certain reliefs on capital expenditures by allowing deductions from their annual taxable income. Not all expenditures...


Learn Different Aspects of Form 1099-C

Sometimes a debtor could be overwhelmed by debt repayments and may need to negotiate for debt cancellation. If you get one, the IRS considers it an income, and it is taxable. That's...


Best Strategies to Cash Out of Your Home Tax-Free

Except when you are selling for financial distress, selling the home is expected to yield a lot of profit for you. But there's a pitfall: capital gains tax. So many homeowners...


How to Stretch Out an IRA For Your Beneficiaries

An Individual Retirement Account (IRA) is a tax-free savings account anyone can open and save for the long term. The IRA is primarily designed for those who want to begin saving for...


Understanding Unemployment Benefits & Taxes

There's no denying that Covid-19 has changed the lives of millions of Americans. Some people lost their jobs after the permanent closure of their businesses and are yet to get...


What Happens if an Amended Tax Return is Rejected?

Figuring out what went wrong is a step you should take immediately. If you file a return and the IRS somehow rejects it, many things could be responsible, and you must know why. If...


Joint Declaration & Its Essential Advantages

Married couples can file federal income tax returns together or separately. The Internal Revenue Service strongly encourages couples to file joint tax returns, extending more tax cuts...


Tax Considerations for Same-Sex Couples - Spousal vs. Separate Filing

Although same-sex marriages have been nationally recognized since 2015, some couples may still have a common-law marriage or civil partnership rather than a marriage. Persons living...


Understanding the Strategy of the 60/40 Portfolio

Creating a good investment portfolio requires timely and accurate decisions on the right mix of assets that can help you achieve your desired short or long-term goal. One of the most...


How To Claim Independent Contractor Tax Status

As a self-employed worker, you can claim the status of an independent contractor. However, when it comes to paying taxes, your status has its peculiarities.If you're an independent...


Some Simple Do's & Don'ts Rules of Claiming Dependents.

Who is a tax dependent?A tax dependent is a relative or child whose characteristics and relationship with you allow you to claim certain credits and tax deductions, such as head of...


Ways To Offset Capital Gains

You may be subject to capital gains tax when you gain from the sale of an asset, such as a business, land, or shares. Capital gains are sometimes taxed at the same rate as ordinary...


What You Should Know About Social Security Deferral

When preparing for your retirement, one of the most important decisions you have to make is the age at which you want to commence claiming Social Security benefits.The first time you...


Freedom of Information Act (FOIA)

Originally enacted on July 4, 1966, the Freedom of Information Act established a legal right of public access to information from the executive branches held by the federal government....


Selling Assets & Tips to Calculate Tax Basis

Are you selling an asset? Avoiding Real Estate Capital Gains Tax in 2022It's great to get a good price for your home, but in some cases, the IRS may want some of the action. Indeed,...


Comparing Hard & Soft Credit Inquiry: Understanding it & Why They Matter

Lenders, at times, might check your credit using a hard inquiry, also called a hard pull. They will send a note of such an official review into your credit report. Such information...


Some Issues Retirees Might have to Face

Retired seniors are part of the most vulnerable people in any society. They are susceptible to various issues that can cause a problem for them if left unchecked. As a result,...


IRS Guidelines On Deductions Of Business Meals

The IRS laid out anticipated guides for reducing business meals expenses. Taxpayers and tax advisors are expected to follow these regulations for verifying business meal expenses so...


Deducting Legal Expenses & Types of Expenses Allowed as Tax Deductions.

Expenses incurred due to the legal costs of running a profitable business that yields an available income is usually listed as a tax-deductible expense. It's only when the legal...


Hackers Are Rerouting Tax Deposits

Hackers are aware of your unease regarding tax payment, and they are readily taking advantage of it. A total of more than 6.5 million Social Security Numbers (SSNs) were stolen...


What is the IRS Fresh Start Program?

Even the most responsible business owner can fall behind with taxes. Every year, unforeseen delays, expenses, and other financial hardships keep people from paying their taxes to the...


Components of a Gross Estate

After the death of any property owner, their property must be accounted for and distributed based on their wish. As a result, there should be a will, which should name parties executors...


What's Ahead For Your RMDs?

If you've taken a break from the Required Minimum Distributions (RMDs) in 2020 due to the CARES Act, we hope you had a great vacation and are ready to come back and update your...


Benefits of Employee Stock Ownership Plans (ESOPs)

Over the years, Employee Stock Ownership Plans (ESOPs) have become pretty popular, while the traditional exit strategy has faded away. Many companies' owners pass ownership of...


Scholarships & Grants: Effect of Taxes

Payment of college tuition is usually stressful for a student. As a result, many students strive for scholarships and grants to offset the expense. Winning a scholarship indeed...


IRS Penalty Abatement: Elimination of Penalties Owed

If you think you don't have to pay certain federal penalties or interest, you can request an IRS penalty abatement. If you qualify, the IRS will waive some or all of your penalties.To...


Profit & Loss Statement: Purpose & Benefits

What is a Profit and Loss Statement?After every financial year, it is normal for businesses to know if they are making a profit or losing. A company can access its revenue, expenses,...


What Is Kiddie Tax?

To avoid paying taxes on their earnings, some individuals allocate some of it to their children by listing it in their names.However, the IRS caught wind of this and created a law...


Some Important Tax Tips That A Sole Proprietor Should Know

As a sole proprietor, you are solely responsible for your business. You will need to encounter additional tax and reporting requirements, but you may also be eligible for certain tax...


Essential Tips to Organize Your Receipts for Tax Time

While many people do not see receipt as a big deal, it is not so with small businesses. Savvy business owners need to keep receipts so that their tax returns can have a bearing during...


Foreign Earned Income Exclusion

If an individual meets the criteria for foreign income exclusion, they can enjoy this tax benefit. This exclusion also entails the foreign housing exclusion and the foreign housing...


Understanding S. Corporation Taxation

When setting up a business venture, you've got to think about various things to get done, and your taxes are at the top of the list. You must carry out proper research at the initial...


Marriage Tax Penalties: Does It Really Exist

Planning for a marriage is one of the major events in the life of many people. However, many fail to account for a critical thing during the process- taxes. As a result, everyone planning...


ESG Investments

As an investor concerned with the impact of every dollar invested, it is essential to know your options and make sure that your investments match the issues that matter to you. It...


Audit Red Flags Seniors Need to Avoid

Of all the tax returns submitted in 2019, only 0.4% were audited, and 80% of the review was done via mail. This rate has dropped significantly in consequent years, and the COVID-19...


Tax Penalties for Healthcare Reforms: How to avoid it

With the Affordable Care Act, there are many new healthcare coverage options for millions of citizens previously uninsured. Even though you might decide not to purchase health insurance,...


What is a Mortgage Point: Is it a Good Idea?

In taking out a mortgage point, you get an interest rate based on many factors like your credit profile and the market rate. Also, there are times you get the chance to buy points...


What Are The Income Tax Rates?

Don't know what portion of your income goes to taxes and why it doesn't match the rate in the tax table? Here are the basics of how income tax rates work.Introduction –...


Filing An Amended Tax Return & How To Go About It

You might suddenly realize a mistake on your tax return; it is not a cause to panic. Uncle Sam knows mistakes sometimes happen, so there is a provision to take care of this via filing...


Terms For The Forgiveness of Debts

Forgiveness of debts, also known as debt cancellation, is a relief to anyone who has been in debt. But what happens afterward with the taxes? When your debt is canceled or forgiven,...


How Small Business Can Reduce their Taxable Income

Tax is an unnecessary source of stress for small business owners. This is not surprising as many business owners have many things to worry about, and adding the complexity of preparing...


The Best Investment Tips for College Graduates

Hats off, graduate! You have studied a lot, passed the exams and now have a degree.Now that you have graduated, you are likely to enter the workforce or begin postgraduate studies....


Benefits of Outsourcing Your Bookkeeping Service

A Small business owner is typically occupied with many things demanding their attention. You hardly have enough time to yourself when you consider the many items you have to attend...


Horrible Ways to Withdraw from Your Retirement Account

Poor and unplanned withdrawal from your retirement account could translate to huge fees that cost you dearly in retirement income. It is normal to consider how to withdraw from...


The 2 & 20 Hedge Fund Fees: How Does it Affect Me?

The compensation structure (2 and 20) of the hedge fund includes a management and performance fee. The first 2% is a management fee that applies to the entire asset with the management....


Gig Economy: Considering the Pros & Cons

The days in which one is limited to a single source of income are over. Many people can now monetize their skills and make money in their free time. The gig economy is increasing rapidly,...


Infinite Banking: What You Need to Know About it

As the concept of infinite banking gains popularity in the financial world, it is important to understand the basics. What is Infinite Banking, and how does it work? Above all, who...


Easy Ways to Reduce Your Crypto Tax Liability

Does the IRS take a large chunk of your cryptocurrency income? Maybe you traded one cryptocurrency for another at the right time and withdrew a lot of it in dollars, and now you have...


Essential Things to Know about IRS Form 1040

It is safe to call form 1040, the mother of all tax forms, as it is the standard tax form that people will need to report their income to Uncle Sam. In addition, it also comes handy...



Innocent Spouse Relief: Understanding the Requirements

A joint tax filing return makes both parties responsible for the tax bill. It removes the need to foot additional tax debt with an innocent spouse relief if your partner or ex-partner...



Expats & Their Taxes

Expats, short for expatriates, are people who are based in a country other than their home country. It is sometimes believed that these people have denounced their country and decided...



What is a Trustee: Duties and Responsibilities

The grantor, which can also be called the creator, settlor, trust maker, or trustor, is the party who forms the trust. For married couples, if the trust was established jointly, they...


Best Ways to Reduce Taxes on Investment

The process of growing your financial asset is known as investment. This can happen in various ways, like investing in an asset that will give a cash flow, rising prices, or both....



Effect Of Insolvency & Bankruptcy On Your Tax

One of the most stressful events in life is experiencing financial difficulty. Whether personally or in your business, it can take its toll on one's well being. It might become...


Coronavirus SBA Loan and Cares Assistance

The CARES Act (Coronavirus Aid, Relief and Economic Security Act) came up with a new assistance program for small businesses (with employees below 500) to cushion the coronavirus's...


The Difference Between Deposit Accounts: UTMA & UGMA and 529’s?

First, the similarities: 529 custody plans and accounts, such as the UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act), offer parents other ways to help...


Roth IRA Secret Benefits You Can Use Before Retirement

It's tricky to make the mistake of believing that perhaps the benefits of the Roth IRA are limited to retirement.  After all, you've presumably been told that you can...


Tax Breaks Targeted At The Disabled

There are a series of tax breaks and deductions you can claim if disabled and with this, you get to significantly reduce your income tax and even have a robust tax refund. The...


The Earned Income Tax Credit: Five Crucial Things to Know

The average Americans do find it challenging to know which of the tax credit they can utilize. Yet, tax credits are essential as they provide an easy way of reducing the overall tax...


Child and Dependent Care Tax Credit

Caring for children or dependent adults is one of the biggest monthly expenses many families face. But without primary care, parents may be unable to leave home to earn a living or...


I.R.S. Identity Theft Central

Have you received an email stating that you have filed a tax return electronically or that your tax return has been accepted or rejected by the I.R.S., but you know you have not filed...


Is C Corporation The Best Option Under The New Tax Law?

If you look at the TCJA, you will see that the C Corps' new tax rate is 21%, while the maximum individual rate is 37%. Also, individuals can benefit from a 20% deduction for pass-through...


Federal Unemployment Tax (FUTA)

A program was created by the Federal Unemployment Tax Act (FUTA) to help state government pay terminated workers unemployment benefits. Employers that pay wages of $1,500 or more annually...


Barter Transactions and Business Taxes

Trade by barter is an ancient means of transaction in which people exchange goods for goods without money.  These days, business exchange services with each other in a barter...


Tax Credits For Energy-Efficient Home Improvements.

If you recently installed energy efficiency upgrades in your home, such as solar panels, you can get a credit for your investment. Two energy tax credits are currently available for...


IRS Penalties for failure to file on time and Payment of Federal Taxes in 2020

April 15 is normally U.S. Tax Day, which is when personal income tax returns are due with the IRS unless that day is a weekend or statutory holiday. When this is the case, the due...


What is a Schedule SE?

Many small business owners might have no idea what a payroll tax is. This article will explore what you need to know about IRS schedule SE whenever you start a business. Payroll...



Tax Laws on 529 College Savings Plans

529 state-run plans have always had tax benefits, but recent federal tax law changes have made them even more attractive to many families. Here's what you need to know to get the...



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