Roybal's Income Tax Service



Phone: (626) 859-7456    Fax: (626) 859-7459   E-Mail: roybal@roybaltax.com
416 S. Grand Ave., Covina, CA 91724

Tax Tips

Tax law can be complex. There is much to know to be sure you are doing all you can to get what you deserve. Here are some personal and business tax tips to get you started. We update this information regularly, so check back soon for new tips.

Personal Tax Tips

  • Charitable Donations

    As a donor, you may not deduct labor or time, but you may deduct expenses such as mileage, uniforms, and even the cost of taking underprivileged youth to sports events or movies.

  • Medical Expenses

    It can be difficult to reach the percentage of adjusted gross income you need to exceed on medical expenses to be eligible for the deduction. The total expenses must be greater than 10% (OR 7.5% if you were born before 1950) of your adjusted gross income. Qualifying expenses include any out of pocket expenses including: co-payments, prescription medication, medical equipment, medicare tax, travel, dental and vision care, etc. 

  • Moving Expenses

    If you moved more than 50 miles for work and stayed employed, you might be able to deduct reasonable moving expenses.

  • Mortgage Interest Points

    Points paid on a home mortgage are usually deductible as interest. If the mortgage is for the purchase or improvement of your principal residence, you can either deduct the full amount of the points in the year of payment or, if you are not itemizing your deductions that year, pay back the points over the loan term.

  • Retirement Plan

    One of the most powerful tax shelters available is a qualified retirement plan. Within certain limits, contributions to fund the plan are immediately tax deductible, plan investment earnings are tax deferred, and plan participants do not have to pay income taxes on benefits until they receive their distributions.

Business Tax Tips

  • Business Automobiles

    You can claim deductions for the business-related use of an auto using either the standard mileage rate method or the actual expense method. We will use the method that will yield the largest deduction.

  • Home office expenses

    To qualify for a deduction related to an office in the home, you must have an area of your home used exclusively as your principal place of business. This includes a place of business where you meet or deal with patients, clients, or customers.

  • Profit-sharing plans

    Unlike other plans, a profit-sharing plan is flexible. It can be designed so that the employer is not required to make an annual contribution.



This list is far from exhaustive. Call us today to set up a time to discuss your specific situation and needs.

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