Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
- Clock is Ticking for Retirement Plan Contributions
- Did you know that you can make tax-deductible retirement savings contributions after the close of the tax year? Well, you can and with April 15th looming, the window of opportunity to maximize retirement and other special-purpose plan contributions for 2013 is closing. Many of those contributions not only build the retirement nest egg, but also deliver tax deductions for the 2013 tax return. Let's take a look at some of the ways a taxpayer can benefit.
- Tax Breaks for Grandparents
- More and more individuals who thought their child-rearing days were over are now raising their grandchildren. The U.S. Census Bureau has found that there were 7 million grandparents whose grandchildren younger than 18 were living with them in 2010. Another study found that the number of grandchildren living with their grandparents has increased 50% over the past ten years. Grandparents in this challenging situation should be aware that a variety of tax breaks may be available to ease the financial burden of becoming primary caregivers for grandchildren.
- Getting Hit With the Alternative Minimum Tax?
- There are two ways to determine your tax - the regular way that most everyone understands, and the alternative method. Your tax will be the higher of the two.
- Where's My IRS Tax Refund
- The IRS provides up-to-date refund information that is updated every 24 hours, usually overnight. Refunds for e-filed individual tax returns are generally issued within 21 days. Up to 8 weeks for paper filed returns.
- Retroactive Extension for Portability of Deceased Spouse's Unused Estate Tax Exemption Available
- Estates of decedents who died after December 31, 2010 may elect to transfer any unused estate tax exclusion to the surviving spouse. The amount received by the surviving spouse is called the “deceased spousal unused exclusion” (DSUE) amount. Making this election can have a profound effect on the taxation of the estate of the surviving spouse.
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