Tax Pro Plus
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Los Angeles, CA 90064
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Ph: (310) 827-4829
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- Is Your Charitable Gift Documentation Adequate?
- The IRS recently denied a taxpayer's substantial charitable contribution to his church because the acknowledgement letter from the church lacked the required no goods or services provided statement. The church supplied the taxpayer (we'll call him Jack) with a replacement acknowledgement letter that included the statement, but the IRS rejected the replacement since it was not received contemporaneously. An obviously upset Jack took the issue to tax court but ended up with the same result - no deduction - because his documentation did not meet the law's requirements.
- When Should You Start Taking Social Security?
- A question frequently asked by individuals who are approaching the age at which they can draw Social Security benefits is, “At what age should I begin taking my benefits?” To make an informed decision, a number of issues should be considered, including how doing so affects your benefits, what the tax ramifications are, the historical longevity of your family, and your financial needs. But first, let's review how the decision will impact your Social Security benefits based on when you decide to retire.
- Tips for Students and Parents Paying College Expenses
- Whether you're a recent high school graduate going to college for the first time or a returning student, paying for college can be a daunting financial task for parents and student. The following are some tips about education tax benefits that can help offset some college costs for students and parents.
- Assisting Your Child in Acquiring a Home
- If you are a parent who wants to assist your child in obtaining his or her first home, there are a number of ways you can help.
- Ever Wonder What a Tax Deduction Might Save You?
- Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions directly reduce gross income, while others must be itemized, must exceed a threshold amount before being deductible, or are not deductible for alternative minimum tax purposes. Meanwhile, business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for each individual, depending on his or her particular situation.
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