The GPL Blog

ITIN Update

Individual Tax Identification Number IRS Update to CAA Rules and ITIN’s Certifying Acceptance Agents (CAA) are more in demand than ever been. However, their ability to perform the much needed service to resident taxpayers has been limited by the IRS to certifying the...

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Financial record maintenance

The Importance of Maintaining Accurate Business and Personal Records As a tax accountant, I spend countless hours preparing personal and business tax returns. I also, spend much of my time explaining what information is to be maintained within the records used for all...

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Tax Outlook

The Congressional budget estimates a deficit of $590 billion for fiscal year 2016 with federal tax revenues reaching $3.3 trillion. Based on this estimate, the 2016 budget exceeds the 2015 budget by $152 billion. Now that I have infuriated so many people (please...

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Kiddie Tax

Kiddie Tax

Does your child need to file a tax return? As parents, we all try to do the responsible thing and put money away and/or create investment accounts for our children. A great thing is when the money starts making more money. Everyone likes that. As adults, we know we...

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WA Clean Fuel Credit Expansion

Washington State Clean Alternative Fuel Credit Expansion The State of Washington recently announced certain business credits available in 2016. Beginning July 1, 2016, if your business purchases, leases or modifies a commercial vehicle to run on alternative clean...

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FBAR Deadline Near

FBAR Deadline Near

Have you filed your FBAR? If not, it’s okay, there is still time as the due date is June 30th. Here is a short guide to help you with your efforts in gathering the information and understanding why you are filing this report. FBAR Rules and Definitions The Report of...

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About Us

GPL Tax & Accounting is here to handle your personal and business tax preparation and planning needs. We can also handle your bookkeeping and accounting requirements. GPL provides all the tools and know-how you need to be in the best tax position while staying compliant with all tax regulations.

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Is rental income taxable?
Yes. In the U.S., you pay taxes on the amount left after you deduct all allowable and documented expenses from the rents paid.

What is the difference between Form 1040 and Form 1040EZ?
The 1040EZ is the simplest tax form. You can use it if your income is less than $100,000 per year and is from wages, salary, and tips reported on a W2, from unemployment compensation, your taxable interest is not more than $1,500, and you do not itemize your deductions. You cannot use a 1040EZ if you plan to claim dependents.

What is the difference between Form 1040A and Form 1040NR?
The 1040A is a simplified tax form that citizens and permanent residents of the United States use to file their tax returns. Form 1040NR is used by non-resident aliens who need to report income taxable in the U.S.


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