Late last year, the US Congress passed the biggest sweeping tax reform since 1986, completely overhauling the tax code as we knew it. If you are like a lot of Americans, you probably have a lot of questions in regard to how this new tax bill could impact you. Our guest today is Aida Q. Torres, who provides tax services as well as real estate out of her office in Hercules. We have her on to talk about this latest tax bill, and how it will affect Californians.

Website: aidatorres.com Office: 510-724-6409 Cell: 510-517-9055

Introduction

• Specialty: 1031 Exchanges
• Taxes and tax consulting

1031 Exchange Taxes

• Deferred 1031 exchange
• Capital Gains Tax
• Working with exchange professionals
• Tax-free exchanges

Getting Started

• Started in 2000
• Moved to current office in 2006
• Also, a realtor
• Association Involvement
• Focus on taxes during Tax Season (Feb-Apr)
• Office in Hercules
• Cover Bay Area and the Philippines
• Filipino Real Estate Laws
• Price comparisons

Bay Area Market

• Uniqueness
• Clients for taxes

Tax process

• User-friendly
• Electronically
• Clients in different states
• Avoiding scammers

Common Questions

• Service Rates
• Everything on website

Latest Tax Law

• Not in effect yet
• Mortgage Interest Law
• Deductions for children
• Corporation tax rate
• Income limits

California Impact

• Interest Deduction
• Property tax deduction limits

Tax Plan Moving Forward

• Revisions in the next few years
• Subject to lobbying
• Audits
• Offer and Compromise
• Non-Collectables

Wine

• Collide 2012
• Red Blend
• Favorite wineries

Wrap up/ Contact Information