TAX PRO PLUS LA

Direct Deposit Puts Your Money in Your Pocket...Faster

Don’t wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly.

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Prepared for the New Surtax?

As part of Obama Care, we have a new tax beginning in 2013. The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution, don't get the idea you deduct it as a charitable contribution. It is, in actuality, a surtax levied on the net investment income of higher-income taxpayers.

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Ready For a Take-Home Pay Cut?

For two years, employees have enjoyed a 2% reduction in the FICA payroll tax. That will all come to an abrupt end beginning with their first payroll check in 2013 when the FICA rate returns to 6.2% (up from 4.2% in 2011 and 2012). Self-employed individuals will have a corresponding increase in their SE tax.

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Not Too Late to Make a Tax-Free IRA Distribution to Charity for 2012

If you are 70.5 years of age or older and are considering making a donation to a charity, you should know that, as part of the last-minute tax changes, Congress retroactively extended the option of making the contribution from your IRA account for 2012 and for 2013 as well.

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IRS Delays Accepting 2012 Returns for Processing

The procrastination in reaching a tax-bill compromise, by our elected officials in Washington, has created a ripple effect for the preparation of 2012 tax returns. Congress reached an agreement in the last days of December and the legislation was not actually signed by the president until January 2. This has left the IRS scrambling to modify tax forms and complete programming and testing of its processing systems, all of which must be completed before it can begin accepting tax returns and issuing refunds.

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