For Individuals

Empyreal Group always put our clients first. We simplify every process that help individuals and families grow in wealth.

Filing taxes

Our firm is committed to helping our clients prepare for tax filing with heavy emphasis on customer service and personal tax planning. With over 10 years of experience, we have learned that tax planning and keeping in touch throughout the year is important for us to properly help our clients with complex tax situations. It also leads to the best results and a more positive tax experience. Our services include free consultations that lead to necessary actionable items through-out the year. Through our meticulous and quality work, our approach is always at the best interest of our clients and their families.

Jason Huynh Advising Taxes

We specialize in the following services:

The Child Tax Credit is a tax benefit granted to American taxpayers for each qualifying dependent child. We will help you understand and identify whether you and your dependent(s) are eligible, so you can maximize your deductions.

We are dedicated in helping you make the most out of your deductions. Get in touch with us today.

Have you wondered if unemployment get taxed? The answer is yes, unemployment benefits are taxable. Long ago, unemployment benefits were exempt from income tax. Unfortunately, that’s no longer true. You don’t have to pay Social Security and Medicare taxes on your unemployment benefits, but you do have to report them on your tax return as income. Let us help you figure out what is necessary for your next filing. Get in touch with us today.

Whether you have equity compensation from your company or earnings from your stock investments, we are here to help you organize for your tax filing.

We are dedicated in helping you make the most out of your deductions. Get in touch with us today.

One of the biggest financial perks real estate investment is the tax deductions you’re able to take. You get to deduct expenses directly tied to the operation, management and maintenance of the parcel, such as:

  • Property taxes
  • Property insurance
  • Mortgage interest
  • Property management fees
  • Cost to maintain and repair the building

Depending on how you are investing in real estate, there’s still so much you can do to save. Consult with us today to learn more.

Renting your property is a beneficial practice to not only earn you extra income but allows significant deductions

  • The tax law allows depreciation of residential property over 27.5 years if the property is used to generate rental income. The depreciation of your home adds significant deduction to your taxable income.
  • Mortgage interest and property taxes are deductible for rental property.
  • Home improvements adds to the value of your home and helps increase the cost basis. Repair and maintenance are not deductible for primary residency but are allowable deductions for rental property
  • Personal property is subject to different depreciation useful life and method. Segregation between personal property and building allows for faster depreciation capture.
  • Meeting certain requirements allows you to treat losses from rental property as active losses which can be used to offset ordinary income
  • Income from rentals may be eligible for the 20% Qualified Business Income deductions.

We are dedicated in helping you make the most out of your deductions. Get in touch with us today.

We will work directly with the IRS to help you resolve any existing tax issues. Our firm is committed to helping you find a fair solution to your tax debt issue. We will work with you to file back taxes, end wage garnishment, avoid property seizure, stop levies and liens and resolve your IRS problems. When you work with our IRS tax problem specialists we will analyze your situation and outline your options for you. We can help solve your IRS problems and end the harassing phone calls. Get in touch with us today.

If you’ve left your traditional salaried job to be a freelance consultant or have a side hustle, you probably have lots of tax-related questions. Here are the ones we hear most often:

  • What records do I need to keep for taxes?
  • What expenses are tax-deductible?
  • How & when do I pay my taxes?

Don’t sweat it because we are here to help!  Get in touch with us today.

The sale or exchange of cryptocurrencies, or the use of crypto currencies to pay for goods or services, or holding crypto currencies as an investment, has tax consequences that could result in tax liability. Since the 2020 tax returns, the IRS has moved the crypto question to the 1st page of Form 1040, the standard tax form. This means ALL taxpayers in the US (not just those who file Schedule 1) will need to answer. Our team consists of experts with in-depth knowledge of the fast-changing crypto tax laws including ICOs & IEOs, staking rewards, mining, airdrops, and NFT.

If you’re interested in trading cryptocurrencies, the virtual currency market is young and not as regulated as the stock market. The IRS is constantly having to adapt and change the tax rules year after year. Staying up to date can be a challenge in itself, but understanding and capitalizing on the tax rules can save you thousands.

Airdrops are new ways projects promote and market their products. Airdrops may have an associated cost to obtain them or they could be delivered straight to your crypto wallet. Airdrops may be considered taxable events.

NFTs are non-fungible tokens and have exploded in popularity in recent months. NFTs are considered assets subjective to taxation upon selling. If NFT is used to stake and earn rewards, how are the rewards treated? What tax rate are NFTs taxed at? Would trading an NFT for another NFT be considered a taxable transaction? The very complexity and dynamics of the cryptocurrency market make navigating the tax consequences especially difficult. Let us help you along the way

Bitcoin and Ethereum Proof-of-Work mining are income-generating activities that are subject to ordinary income taxation. Mining rewards are treated as capital assets and subject to short and long-term taxation rates. The cost of mining is treated as an expense and can be used to offset business income.

The very complexity and dynamics of the cryptocurrency market make navigating the tax consequences especially difficult. Don’t go into it alone. Let us help you along the way. Get in touch with us today.

Tax planning

Tax planning

Tax planning involves structuring your financial situation in the most beneficial, legal manner to maximize profit and reduce your tax liability. Tax planning takes the effects of all provisions of the tax code into account, whether for family tax planning or business tax planning, and charts the most beneficial path for your particular situation. In today’s complex environment, planning for the tax effects of your personal and business decisions isn’t an option, it’s a necessity.

Empyreal Group can help you chart your most effective financial course. Tax Planning can involve:

  • Timing on sales 

  • Utilizing trusts

  • Setting up retirement plans 

  • Reviewing your business filing status 

  • Investment strategies, and numerous other aspects of your daily personal or business transactions

At Empyreal Group, we use extensive financial modeling to test and forecast the impact of any financial decision that affects you. By consultation and utilization of these models, we help you make the most advantageous business tax planning or family tax planning decisions.

Our Office

We always welcome you to come see us in person!

Address:
200 Serra Way #32
Milpitas, CA 95035

Tel: (408)596-7500

Email: info@empyrealgroup.com

Empyreal Group Milpitas Office
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