I am totally focused on
my client's needs, and I
work to realize their
dreams as if they were
my own.
Genesis Diaz, Realtor
my client's needs, and I
work to realize their
dreams as if they were
my own.
Genesis Diaz, Realtor
Adrian Diaz and
Genesis B. Diaz
Genesis B. Diaz
| DIAZ ENTERPRISE INCOME TAX & REALTY |
Additional Expertise
| 714.549.1786 Adrian@diaztax.com |
Income Tax, Real Estate & Notary Public
resources outlined above
CONTACT ME
"Diaz Enterprise was great...
this is a quote from a very
happy client." Emilio Zapata
this is a quote from a very
happy client." Emilio Zapata
Click Here for Places To Go and See in the Orange County, California
Contact Information
1919 S. Main St. Santa Ana, CA 92707
Adrian@diaztax.com 714.454.7109
We provide other services
besides income tax and real
estate, we can also finance your
home loan, refinance it, or even
find someone to modify it..
Notary Public services are also
available year round, to contact
us for more information call us
or email us anytime.
besides income tax and real
estate, we can also finance your
home loan, refinance it, or even
find someone to modify it..
Notary Public services are also
available year round, to contact
us for more information call us
or email us anytime.
City Information: Links to government and information pages for the cities I serve.
Local schools: School districts in the cities I serve.
Local news: Local news services.
Regional Information: Information on the Bay Area.
Local transportation: Bay Area transportation links.
Local schools: School districts in the cities I serve.
Local news: Local news services.
Regional Information: Information on the Bay Area.
Local transportation: Bay Area transportation links.
 |  |  |  |  |  |  |
1. Wages, tips, other compensation: this represents the total amount of Federal Taxable compensation
paid during the calendar year.
2. Federal income tax withheld: this represents the amount of Federal Income tax which was withheld
from your earnings during the year and paid to the Internal Revenue Service, on your behalf, by your
employer.
10. Dependent care benefits: this represents the total amount which you have voluntarily "sheltered"
for dependent care expenses, regardless of whether you have been reimbursed by your employer for
the expenses associated with this "shelter".
3. Social security wages: this represents the total amount of compensation paid to you during Calendar
Year which was subject to Social Security (FICA/OASDI) tax, including all of your tax deferred annuity
contributions and excess life insurance premiums, if applicable, but excluding health and dental
insurance premiums and any voluntary dependent care or medical reimbursement account
contributions which you have "sheltered".
4. Social security tax withheld: this represents the total amount of Social Security (FICA/OASDI) tax
which was withheld from your earnings during the year and paid to the Social Security Administration,
on your behalf.
14. Other: If you have received certain fringe benefits, the value of such benefits is shown here. These
benefits include the value of taxable graduate and/or professional tuition benefits and other benefits
relating to imputed income. If you have received any of these benefits the employer has recently
advised you, individually and personally, concerning their taxability; please refer to those
communications specifically.
5. Medicare wages and tips: this represents the total amount of compensation paid to you during
Calendar Year 2003 which was subject to Medicare tax, including all of your tax deferred annuity
contributions and excess life insurance premiums, if applicable, but excluding health and dental
insurance premiums and any voluntary dependent care or medical reimbursement account
contributions which you have "sheltered".
6. Medicare tax withheld: this represents the total amount of Medicare tax which was withheld from
your earnings during the year and paid to the Social Security Administration, on your behalf, by the
employer.
12. Excess insurance premium: the Internal Revenue Service requires that the premiums paid by an
employer for group life insurance coverage in excess of $50,000 be imputed as income to the
employee. The amount, which appears in Box 12 and labeled (C), is the value of the premiums paid for
this excess insurance coverage. This amount is based on an Internal Revenue Service (IRS) table,
which identifies premiums for different age groups.
12. Tax deferred annuity contributions: this represents the total amount of contributions made by an
employee to a retirement plan on a tax-deferred basis. The amount is shown in Box 12 and labeled (E
on the actual form).
12. Excludable moving expense reimbursements: this represents the nontaxable moving expenditures
that were paid to you as a reimbursement. The amount is shown in Box 12 and labeled (P). If any
reimbursements or third party payments were deemed to be taxable income you were notified of these
amounts under separate cover.
D. Employee's social security number: this is the number that the Federal and State Governments use
to identify you with the tax returns that you file, so please review it for accuracy. If the number is
incorrect, then the University Payroll system is also inaccurate and you should contact the Payroll
Office, immediately, before you file your returns.
16. State wages, tips, etc.: this represents the total amount of compensation paid to you during
Calendar Year 2003 which was subject to California State Income Tax, including all of your deferred
annuity contributions, if applicable, but excluding health and dental insurance premiums and any
voluntary medical reimbursement account contributions which you have "sheltered".
17. State income tax: this represents the total amount of California State Income Tax withheld during
Calendar Year If you do not live in California no amount will be reflected in this box. If you lived a portion
of the year, you will receive two W-2 forms, one showing the state taxes paid, the other showing no
taxes paid to the other jurisdiction.
18. Local wages, tips, etc.: this represents the total amount of compensation paid to you during
Calendar Year which was subject to Tax, including all of your deferred annuity contributions.
19. Local income tax: this represents the total amount of City Wage Tax withheld from your earnings
during Calendar Year and paid to the City , on your behalf, by the employer.
When you receive your W-2 form, please review it immediately to ensure that your name is spelled
correctly and that your Social Security number is correct. If you feel that any information on your W-2 is
incorrect, review your calculations carefully and compare the information on the form with your final
pay stub.
12. Elective deferrals and employer contributions to section 457(b) deferred compensation plan for
employees of state and local governments or tax-exempt organizations: this amount is shown in box
12 and labeled (G).
paid during the calendar year.
2. Federal income tax withheld: this represents the amount of Federal Income tax which was withheld
from your earnings during the year and paid to the Internal Revenue Service, on your behalf, by your
employer.
10. Dependent care benefits: this represents the total amount which you have voluntarily "sheltered"
for dependent care expenses, regardless of whether you have been reimbursed by your employer for
the expenses associated with this "shelter".
3. Social security wages: this represents the total amount of compensation paid to you during Calendar
Year which was subject to Social Security (FICA/OASDI) tax, including all of your tax deferred annuity
contributions and excess life insurance premiums, if applicable, but excluding health and dental
insurance premiums and any voluntary dependent care or medical reimbursement account
contributions which you have "sheltered".
4. Social security tax withheld: this represents the total amount of Social Security (FICA/OASDI) tax
which was withheld from your earnings during the year and paid to the Social Security Administration,
on your behalf.
14. Other: If you have received certain fringe benefits, the value of such benefits is shown here. These
benefits include the value of taxable graduate and/or professional tuition benefits and other benefits
relating to imputed income. If you have received any of these benefits the employer has recently
advised you, individually and personally, concerning their taxability; please refer to those
communications specifically.
5. Medicare wages and tips: this represents the total amount of compensation paid to you during
Calendar Year 2003 which was subject to Medicare tax, including all of your tax deferred annuity
contributions and excess life insurance premiums, if applicable, but excluding health and dental
insurance premiums and any voluntary dependent care or medical reimbursement account
contributions which you have "sheltered".
6. Medicare tax withheld: this represents the total amount of Medicare tax which was withheld from
your earnings during the year and paid to the Social Security Administration, on your behalf, by the
employer.
12. Excess insurance premium: the Internal Revenue Service requires that the premiums paid by an
employer for group life insurance coverage in excess of $50,000 be imputed as income to the
employee. The amount, which appears in Box 12 and labeled (C), is the value of the premiums paid for
this excess insurance coverage. This amount is based on an Internal Revenue Service (IRS) table,
which identifies premiums for different age groups.
12. Tax deferred annuity contributions: this represents the total amount of contributions made by an
employee to a retirement plan on a tax-deferred basis. The amount is shown in Box 12 and labeled (E
on the actual form).
12. Excludable moving expense reimbursements: this represents the nontaxable moving expenditures
that were paid to you as a reimbursement. The amount is shown in Box 12 and labeled (P). If any
reimbursements or third party payments were deemed to be taxable income you were notified of these
amounts under separate cover.
D. Employee's social security number: this is the number that the Federal and State Governments use
to identify you with the tax returns that you file, so please review it for accuracy. If the number is
incorrect, then the University Payroll system is also inaccurate and you should contact the Payroll
Office, immediately, before you file your returns.
16. State wages, tips, etc.: this represents the total amount of compensation paid to you during
Calendar Year 2003 which was subject to California State Income Tax, including all of your deferred
annuity contributions, if applicable, but excluding health and dental insurance premiums and any
voluntary medical reimbursement account contributions which you have "sheltered".
17. State income tax: this represents the total amount of California State Income Tax withheld during
Calendar Year If you do not live in California no amount will be reflected in this box. If you lived a portion
of the year, you will receive two W-2 forms, one showing the state taxes paid, the other showing no
taxes paid to the other jurisdiction.
18. Local wages, tips, etc.: this represents the total amount of compensation paid to you during
Calendar Year which was subject to Tax, including all of your deferred annuity contributions.
19. Local income tax: this represents the total amount of City Wage Tax withheld from your earnings
during Calendar Year and paid to the City , on your behalf, by the employer.
When you receive your W-2 form, please review it immediately to ensure that your name is spelled
correctly and that your Social Security number is correct. If you feel that any information on your W-2 is
incorrect, review your calculations carefully and compare the information on the form with your final
pay stub.
12. Elective deferrals and employer contributions to section 457(b) deferred compensation plan for
employees of state and local governments or tax-exempt organizations: this amount is shown in box
12 and labeled (G).
4 Year-End Money "Must-Dos"
Scrambling to take care of your year-end financial
housekeeping before the last refrain of "Auld Lang Syne"?
Then let's get right to business -- so you'll have plenty of time to
pick a show-stopping New Year's Eve ensemble.
Here's a rundown of top-priority tax tasks -- the stuff that
absolutely must be done before popping the bubbly -- plus
pointers for procrastinators on what can be put off until after
the confetti settles.
1. Slash next year's out-of-pocket
health-care/dependent-care expenses!
During open benefits enrollment, you not only have the opportunity to tweak your health-care
coverage, but also to secure savings of 25% or more on all of those out-of-pocket medical and
dependent-care expenses.
This cost-cutting technique is possible via flexible spending accounts (FSAs). FSAs come in two
flavors -- medical and dependent-care. In a nutshell, FSAs are funded by you with pre-tax dollars
taken out of each paycheck. When you incur expenses not covered by your health insurance plan (or
write a check for dependent care), you submit a receipt and get paid back with the money you set
aside. See your plan pamphlet for eligible expenses.
Examples of reimbursable medical expenses include doctor visit co-pays and deductibles,
prescription co-pays, over-the-counter meds, orthodontics, Lasik eye surgery, contact lenses, birth
control, psychotherapy, and acupuncture. Eligible dependent-care costs include what you pay for
nannies, au pairs, and nursery schools.
Must do: Enroll in your employer's FSA program. Not enrolled in an FSA? Dude! Sign up now. If you
contributed $1,200 (about the national average) to a medical or dependent-care FSA and are in the
25% tax bracket, you'll save almost $400 annually (including federal and Social Security taxes paid).
Stash $3,100 -- last year's average contribution -- in a dependent-care account, and you're looking at
more than $1,000 in annual tax savings, or $83 a month.
Can wait (maybe, for a short time): Using up this year's FSA dollars. If you already have an FSA but
haven't used up all your dollars, don't rush to buy extra pairs of bifocals just yet. Many plans have
extended the allowable time frame to incur expenses by two-and-a-half months -- so you may not
have to scramble to spend the cash you've already set aside. (Check with HR to be sure.) And for
help managing all those receipts, ask your vendor for a hand. If you buy your prescriptions at one
place, ask for an annual rundown of what you've spent. Some vendors have tools on their websites
that help you track qualifying purchases.
2. Minimize next April's tax tab.
Time and money are short around the holidays. But saving strategically to minimize the April tax hit
is the best gift you can give yourself. Right now, see whether you're on schedule to max out your
employer-sponsored retirement plan. Contribution limits this year are $16,500; those aged 50 and
older may be eligible to contribute $22,000.
Must do: Bump up your final work retirement plan contributions. Since pay periods are dwindling,
opportunities for maxing out your 401(k) (or other employer-sponsored plan) are limited. That's not
an excuse, by the way. Find out if your plan allows you to defer a heftier chunk -- some allow up to
100% of your compensation -- of your final 2009 paychecks. It may be painful to pass up the pay, but
giving up the compounding tax-deferred income is worse. Plus, socking away money in a traditional
retirement plan reduces your taxable income. If you're in the 25% tax bracket, you'll shave $250 off
your federal tax bill for every $1,000 you contribute to your 401(k).
Can wait: Fully funding your IRA. If money's tight, allocate any extra dollars to your company 401(k)
(or other employer retirement plan) instead of your IRA. You have until Apr. 15, 2010, to fully fund
your IRA; but, again, the deadline for work retirement plan contributions is Dec. 31, 2009.
3. Prioritize your final paychecks.
Once you have the year's final pay stub in hand, don't just gawk at the size of Uncle Sam's take.
Strategize a few last-minute tax-time maneuvers.
Must do: Put off collecting income, if you can. It's hard to postpone pay, particularly during the
spendy holiday stretch. But deferring some compensation -- such as a bonus, or, if you're retired, a
retirement account withdrawal -- for one more month may be a better long-term financial move,
particularly if you're going to be subject to the alternative minimum tax, or AMT. Also note how your
remaining paydays might affect your eligibility to make deductible IRA contributions, both this year
and next.
Can wait: Withholding. More than 70% of Americans overpay their taxes each year. While a refund is
nice, it's even nicer to earn interest on your money instead of giving the government a free loan.
Check your withholdings with the Form W-4 Assistant at paycheckcity.com. You can change your
withholdings at any time of the year, so no deadline is looming.
Still, you may be inspired to put this on your "must do" list when you see how much you're passing
up by letting Uncle Sam have a free loan. With the average refund last year running at around $2,350,
you could've earned almost $50 extra in interest in a high-yield savings account earning 2% for the
past year. Invested in the S&P, you'd be bragging about your 23% return, or the $540 in profits you'd
have earned on that money.
4. Pretty up your portfolio.
2009 has given investors a roller coaster ride. If you're still sitting on losses, the IRS kindly offers a
little salve for those who have taken a hit. It allows investors to reduce capital gains taxes owed on
investments held and sold for a profit in regular, taxable accounts, by offsetting the tab with capital
losses from stocks that have lost value. Hopefully, getting a tax break gives your mood a temporary
lift.
How's it done? Sell floundering investments, and either put the money in another (but not identical)
investment, or wait at least 31 days and buy the same investment back (to avoid breaking the IRS's
"wash sale" rules).
Must do: Sell your losers. Tax-loss selling must be completed by Dec. 31. But don't do it willy-nilly: If
you bought stock at multiple cost bases, sell the most expensive shares first. If you don't have
capital gains in your taxable accounts to offset the losses, but have investments worth less than you
paid, you can use capital losses to reduce your ordinary income by up to $3,000 a year. If you're in
the 25% tax bracket, doing so will reduce your taxes by $750.
Can wait: Dumping every loser from your portfolio. Got more stinker stocks than you can use this
year? The IRS allows you to carry over your losses for use in future years. Also, you may want to live
with your losers a while longer, since a logjam of investors selling off shares may drive prices down
even more.
Dayana Yochim
Wednesday, December 16, 2009
This article is part of a series related to being Financially Fit
Scrambling to take care of your year-end financial
housekeeping before the last refrain of "Auld Lang Syne"?
Then let's get right to business -- so you'll have plenty of time to
pick a show-stopping New Year's Eve ensemble.
Here's a rundown of top-priority tax tasks -- the stuff that
absolutely must be done before popping the bubbly -- plus
pointers for procrastinators on what can be put off until after
the confetti settles.
1. Slash next year's out-of-pocket
health-care/dependent-care expenses!
During open benefits enrollment, you not only have the opportunity to tweak your health-care
coverage, but also to secure savings of 25% or more on all of those out-of-pocket medical and
dependent-care expenses.
This cost-cutting technique is possible via flexible spending accounts (FSAs). FSAs come in two
flavors -- medical and dependent-care. In a nutshell, FSAs are funded by you with pre-tax dollars
taken out of each paycheck. When you incur expenses not covered by your health insurance plan (or
write a check for dependent care), you submit a receipt and get paid back with the money you set
aside. See your plan pamphlet for eligible expenses.
Examples of reimbursable medical expenses include doctor visit co-pays and deductibles,
prescription co-pays, over-the-counter meds, orthodontics, Lasik eye surgery, contact lenses, birth
control, psychotherapy, and acupuncture. Eligible dependent-care costs include what you pay for
nannies, au pairs, and nursery schools.
Must do: Enroll in your employer's FSA program. Not enrolled in an FSA? Dude! Sign up now. If you
contributed $1,200 (about the national average) to a medical or dependent-care FSA and are in the
25% tax bracket, you'll save almost $400 annually (including federal and Social Security taxes paid).
Stash $3,100 -- last year's average contribution -- in a dependent-care account, and you're looking at
more than $1,000 in annual tax savings, or $83 a month.
Can wait (maybe, for a short time): Using up this year's FSA dollars. If you already have an FSA but
haven't used up all your dollars, don't rush to buy extra pairs of bifocals just yet. Many plans have
extended the allowable time frame to incur expenses by two-and-a-half months -- so you may not
have to scramble to spend the cash you've already set aside. (Check with HR to be sure.) And for
help managing all those receipts, ask your vendor for a hand. If you buy your prescriptions at one
place, ask for an annual rundown of what you've spent. Some vendors have tools on their websites
that help you track qualifying purchases.
2. Minimize next April's tax tab.
Time and money are short around the holidays. But saving strategically to minimize the April tax hit
is the best gift you can give yourself. Right now, see whether you're on schedule to max out your
employer-sponsored retirement plan. Contribution limits this year are $16,500; those aged 50 and
older may be eligible to contribute $22,000.
Must do: Bump up your final work retirement plan contributions. Since pay periods are dwindling,
opportunities for maxing out your 401(k) (or other employer-sponsored plan) are limited. That's not
an excuse, by the way. Find out if your plan allows you to defer a heftier chunk -- some allow up to
100% of your compensation -- of your final 2009 paychecks. It may be painful to pass up the pay, but
giving up the compounding tax-deferred income is worse. Plus, socking away money in a traditional
retirement plan reduces your taxable income. If you're in the 25% tax bracket, you'll shave $250 off
your federal tax bill for every $1,000 you contribute to your 401(k).
Can wait: Fully funding your IRA. If money's tight, allocate any extra dollars to your company 401(k)
(or other employer retirement plan) instead of your IRA. You have until Apr. 15, 2010, to fully fund
your IRA; but, again, the deadline for work retirement plan contributions is Dec. 31, 2009.
3. Prioritize your final paychecks.
Once you have the year's final pay stub in hand, don't just gawk at the size of Uncle Sam's take.
Strategize a few last-minute tax-time maneuvers.
Must do: Put off collecting income, if you can. It's hard to postpone pay, particularly during the
spendy holiday stretch. But deferring some compensation -- such as a bonus, or, if you're retired, a
retirement account withdrawal -- for one more month may be a better long-term financial move,
particularly if you're going to be subject to the alternative minimum tax, or AMT. Also note how your
remaining paydays might affect your eligibility to make deductible IRA contributions, both this year
and next.
Can wait: Withholding. More than 70% of Americans overpay their taxes each year. While a refund is
nice, it's even nicer to earn interest on your money instead of giving the government a free loan.
Check your withholdings with the Form W-4 Assistant at paycheckcity.com. You can change your
withholdings at any time of the year, so no deadline is looming.
Still, you may be inspired to put this on your "must do" list when you see how much you're passing
up by letting Uncle Sam have a free loan. With the average refund last year running at around $2,350,
you could've earned almost $50 extra in interest in a high-yield savings account earning 2% for the
past year. Invested in the S&P, you'd be bragging about your 23% return, or the $540 in profits you'd
have earned on that money.
4. Pretty up your portfolio.
2009 has given investors a roller coaster ride. If you're still sitting on losses, the IRS kindly offers a
little salve for those who have taken a hit. It allows investors to reduce capital gains taxes owed on
investments held and sold for a profit in regular, taxable accounts, by offsetting the tab with capital
losses from stocks that have lost value. Hopefully, getting a tax break gives your mood a temporary
lift.
How's it done? Sell floundering investments, and either put the money in another (but not identical)
investment, or wait at least 31 days and buy the same investment back (to avoid breaking the IRS's
"wash sale" rules).
Must do: Sell your losers. Tax-loss selling must be completed by Dec. 31. But don't do it willy-nilly: If
you bought stock at multiple cost bases, sell the most expensive shares first. If you don't have
capital gains in your taxable accounts to offset the losses, but have investments worth less than you
paid, you can use capital losses to reduce your ordinary income by up to $3,000 a year. If you're in
the 25% tax bracket, doing so will reduce your taxes by $750.
Can wait: Dumping every loser from your portfolio. Got more stinker stocks than you can use this
year? The IRS allows you to carry over your losses for use in future years. Also, you may want to live
with your losers a while longer, since a logjam of investors selling off shares may drive prices down
even more.
Dayana Yochim
Wednesday, December 16, 2009
This article is part of a series related to being Financially Fit